Decision No. 11/2007/QD-NHNN dated March 15, 2007 of the State Bank on the amendment of, supplement to the Decision No. 03/2006/QD-NHNN dated January 18, 2006 of the Governor of the State Bank on gold trading through oversea account

DECISION

ON THE AMENDMENT OF, SUPPLEMENT TO THE DECISION NO. 03/2006/QD-NHNN DATED 18 JANUARY 2006 OF THE GOVERNOR OF THE STATE BANK ON GOLD TRADING THROUGH OVERSEA ACCOUNT

THE GOVERNOR OF THE STATE BANK

- Pursuant to the Law on the State Bank of Vietnam issued in1997; the Law on the amendment, supplement of several articles of the Law on the State Bank of Vietnam issued in 2003;

- Pursuant to the Law on Credit Institutions issued in 1997; the Law on the amendment, supplement of several articles of the Law on Credit Institutions issued in 2004;

- Pursuant to the Decree No. 52/2003/ND-CP dated 19/5/2003 of the Government providing for the function, assignment, authority and organizational structure of the State Bank of Vietnam;

- Pursuant to the Decree No. 160/2006/ND-CP dated 28 December 2006 of the Government providing in details for the implementation of the Ordinance on foreign exchange;

Upon the proposal of the Director of the Foreign Exchange Control Department,

DECIDES:

Article 1. To amend, supplement several Articles of the Decision No.03/2006/QD-NHNN dated 18 January 2006 of the Governor of the State Bank on gold trading through oversea account as follows:

1. To amend paragraph 2 of Article 2 as follows:

2. Gold position of credit institution shall be the net position combined between the position of material gold trading authorized domestically and the position of gold trading through oversea account of a credit institution.

2. To supplement paragraph 5 to Article 2 as follows:

5. Position of the material gold trading authorized domestically shall be the gold position in compliance with provisions of the State Bank on the maximum conversion ratio of capital source mobilized in gold into money and position of other material gold trading.

3. To amend point b, paragraph 1 of Article 3 as follows:

b. Having at least 01 (one) year of experience in one of following areas:

- Activity of gold trading;

- Activity of gold mobilization and lending;

- Activity of gold export, import.

4. To amend paragraph 2 of Article 3 as follows:

2. For credit institutions:

Credit institutions must possess an operation licence in foreign exchange area issued by the State Bank.

Article 2. Implementation effectiveness

This Decision shall be effective after 15 days since its publication in the Official Gazette.

Article 3. Implementation responsibility

Director of Administrative Department, Director of Foreign Exchange Control Department, Head of related units of the State Bank, Manager of State Bank branch in provinces, cities under the central Governments management, General Director (Director) of credit institutions, gold trading enterprises which are authorized to engage in gold trading through oversea account shall be responsible for the implementation of this Decision.