VietnameseDecree No. 57/2016/ND-CP dated July 01, 2016 of the Government on amending and supplementing Article 7 of the Government’s Decree No. 10/2010/ND-CP of February 12, 2010, on credit information-related activities
ATTRIBUTE
Decree No. 57/2016/ND-CP dated July 01, 2016 of the Government on amending and supplementing Article 7 of the Government’s Decree No. 10/2010/ND-CP of February 12, 2010, on credit information-related activities
| Issuing body: | Government | Effective date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Official number: | 57/2016/ND-CP | Signer: | Nguyen Xuan Phuc |
| Type: | Decree | Expiry date: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Issuing date: | 01/07/2016 | Effect status: | Known Please log in to a subscriber account to use this function. Don’t have an account? Register here |
| Fields: | Finance - Banking , Policy |
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THE GOVERNMENT No. 57/2016/ND-CP | THE SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom - Happiness Hanoi, July 1, 2016 |
DECREE
Amending and supplementing Article 7 of the Government’s Decree No. 10/2010/ND-CP of February 12, 2010, on credit information-related activities[1]
Pursuant to the June 19, 2015 Law on Organization of the Government;
Pursuant to the June 16, 2010 Law on the State Bank of Vietnam;
Pursuant to the June 16, 2010 Law on Credit Institutions;
Pursuant to the November 26, 2014 Law on Enterprises;
Pursuant to the November 26, 2014 Law on Investment;
At the proposal of the Governor of the State Bank of Vietnam;
The Government promulgates the Decree amending and supplementing Article 7 of the Government’s Decree No. 10/2010/ND-CP of February 12, 2010, on credit information-related activities.
Article 1. To amend and supplement Article 7 of the Government’s Decree No. 10/2010/ND-CP of February 12, 2010, on credit information-related activities, as follows:
“Article 7. Conditions for a credit information company to obtain a certificate of eligibility for credit information-related activities
1. Having an information technology infrastructure system that meets the following minimum requirements:
a/ Having at least 2 data transmission lines operated by two different service providers to ensure the uninterrupted transmission of digital information;
b/ Having information technology facilities that are compatible with technological equipment of the system of credit providers and able to integrate and connect with credit providers;
c/ Having a server system, computer software system and technical solutions to update, process and store credit information and provide credit information services to at least 5 million borrowers;
d/ Having a plan to ensure information security and safety;
dd/ Having a backup plan to respond to catastrophes and ensure that major operational activities shall never be interrupted for over 4 working hours.
2. Having a charter capital of at least VND 30 billion.
3. Having managers and the Supervisory Board’s members who must meet the following conditions:
a/ For the chairperson of the Board of Directors, the chairperson of the Members’ Council or the president
Possessing a university or higher degree in economics, accounting, finance, banking or information technology, and having at least 3 years’ experience in the field of finance, banking or information technology.
b/ For members of the Board of Directors, members of the Members’ Council or general partners
Possessing a university or higher degree, at least 50 percent of whom must possess a university or higher degree in economics, accounting, finance, banking or information technology; and having at least 3 years’ experience in the field of finance, banking or information technology.
c/ For the general director (director) and deputy directors general (deputy directors)
Possessing a university or higher degree in economics, accounting, finance, banking or information technology, and having worked for at least 2 years as a manager or a chief executive officer of an enterprise operating in the field of finance, banking or information technology.
d/ For members of the Supervisory Board
Having a university or higher degree in economics, accounting, finance, banking or information technology, and having at least 2 years’ experience in the field of finance, accounting, audit, banking or information technology.
The period of working in a field prescribed at Point a, b, c or d of this Clause is the period during which a person is recruited, appointed or assigned to work in such field.
4. Having a feasible business plan and refraining from conducting business lines other than the credit information-related activities prescribed in this Decree.
5. Having at least 20 commercial banks that commit to provide credit information exclusively to the company.
6. Having a written agreement with the credit providers as committed, on the process to collect, process, store and provide credit information, which must at least have the following contents:
a/ Contents and scope of credit information to be provided;
b/ Time, location and method of providing or transmitting information, data or credit information products;
c/ Principles, scope and purposes of the use of credit information products;
d/ Obligation to notify borrowers of their use of credit information;
dd/ The parties’ responsibilities for adjusting or rectifying errors in the course of update, transmission, processing, storage, exploitation and use of information;
e/ The parties’ responsibilities for checking, comparison, quality inspection and storage of credit information;
g/ The parties’ responsibilities for and coordination in settling complaints of borrowers;
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