Circular 24/2018/TT-NHNN amend documents prescribing the periodic reporting regime

 CIRCULAR

Amending, supplementing and annulling a number of articles of circulars and documents prescribing the periodic reporting regime

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Pursuant to the Law on Credit Institutions dated June 16, 2010 and the Law dated November 20, 2017 Amending and Supplementing a Number of Articles of the Law on Credit Institutions;

Pursuant to the Government’s Decree No. 16/2017/ND-CP dated February 17, 2017 defining the functions, tasks, powers and organizational structure of the State Bank of Vietnam;

At the proposal of the Chief of the State Bank of Vietnam’s Office;

The Governor of the State Bank of Vietnam hereby promulgates the Circular amending, supplementing and annulling a number of articles of circulars and documents prescribing the periodic reporting regime.

Article 1. To annul, amend and supplement regulations on the periodic reporting regime

1. To annul the representative's report on the business and financial situation of the Cooperative Bank as prescribed in Decision No. 61/2006/QD-NHNN dated December 29, 2006 of the Governor of the State Bank of Vietnam on promulgation of the Regulations on management of capital supported by the State for the People's Credit Fund system at the Central People's Credit Fund (hereinafter referred to as Decision No. 61/2006/QD-NHNN) as follows:

a) To annul Clause 1, Article 11 of the Regulations on management of capital supported by the State for the People's Credit Fund system at the Central People's Credit Fund issued under Decision No. 61/2006/QD-NHNN;

b) To annul the Appendix attached to Decision No. 61/2006/QD-NHNN.

2. To annul the annual report on the situation of offshore indirect investment for cases approved by the Prime Minister prescribed in Circular No. 10/2016/TT-NHNN dated June 29, 2016 of the Governor of the State Bank of Vietnam guiding a number of provisions of the Government’s Decree No. 135/2015/ND-CP dated December 31, 2015 prescribing offshore indirect investment (hereinafter referred to as Circular No. 10/2016/TT-NHNN) as follows:

a) To annul Clause 2, Article 34 of Circular No. 10/2016/TT-NHNN;

b) To replace Appendix 15 to Circular No. 10/2016/TT-NHNN with the Appendix to this Circular.

3. To annul the report on foreign-currency cash selling/buying transactions between licensed credit institutions and individuals prescribed in Circular No. 20/2011/TT-NHNN dated August 29, 2011 of the Governor of the State Bank of Vietnam providing for the purchase, sale of foreign currencies in cash between individuals and licensed credit institutions (hereinafter referred to as Circular No. 20/2011/TT-NHNN) as follows:

a) To amend and supplement Article 10 of Circular No. 20/2011/TT-NHNN as follows:

“Article 10. Reporting regime

Credit institutions may send reports on foreign-currency cash selling/buying transactions conducted with individuals in accordance with the State Bank of Vietnam’s regulations on statistical reporting regime applicable to credit institutions and foreign bank branches.”;

b) To annul Appendix 3 to Circular No. 20/2011/TT-NHNN.

4. To annul the annual report on the fulfillment of technical requirements on safety and confidentiality for bank card payment equipment prescribed in Circular No. 47/2014/TT-NHNN dated December 31, 2014 of the Governor of the State Bank of Vietnam prescribing technical requirements on safety and confidentiality for bank card payment equipment (hereinafter referred to as Circular No. 47/2014/TT-NHNN) as follows:

To annul Clause 1, Article 20 of Circular 47/2014/TT-NHNN.

5. To annul the annual report on safety and confidentiality over provision of banking services on the Internet prescribed in Circular No. 35/2016/TT-NHNN dated December 29, 2016 of the Governor of the State Bank of Vietnam on safety and confidentiality over provision of banking services on the Internet (hereinafter referred to as Circular No. 35/2016/TT-NHNN) as follows:

To annul Clause 3, Article 20 of Circular 35/2016/TT-NHNN.

6. To amend and supplement the report on evaluating the effectiveness and feasibility of pilot policies prescribed in Resolution No. 42/2017/QH14 prescribed in Directive No. 06/CT-NHNN dated July 20, 2017 of the Governor of the State Bank of Vietnam on implementing the Resolution No. 42/2017/QH14 on pilot settlement of bad debts of credit institutions and the Prime Minister’s Decision No. 1058/QD-TTg on approving Scheme for “Restructuring system of credit institutions associated with settlement of bad debts in the period of 2016-2020” (hereinafter referred to as Directive No. 06/CT-NHNN) as follows:

To amend and supplement the 7^th (seventh) bullet point of Clause 3, Section II of Directive No. 06/CT-NHNN as follows:

“Before August 15, 2021, send reports on evaluating the effectiveness and feasibility of pilot policies prescribed in Resolution No. 42/2017/QH14 on the basis of achievements of credit institutions and proposed amendments to regulations of law on settlement of bad debts and collateral and relevant law regulations to the State Bank (via the Legal Department)”.

Article 2. Responsibilities for implementation

The Chief of the Ministry Office, heads of relevant units affiliated with the State Bank; Directors of the State Bank's branches in provinces and municipalities, Chairpersons of the Boards of Directors (Members’ Councils) and Chief Executive Officers of credit institutions and foreign banks’ branches shall be responsible for implementing this Circular.

Article 3. Effect

This Circular takes effect on November 15, 2018./.

APPENDIX

(Attached to Circular No. 24/2018/TT-NHNN dated September 28, 2018 of the Governor of the State Bank of Vietnam)

QUARTERLY REPORT

On the situation of offshore indirect investment for cases approved by the Prime Minister

To: The State Bank of Vietnam (the Foreign Exchange Management Department)

I. Information about the institution:

- Name of the institution: ...

- Address: ……………………… Tel.: …………………………………..

- The Prime Minister's written approval of offshore indirect investment No. ... dated ...………….

- Offshore indirect investment account No. ............ opened at ............. (name of the licensed credit institution in Vietnam).

- Equity:

II. Situation of offshore indirect investment in the reporting quarter:

- Amount of offshore indirect investment approved by the Prime Minister:

- Amount of offshore indirect investment actually made in the reporting quarter:

- Amount remitted to Vietnam:

Where:

+ Profits and other legal income remitted to Vietnam:

+ Capital remitted to Vietnam:

- Implementation of offshore indirect investment:

Notes:

Column (2): type of securities, which shall be specified according to the securities code that the investor has invested in (including sold and held securities) in the reporting quarter.

Column (3): Clearly state the name of the country where the investor makes offshore indirect investment.

Column (4): Insert the total quantity of securities by each type purchased in the reporting quarter.

Column (5): Insert the total capital value of the type of securities purchased in the reporting quarter. The exchange rate shall be converted according to the average interbank exchange rate at the time of transaction.

Column (6): Insert the total quantity of securities held in the reporting quarter.

Column (7): Insert the total market value or fair price at the reporting date for the instruments being held or the selling price for securities sold during the quarter. The exchange rate shall be converted according to the average interbank exchange rate at the time of actual transaction, for securities sold during the quarter, or on the last day of the reporting period, for securities held.