Circular 29/2019/TT-NHNN amend Circular 16/2012/TT-NHNN guiding Decree 24/2012/ND-CP on management of gold trading

CIRCULAR

Amending and supplementing a number of articles of the State Bank Governor’s Circular No. 16/2012/TT-NHNN of May 25, 2012, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold trading^[1]

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

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

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

Pursuant to the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold trading;

At the proposal of the Director of the Foreign Exchange Management Department,

The Governor of the State Bank of Vietnam promulgates the Circular amending and supplementing a number of articles of the State Bank Governor’s Circular No. 16/2012/TT-NHNN of May 25, 2012, guiding a number of articles of the Government’s Decree No. 24/2012/ND-CP of April 3, 2012, on management of gold trading (below referred to as Circular No. 16/2012/TT-NHNN).

Article 1. To amend and supplementing a number of articles of Circular No. 16/2012/TT-NHNN as follows:

1. To add the following Article 9a:

“Article 9a. Dossiers of request for modification of gold bar trading licenses

In case of a change in information about an enterprise or a credit institution in its gold bar trading license, such enterprise or credit institution shall send a dossier requesting modification of a gold bar trading license to the State Bank of Vietnam, which must comprise:

1. A written request for a change in information about the enterprise or credit institution in the gold bar trading license.

2. An enterprise registration certificate.”.

2. To add the following Article 15a:

“Article 15a. Procedures for modifying gold bar trading licenses

1. Within 30 (thirty) days after information about an enterprise or a credit institution in its gold bar trading license is changed, such enterprise or credit institution shall carry out procedures for modifying such license as follows:

a/ The enterprise or credit institution shall send directly or by post to the State Bank of Vietnam 1 (one) set of dossier prescribed in Article 9a of this Circular;

b/ Within 7 (seven) working days after receiving a complete and valid dossier, the State Bank of Vietnam shall issue a decision on modification of the gold bar trading license.

2. A decision on modification of a gold bar trading license is an integral part of such license.”.

3. To amend and supplement Article 19 as follows:

“Article 19. Reporting responsibility of the State Bank’s provincial-level branches

1. The State Bank’s provincial-level branches shall submit quarterly and annual reports on management of gold trading in their localities (made according to the form provided in Appendix No. 12 to this Circular) to the State Bank Governor (via the Foreign Exchange Management Department).

2. Deadlines for submitting periodical reports specified in Clause 1 of this Article are as follows:

a/ For quarterly reports: the 20^th (twentieth) of the first month of the quarter following the reporting quarter;

b/ For annual reports: January 20 (twentieth) of the year following the reporting year.”.

4. To add the following Clause 1a to Article 20:

“1a. Enterprises and credit institutions which are granted gold bar trading licenses and have made a change in their gold bar trading locations (such as change of name and address of, or addition of a new, gold bar trading location, or termination of gold bar trading at the location already licensed or reported to the State Bank of Vietnam in accordance with this Circular) shall send quarterly reports on such change which occurs during the reporting period (made according to the form provided in Appendix No. 10b to this Circular), specifically as follows:

a/ They shall send reports of the whole system of enterprises or credit institutions to the State Bank of Vietnam (via the Foreign Exchange Management Department) and the State Bank’s provincial-level branches of localities where they are headquartered;

b/ They shall send reports of their branches and transaction bureaus in which changes are made to the State Bank’s provincial-level branches of localities where such branches or transaction bureaus are located.”.

5. To amend and supplement Point a, Clause 2, Article 20 (which was amended under Clause 20, Article 1 of the State Bank Governor’s Circular No. 38/2015/TT-NHNN of December 31, 2015, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN) as follows:

“a/ An enterprise obtaining a certificate of eligibility for production of gold jewelry and art crafts shall make its reports on production of gold jewelry and art crafts (according to the form provided in Appendix 11 to this Circular);

6. To amend and supplement Clause 4, Article 20 (which was amended under Clause 20, Article 1 of the State Bank Governor’s Circular No. 38/2015/TT-NHNN of December 31, 2015, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN) as follows:

“4. Deadlines for submitting periodical reports specified in Clauses 1, 2 and 3 of this Article are as follows:

a/ For daily reports: 14 p.m. of the working day following the reporting day;

b/ For monthly reports: the 5^th (fifth) of the month following the reporting month;

c/ For quarterly reports: the 15^th (fifteenth) of the first month of the quarter following the reporting quarter;

d/ For annual reports: January 15 (fifteenth) of the year following the reporting year.”.

7. To add Appendix No. 10b to Circular No. 16/2012/TT-NHNN.

8. To replace Appendices Nos. 11 and 13 to Circular No. 16/2012/TT-NHNN (which were replaced under Clause 3, Article 2 of the State Bank Governor’s Circular No. 38/2015/TT-NHNN of December 31, 2015, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN) with Appendices Nos. 11 and 13 to this Circular.

Article 2. Transitional provisions

From the effective date of this Circular, enterprises and credit institutions granted gold bar trading licenses before the effective date of this Circular are, upon changing their names and gold bar trading locations, adding new gold bar trading locations or terminating gold bar trading at licensed locations, not required to carry out procedures for modifying their gold bar trading licenses but shall comply with Clause 4, Article 1 of this Circular.

Article 3. Implementation responsibility

The Chief of the Office, the Director of the Foreign Exchange Management Department and heads of units of the State Bank of Vietnam; directors of the State Bank’s provincial-level branches; chairpersons of Boards of Directors or Members’ Councils and Directors General (Directors) of credit institutions and enterprises engaged in gold trading shall implement this Circular.

Article 4. Effect

1. This Circular takes effect on February 12, 2020.

2. To annul Clauses 7 and 14, Article 1 of, and Appendices Nos. 3a, 3b, 12a and 22 to, the State Bank Governor’s Circular No. 38/2015/TT-NHNN of December 31, 2015, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN.

3. To annul Clauses 3 and 4, Article 1 of the State Bank Governor’s Circular No. 03/2017/TT-NHNN of June 6, 2017, amending and supplementing a number of articles of Circular No. 16/2012/TT-NHNN.

For the State Bank Governor
Deputy Governor
NGUYEN THI HONG

* The appendices to this Circular are not translated.-