What are the procedures and processes of revocation of the Certificate of Deposit Insurance? What are the cases of revocation of the Certificate of Deposit Insurance in Vietnam?
- What are the cases of revocation of the Certificate of Deposit Insurance in Vietnam?
- What are the procedures and processes of revocation of the Certificate of Deposit Insurance?
- How does the Deposit Insurance of Vietnam publicly announce the revocation of the Certificate of Deposit Insurance in Vietnam?
What are the cases of revocation of the Certificate of Deposit Insurance in Vietnam?
Pursuant to Article 6 of the Regulation on issuance and revocation of Certificate of Deposit Insurance issued together with Decision 408/QD-BHTG-HĐQT in 2016, the cases of Certificate of Deposit Insurance revocation are specified as follows:
Cases of revocation of Certificate of Deposit Insurance
1. Deposit Insurance of Vietnam temporarily revokes the Certificate of Deposit Insurance issued to an organization participating in deposit insurance in case the State Bank of Vietnam has a document temporarily suspending the deposit receiving activities of an organization participating in deposit insurance according to provisions of law.
2. Deposit Insurance of Vietnam revokes the Certificate of Deposit Insurance issued to the organization participating in deposit insurance in case the State Bank of Vietnam has a document revoking the license for establishment and operation of the credit institution or establishment license of foreign bank branches according to the provisions of law.
Thus, Deposit Insurance of Vietnam revokes the Certificate of Deposit Insurance for the above cases.
What are the procedures and processes of revocation of the Certificate of Deposit Insurance? What are the cases of revocation of the Certificate of Deposit Insurance in Vietnam? (Image from the Internet)
What are the procedures and processes of revocation of the Certificate of Deposit Insurance?
Pursuant to Article 7 of the Regulation on issuance and revocation of Certificate of Deposit Insurance issued with Decision 408/QD-BHTG-HĐQT in 2016, the procedure for revocation of Certificate of Deposit Insurance is as follows:
- Organizations participating in deposit insurance are responsible for sending directly or by post to Deposit Insurance of Vietnam Headquarters or Deposit Insurance of Vietnam Branch according to the management hierarchy of organizations participating in deposit insurance a copy of the Vietnam State Bank as follows:
+ Document to temporarily suspend deposit receiving activities in case of revocation of Certificate of Deposit Insurance.
+ Document revoking the license for establishment and operation of a credit institution, license to establish a foreign bank branch or Decision on consolidation or merger according to the provisions of law for the cases specified in Clause 1 of this Article 2 Article 6 of this Regulation.
- After receiving the document from the State Bank of Vietnam specified in Article 6 of this Regulation or the document from the organization participating in deposit insurance, Deposit Insurance of Vietnam issues a Decision to temporarily revoke or a Decision to revoke the Certificate of Deposit Insurance for organizations participating in deposit insurance.
- Within 05 (five) working days from the date of receiving the Decision to temporarily revoke or the Decision to revoke the Certificate of Deposit Insurance, the organization participating in deposit insurance is responsible for returning the Certificate of Deposit Insurance to Deposit Insurance of Vietnam. In case the Certificate of Deposit Insurance cannot be returned, the organization participating in deposit insurance must send a written explanation to Deposit Insurance of Vietnam.
- Within 05 (five) working days from the date of the Decision to revoke the Certificate of Deposit Insurance, Deposit Insurance of Vietnam is responsible for publicly announcing the revocation of the Certificate of Deposit Insurance on three consecutive numbers of the Certificate of Deposit Insurance on a central newspaper, a local newspaper where the headquarters is located, branches of organizations participating in deposit insurance, on a Vietnamese electronic newspaper and on the website of Deposit Insurance of Vietnam.
How does the Deposit Insurance of Vietnam publicly announce the revocation of the Certificate of Deposit Insurance in Vietnam?
Pursuant to Clause 4, Article 7 of the Regulation on issuance and revocation of Certificate of Deposit Insurance issued together with Decision 408/QD-BHTG-HĐQT in 2016 as follows:
Process and procedures for revoking Certificate of Deposit Insurance
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2. After receiving the document from the State Bank of Vietnam specified in Article 6 of this Regulation or the document from the organization participating in deposit insurance as prescribed in Clause 1, Article 7 of this Regulation, Deposit Insurance of Vietnam issues Issue a decision to temporarily revoke or a decision to revoke the Certificate of Deposit Insurance for organizations participating in deposit insurance.
3. Within 05 (five) working days from the date of receiving the Decision to temporarily revoke or the Decision to revoke the Certificate of Deposit Insurance, the organization participating in deposit insurance is responsible for returning the Certificate of Deposit Insurance to Deposit Insurance. of Vietnam. In case the Certificate of Deposit Insurance cannot be returned, the organization participating in deposit insurance must send a written explanation to Deposit Insurance of Vietnam.
4. Within 05 (five) working days from the date of the Decision to revoke the Certificate of Deposit Insurance, Deposit Insurance of Vietnam is responsible for publicly announcing the revocation of the Certificate of Deposit Insurance on three consecutive issues of a central newspaper, a local newspaper where the headquarters is located, branches of organizations participating in deposit insurance, on a Vietnamese electronic newspaper and on the website of Deposit Insurance of Vietnam.
Thus, within 05 working days from the date of the Decision to revoke the Certificate of Deposit Insurance, Deposit Insurance of Vietnam must publicly announce the revocation of the Certificate of Deposit Insurance on the following means:
(1) Announce three consecutive issues of a central newspaper, a local newspaper where the headquarters is located, and branches of organizations participating in deposit insurance,
(2) Announce on a Vietnamese electronic newspaper;
(3) Announce on the website of Deposit Insurance of Vietnam.
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