What is the latest application form for acting as a clearing bank in Vietnam? Where to download the application form for acting as a clearing bank?
What is the latest application form for acting as a clearing bank in Vietnam?
The application form for acting as a clearing bank is Form No. 51, Appendix issued with Decree 155/2020/ND-CP. Below is an image of the application form for acting as a clearing bank:
Download the latest application form for acting as a clearing bank: Here.
What is the latest application form for acting as a clearing bank in Vietnam? Where to download the application form for acting as a clearing bank?
What is the application for acting as a clearing bank in Vietnam?
Pursuant to Article 167 of Decree 155/2020/ND-CP, the application for acting as a clearing bank includes:
- The application form No. 51 in the Appendix of Decree 155/2020/ND-CP.
- Information about the bank, including fulfillment of the conditions specified in Article 69 of the Law on Securities.
- The decision on establishment of the commercial bank.
- The written commitment to establish a system and mechanism for management of deposit accounts and money; settlement accounts and money; promptly and fully provide information about deposit and settlement money at the request of VSDCC and SSC.
Vietnam: What are the requirements for commercial banks to be appointed as clearing banks by SSC?
Pursuant to Clause 2, Article 69 of the Law on Securities 2019 stipulates as follows:
Clearing banks
1. Clearing banks include SBV and commercial banks that provide payment services for securities transactions on the securities transaction system.
2. In order to be appointed as a clearing bank by SSC, a commercial bank shall have:
a) The license for establishment and operation in Vietnam prescribed by law;
b) A charter capital of over 10.000 billion VND;
c) Profit in the last 02 years;
d) Satisfactory capital adequacy ratios prescribed by banking laws;
d) Technical facilities qualified for payment transactions and connected to the system of VSDCC;
e) A payment and offsetting system connected to the payment and offsetting system of SBV; and
g) Technical facilities capable of retention of transaction information for at least 10 years and provision of such information for SSC or VSDCC within 48 hours upon request.
3. A clearing bank has the following rights and obligations:
a) Separate payments for securities transactions on the securities transaction system from other payments of the bank in accordance with regulations of law on securities and the securities market;
b) Comply with reporting regulations and fill other obligations prescribed by law;
c) Maintain fulfillment of the conditions specified in Clause 2 of this Article.
4. The Government shall specify the documentation and procedures for registration of clearing banks.
Thus, in order to be appointed as a clearing bank by SSC, a commercial bank shall have:
- The license for establishment and operation in Vietnam prescribed by law;
- A charter capital of over 10.000 billion VND;
- Profit in the last 02 years;
- Satisfactory capital adequacy ratios prescribed by banking laws;
- Technical facilities qualified for payment transactions and connected to the system of VSDCC;
- A payment and offsetting system connected to the payment and offsetting system of SBV; and
- Technical facilities capable of retention of transaction information for at least 10 years and provision of such information for SSC or VSDCC within 48 hours upon request.
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