What are regulations on withdrawal of financial instruments directly deposited at State Bank of Vietnam (SBV)?

What are regulations on withdrawal of financial instruments directly deposited at State Bank of Vietnam (SBV)?

Pursuant to Clause 1 Article 11 of the Circular 16/2022/TT-NHNN stipulating withdrawal of financial instruments directly deposited at State Bank of Vietnam (SBV) as follows:

Withdrawal of financial instruments

1. Financial instruments directly deposited at SBV

A member that wishes to withdraw a certificated financial instrument directly deposited at SBV shall send an application for withdrawal of financial instrument made according to Appendix 3/LK enclosed herewith to the SBV (the SBV’s Operations Center).

Within 01 (one) working day from the receipt of the application, the SBV (the SBV’s Operations Center) shall examine the applicant’s fulfillment of obligations to SBV in operations with use of the financial instrument to be withdrawn. If the applicant has fulfilled all obligations, a decrease in the financial instrument on the account on financial instruments deposited directly at SBV shall be recorded and the number of relevant certificated financial instrument shall be returned to the applicant. If the applicant fails to fulfill obligations, the provisions of Clause 3 of this Article shall apply.

As regulations above, a member that wishes to withdraw a certificated financial instrument directly deposited at SBV shall send an application for withdrawal of financial instrument made according to Appendix 3/LK enclosed with the Circular 16/2022/TT-NHNN to the SBV (the SBV’s Operations Center).

Within 01 (one) working day from the receipt of the application, the SBV (the SBV’s Operations Center) shall examine the applicant’s fulfillment of obligations to SBV in operations with use of the financial instrument to be withdrawn.

What are regulations on withdrawal of financial instruments deposited on the SBV’s client account opened at VSDC?

Pursuant to Clause 2 and 3, Article 11 of the Circular 16/2022/TT-NHNN stipulating withdrawal of financial instruments deposited on the SBV’s client account opened at VSDC as follows:

Withdrawal of financial instruments

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2. Financial instruments deposited on the SBV’s client account opened at VSDC

A member that wishes to withdraw a financial instrument deposited on the SBV’s client account opened at VSDC shall submit to the SBV (the SBV’s Operations Center) a request for transfer of the financial instrument from the account on financial instruments deposited on SBV’s client account opened at VSDC to its depository account opened at VSDC.

Within 01 (one) working day from the receipt of the request, the SBV (the SBV’s Operations Center) shall examine the member’s fulfillment of obligations to SBV in operations with use of the financial instrument to be withdrawn. If the member has fulfilled obligations, the SBV (the SBV’s Operations Center) shall request VSDC to transfer the relevant financial instrument of that member from the SBV’s client account opened at VSDC to that member’s depository account opened at VSDC. If the member fails to fulfill obligations, the provisions of Clause 3 of this Article shall apply.

3. If a member fails to fulfill obligations to the SBV, the SBV (the SBV’s Operations Center) shall refuse to release the financial instrument used for these obligations. Actions against members that fail to fulfill their obligations shall comply with SBV’s specific regulations applicable to each operation. 

As regulations above, a member that wishes to withdraw a financial instrument deposited on the SBV’s client account opened at VSDC shall submit to the SBV (the SBV’s Operations Center) a request for transfer of the financial instrument from the account on financial instruments deposited on SBV’s client account opened at VSDC to its depository account opened at VSDC.

Within 01 (one) working day from the receipt of the request, the SBV (the SBV’s Operations Center) shall examine the member’s fulfillment of obligations to SBV in operations with use of the financial instrument to be withdrawn.

Best regards!