Circular No. 22/2018/TT-NHNN: Responsibilities of credit institutions and foreign banks’ branches in Vietnam

One of the basic contents specified in Circular No. 22/2018/TT-NHNN of the State Bank of Vietnam is the regulation on responsibilities of credit institutions and foreign banks’ branches. Specifically, credit institutions and foreign banks’ branches shall have the following responsibilities:

- Reviewing standards and conditions to be satisfied by personnel:

Credit institutions and foreign banks’ branches shall review and assess personnel's fulfillment of standards and conditions as prescribed by law and take legal responsibility for the adequacy, accuracy and truthfulness of the documents provided for the State Bank.

- Following procedures related to election or appointment of personnel:

+ Prepare and complete applications upon request and follow procedures for requesting the State Bank to approve provisional lists of personnel in accordance with regulations of this Circular and relevant regulations of law.

+ Elect or appoint personnel as prescribed by law and on the basis of the provisional lists of personnel approved by the State Bank.

- Complying with reporting regulations:

+ Promptly notify the State Bank (Central Banking Inspection and Supervision Authority) in writing of:

• Changes related to fulfillment of standards and conditions by personnel to be elected or appointed that occur during the State Bank’s approval for provisional lists of personnel.

• Changes related to fulfillment of standards and conditions by personnel to be elected or appointed that occur from the date on which the State Bank grants the written approval for provisional lists of personnel to the date on which the personnel is elected or appointed.

+ Within 10 working days from the date of election or appointment of President and members of Board of Directors, President and members of Board of Members, Head and members of Board of Controllers or Director General (Director), the credit institution or foreign bank’s branch shall send a notification containing the list of elected or appointed persons to the State Bank according to the Appendix 03 hereof. To be specific:

• The credit institution that is a limited liability company, credit institution that is a joint-stock company whose headquarters is located in a province or central-affiliated city where the Banking Inspection and Supervision Department is located shall submit the notification to the Central Banking Inspection and Supervision Authority.

• The credit institution that is a joint-stock company whose headquarters is located in a province or city where the Banking Inspection and Supervision Department is not located shall submit the notification to the branch of the State Bank of the province or city where the headquarters of the credit institution that is a joint-stock company is located and the Central Banking Inspection and Supervision Authority.

View relevant contents at Circular No. 22/2018/TT-NHNN of the State Bank of Vietnam, effective from November 01, 2018.

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