Vietnam: Termination of membership of members of open market operation

10:44, 05/01/2016

This is one of the important contents specified in Circular No. 42/2015/TT-NHNN dated December 31, 2015 of the State Bank of Vietnam on open market operation.

According to Circular No. 42/2015/TT-NHNN of the State Bank of Vietnam, the membership shall be terminated in the following cases:

- A member is merged, consolidated, divided, dissolved or declared bankrupt;

- When the VND checking account opened at the State bank of a member is closed, the State bank shall issue a written notice on the termination of membership of such member.

Besides, the sequence and procedures for termination of membership of members of open market operation are carried out as follows:

- The member that wishes to terminate its membership status and has fulfilled its obligations to the State bank on the open market operation shall send an application for termination of membership status in accordance with Annex No. 02/TTM enclosed herewith to the State bank directly or by post.

- Within 05 working days from the receipt of the application for termination of membership status the State bank shall issue a written notice on the termination of membership status to the member.

- When terminating a membership status, the transaction center of the State bank shall notify the Information Technology Department to withdraw the access password and electronic signature password of the member.

Regulations on termination of membership are specified in Circular No. 42/2015/TT-NHNN of the State Bank of Vietnam, which takes effect from April 30, 2016.

- Khanh Chi -

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