Vietnam: The decision on bank inspection must be announced no later than 15 days

10:32, 06/02/2017

This is one of the regulations on the announcement of inspection decision in banking sector specified in Circular No. 36/2016/TT-NHNN issued on December 30, 2016 by the State Bank of Vietnam.

According to Circular No. 36/2016/TT-NHNN of the State Bank of Vietnam, within 15 working days from the day on which the inspection decision is issued, the chief of the inspectorate has the responsibility for announcing the inspection decision to the inspected entity.

The chief of the inspectorate shall preside over the inspection decision announcement session, read aloud the entire inspection decision, specify the purposes, requirements, inspection methods, tasks and powers of the inspectorate, duration of the inspection, rights and obligations of the inspected entity, work program and other tasks relating to activities of the inspectorate.

In which:

- The inspected entity shall inform the inspection contents according to the outline requested by the inspectorate.

- Other members attending the session shall express their opinions about the inspection contents (if any).

- The chief of the inspectorate shall assign members to keep a log of the announcement session. The log shall be signed by the chief of the inspectorate and legal representative of the inspected entity.

View more details at Circular No. 36/2016/TT-NHNN of the State Bank of Vietnam, effective from February 18, 2017.

-Thao Uyen-

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