Legal Counselling

Vietnam: When shall the chief of the inspectorate in banking sector be changed?

10:11, 15/01/2017

This content is specified in Circular No. 36/2016/TT-NHNN on procedures for carrying out banking inspection that was 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, the change of the chief of the inspectorate shall be made in the event he/she fails to satisfy the requirements of the inspection plan or violates law or fails to perform the assigned tasks due to objective reasons.

In the event the chief of the inspectorate requests the change, he/she shall submit a report to the inspection decider, stating reasons thereof. In the event the inspection decider wishes to have him/her replaced, he/she shall issue a written notice to the chief of the inspectorate, stating reasons thereof before a decision on the change is issued.

Notably, the inspection decider shall issue a written decision on the change of the chief of the inspectorate, which shall be given to the inspectorate, inspected entity and relevant organizations and individuals.

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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