Press release on issuance of Circular No. 24/2021/TT-NHNN
Hanoi, December 31, 2021 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 24/2021/TT-NHNN amending and supplementing a number of Articles of Circular No. 39/2011/TT-NHNN dated December 15, 2011 stipulating the independent audit for the credit institutions and the foreign bank branches.
The new Circular is composed of the following main substances:
- Amending and supplementing a number of regulations in order to ensure consistency with the new regulations on the independent audit as stipulated in the Law on Credit Institutions (as amended and supplemented) and Decree No. 26/2014/ND-CP dated April 7, 2014 of the Government on the organization and the operations of the Banking Supervision Agency.
- Amending and supplementing a number of regulations on the independent audit in order to address the current difficulties and obstacles in the implementation by the credit institutions, the foreign bank branches, as well as the audit firms.
- Amending and supplementing a number of paragraphs and articles to ensure consistency with the new regulations on the responsibilities for micro safety and security inspection and supervision of the Banking Supervision Agency and the SBV municipal and provincial branches over the credit institutions and the foreign bank branches.
This Circular is composed of four (04) Articles:
- Article 1: comprising of 11 Paragraphs amending and supplementing a number of paragraphs and articles of Circular No. 39/2011/TT-NHNN.
- Article 2: Abolishing a number of paragraphs and articles of Circular No. 39/2011/TT-NHNN.
- Article 3: Implementation.
- Article 4: Enforcement.
The Circular will take effect from April 15, 2022.
Translated by Le Hang