Press Release on issuance of Circular No.08/2019/TT-NHNN
Hanoi, July 4, 2019 – The Governor of the State Bank of Vietnam (SBV) issued Circular No. 08/2019/TT-NHNN amending and supplementing a number of articles of Circular No. 03/2015/TT-NHNN dated March 20, 2015 guiding the implementation of several articles of Decree No. 26/2014/ND-CP dated April 7 2014 of the Government on the organization and operations for the Banking Inspection and Supervision.
Circular No. 08/2019/TT-NHNN was issued to amend and supplement a number of Articles of Circular No. 03/2015/TT-NHNN assigning the inspection and supervision functions and responsibilities over the subjects of banking inspection and banking supervision; stipulating the regulations on information and reporting,.... At the same time, the new Circular also abolishes 01 Article of Circular No. 03/2015/TT-NHNN to make it in line with the new organizational model for the Banking Inspection and Supervision under the Government's Decree No. 43/2019/ND-CP dated May 17, 2019 amending and supplementing a number of articles of Decree No. 26/2014/ND-CP.
Circular No. 08/2019/TT-NHNN is composed of 5 Articles, specifically as follows:
- Article 1: Amending and supplementing a number of articles of Circular No. 03/2015/TT-NHNN.
- Article 2: Abolishing Article 12 of Circular No. 03/2015/TT-NHNN.
- Article 3: Handling of the inspections for which Decisions for inspections, establishing an Inspection Mission have been signed by the Director of the Banking Inspection and Supervision Department of Hanoi City, the Director of the Banking Inspection and Supervision Department of Ho Chi Minh City under the Banking Inspection and Supervision Agency, but no official inspection findings have been made.
- Article 4: Responsibilities for implementation
- Article 5: Effectiveness
The Circular comes into effect from August 19, 2019; except for Article 3, which shall take effect from July 5, 2019, and Paragraph 4 of Article 1, which shall take effect from November 15, 2019.
Translated by VA