Press release on issuance of Circular No. 08/2022/TT-NHNN
Hanoi, June 30, 2022 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 08/2022/TT-NHNN stipulating the sequences and procedures for banking supervision.
The new Circular is composed of seven (07) Chapters and thirty-one (31) Articles, and shall replace Circular No. 08/2017/TT-NHNN dated August 1, 2017 stipulating the sequences and procedures for banking supervision.
The new Circular comprises of legal regulations on the banking supervision procedures related to the micro and the macro safety supervision. Each procedure is implemented through three steps: (i) Collecting, compiling and processing documents, information and data; (ii) Analyzing, assessing the supervised entities in accordance with the two approaches (compliance supervision and risk supervision); (iii) Making a supervision report and suggesting corrective measures.
As compared to the contents of Circular No. 08/2017/TT-NHNN, there are some new changes in Circular No. 08/2022/TT-NHNN, specifically on: (i) The supervised entities of micro safety supervision; (ii) The supervised entities of macro safety supervision are the credit institutions and the foreign bank branches; (iii) The collection, compilation and processing of documents, information and data in micro safety supervision using the Support system for off-site supervision; (iv) The contents and forms of micro safety supervision, with more specific contents on compliance supervision and risk supervision; (v) The frequency of the supervision reports; (vi) Other substances.
The new Circular will take effect from September 1, 2022.
Translated by Le Hang