Press release on issuance of Circular No. 17/2023/TT-NHNN
Hanoi, December 25, 2023 – The Governor of the State Bank of Vietnam (SBV) has issued Circular No. 17/2023/TT-NHNN stipulating the inspection over the compliance with the laws and policies on monetary and banking operations.
The new Circular is composed of 03 Chapters and 21 Articles, specifically as follows:
- Chapter I: General provisions, comprising of 7 Articles (Article 1 to Article 7) and stipulating: the governing scope; the subjects of application; the interpretation of terms; the purposes of the inspections; the principles for the inspections; the annual inspection plans; the extraordinary inspections.
- Chapter II: Specific provisions, comprising of 3 Parts, 12 Articles (Article 8 to Article 19), specifically as follows:
+ Part 1, comprising of 7 Articles (Article 8 to Article 14) and stipulating: the subjects of the inspections; the decision on an inspection, and the establishment of an inspection mission; the conduct of an inspection; the timeframe for an inspection and the extended timeframe for an inspection; the temporary suspension of an inspection, and the resumption of a suspended inspection; the termination of an inspection; the inspection report and the conclusions of an inspection.
+ Part 2, comprising of 2 Articles (Articles 15 and 16) and stipulating: the handling of an inspection results; the follow-up of the post-inspection implementation of an inspection recommendations.
+ Part 3, comprising of 3 Articles (Articles 17, 18 and 19) and stipulating: the rights and the responsibilities of the inspection agency; the rights and the responsibilities of the decision-maker of an inspection, the leader and the members of an inspection mission; the rights and the responsibilities of the subjects of an inspection.
- Chapter III: Implementation, comprising of 2 Articles (Articles 20 and 21) and stipulating the responsibilities for the implementation arrangements and the entry into force of the Circular.
The new Circular will entry into force on February 8, 2024.
Translated by Le Hang