Press Release on the issuance of Circular No.17/2017/TT-NHNN
November 20, 2017 – The Governor of the State Bank of Vietnam (SBV) issued Circular No. 17/2017/TT-NHNN amending and supplementing a number of articles of Circular No.40/2011/TT-NHNN dated December 15, 2011 stipulating the granting of licenses, organizations and operations of commercial banks, foreign bank branches, and representative offices of foreign credit institutions, and other foreign institutions with banking operations in Vietnam.
The issuance of Circular No. 17/2017/TT-NHNN aims at supplementing regulations on granting licenses for the provision of such products as commodity derivatives, investment in future contract of Government bonds and e-wallet activities. Accordingly, the Circular is composed of 4 articles, specifically as follows:
Article 1. Amending and supplementing a number of articles of Circular No. 40/2011/TT-NHNN, including regulations on procedures, dossiers and responsibilities of entities related to the request of adding operations of provision of such products as commodity derivatives, investment in future contract of Government bonds and e-wallet activities to the licenses of commercial banks and foreign bank branches.
Article 2. Replacing Appendix 01 issued together with Circular No. 40/2011/TT-NHNN by Appendix 01 issued together with Circular No. 17/2017/TT-NHNN, including Appendix 01a (Form of License for establishment and operations of a commercial bank), Appendix 01b (Form of License for establishing a foreign bank branch), and Appendix 01c (Form of License for establishing a representative office).
Article 3. Responsibilities for implementation.
Article 4. Effectiveness.
This Circular takes effect from January 5th, 2018.
Translated by Le Hang