Press Release on issuance of Circular No.40/2018/TT-NHNN
Hanoi, December 28, 2018 – The Governor of the State Bank of Vietnam (SBV) issued Circular No.40/2018/TT-NHNN amending and supplementing a number of articles of Circular No. 13/2018/TT-NHNN dated May 18, 2018 stipulating the internal control systems of the commercial banks, foreign bank branches.
The issuance of the Circular No.40/2018/TT-NHNN is aimed at developing a comprehensive legal basis for the commercial banks and foreign bank branches to determine the risks regarding the credits, the operations, the markets and the interest rates in the bank balance sheets, te proprietary trading, the 6 groups of business activities in line with Circular No. 13/2018/TT-NHNN; in compliance with Paragraph 2a of Article 45 of the Law on Credit Institutions (as amended and supplemented).
The new Circular is composed of 4 articles, specifically as follows:
Article 1: consisting of 6 paragraphs, amending and supplementing a number of paragraphs of Circular No. 13/2018/TT-NHNN.
Article 2: consisting of 2 paragraphs, abolishing 1 paragraph and some sentences of several paragraphs of Circular No. 13/2018/TT-NHNN.
Article 3: Implementation.
Article 4: Effectiveness
This new Circular will take effect from February 12, 2019.
Translated by Le Hang