Press release on issuance of Circular No.07/2021/TT-NHNN
On June 30, 2021, the Governor of the State Bank of Vietnam (SBV) issued Circular No.07/2021/TT-NHNN amending and supplementing a number of articles of Circular No.27/2016/TT-NHNN dated September 28, 2016 providing guidance on the procedures for the formulation and promulgation of legal documents by the SBV.
The new Circular, which is composed of 4 Articles, was issued to provide guidance based on the Law on Amending and Supplementing the Law on Promulgation of Legal Documents and Decree No.154/2020/ND-CP amending and supplementing a number of articles of the Government’s Decree No.34/2016/ND-CP of May 14, 2016 detailing a number of articles and measures for the implementation of the Law on Promulgation of Legal Documents. The fundamental contents of the new Circular provide for: development of a proposal for the formulation of a Decree; the responsibilities for supervising and ensuring the formulation progress of new decrees and decisions of the Prime Minister; the formulation of guiding documents detailing the degrees and decisions issued by the Prime Minister, and circulars of which the SBV assumes the key responsibility in drafting; the formulation and promulgation of a circular in accordance with the simplified procedures; proposals for the development of laws, ordinances and decrees with proposed amendments and supplementations of conditional business and investment areas or business and investment conditions, as well as some other contents.
The new Circular shall take effect from August 15, 2021.
Translated by VA