SBV Circulars Address Information Security and Licensing of Banks
SBV published a circular (No. 11/2020/TT-NHNN) that amends and supplements a number of articles of Circular No. 24/2017/TT-NHNN on order and procedures for revocation of licenses and liquidation of assets of credit institutions and foreign bank branches. The amendments are related to the competence to decide to revoke license, sequence, and procedure for license revocation for credit institutions and foreign bank branches, composition; duties; and powers of the Liquidation Council, and order and procedures for revoking representative office licenses. The new circular came into effect on December 17, 2020. SBV has also published Circular No. 09/2020/TT-NHNN that prescribes minimum requirements to ensure security of information system in banking operations. The circular details provisions related to management of information technology assets, operation management and information exchange, access management, management of use of third-party services, and administration; development; and maintenance of information system. The circular takes effect from January 01, 2021, subject to certain exceptions.
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Effective Date: December 17, 2020/January 01, 2021
Keywords: Asia Pacific, Vietnam, Banking, Administrative Procedure, License Revocation, Liquidation of Asset, SBV
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