SBV Publishes Multiple Regulatory Updates for Banks
The State Bank of Vietnam (SBV) issued an action plan for banks, a regulation on the operation of a steering committee on prevention of corruption and crime, a draft Decree on a mechanism for controlled testing for fintech activities, and information on bilateral dialog between SBV and the US-ASEAN Business Council.
Below are the key highlights of these recent updates:
- SBV issued an action plan for implementation of the Resolution No. 11 related to the mandate and responsibilities of the banking sector. The key tasks and measures highlighted in the action plan are related to management of the monetary and credit policies and the banking operations, increasing the charter capital of the commercial banks where the State holds more than 50% of the shares, conducting support policies through Vietnam Bank for Social Policies, and coordinating with the ministries and agencies to implement the relevant tasks and measures as required in the action plan.
- The SBV Governor signed Decision No. 370/QD-NHNN promulgating the regulation on operation of the steering committee for the prevention of corruption and crime in the banking sector. The regulation stipulates the functions, tasks, powers, principles, working modes, and working relationships of the Steering Committee for the prevention and control of corruption and crime in the banking sector.
- SBV is requesting opinions on a draft decree stipulating a mechanism for controlled testing for fintech activities in the banking sector. The draft decree is expected to create a regulatory mechanism for activities, including peer-to-peer lending, credit scoring, application programming interfaces (APIs), and applications involving blockchain.
- The SBV Deputy Governor, Pham Thanh Ha, co-chaired a bilateral dialog between SBV and the US-ASEAN Business Council wherein the two sides discussed focus areas and priorities for 2022 for the economic recovery and growth from the impact of the COVID-19 pandemic; the discussions covered area, such as the creation of a legal corridor for development of payment and fintech in the banking sector, the administrative reform plan in 2022, and the green finance and sustainable investment initiatives.
Related Links (in English and Vietnamese)
- Press Release on Action Plan for Banks
- Action Plan for Banks (DOCX)
- Press Release on Decision No. 370/QD-NHNN
- Draft Decree on Fintech Testing
- Press Release on Dialog with US-ASEAN Council
Keywords: Asia Pacific, Vietnam, Banking, Action Plan, AML CFT, Regulatory Sandbox, Fintech, Steering Committee, Work Priorities, Regtech, P2P Lending, SBV
Previous Article
BoE Sets Out Approach to Monitor Third Country Systems Post BrexitRelated Articles
EBA Launches Stress Tests for Banks, Issues Other Updates
The European Banking Authority (EBA) launched the 2023 European Union (EU)-wide stress test, published annual reports on minimum requirement for own funds and eligible liabilities (MREL) and high earners with data as of December 2021.
EBA Proposes Standards for IRRBB Reporting Under Basel Framework
The European Banking Authority (EBA) proposed implementing technical standards on the interest rate risk in the banking book (IRRBB) reporting requirements, with the comment period ending on May 02, 2023.
FED Issues Further Details on Pilot Climate Scenario Analysis Exercise
The U.S. Federal Reserve Board (FED) set out details of the pilot climate scenario analysis exercise to be conducted among the six largest U.S. bank holding companies.
US Agencies Issue Several Regulatory and Reporting Updates
The Board of Governors of the Federal Reserve System (FED) adopted the final rule on Adjustable Interest Rate (LIBOR) Act.
ECB Issues Multiple Reports and Regulatory Updates for Banks
The European Central Bank (ECB) published an updated list of supervised entities, a report on the supervision of less significant institutions (LSIs), a statement on macro-prudential policy.
HKMA Keeps List of D-SIBs Unchanged, Makes Other Announcements
The Hong Kong Monetary Authority (HKMA) published a circular on the prudential treatment of crypto-asset exposures, an update on the status of transition to new interest rate benchmarks.
EU Issues FAQs on Taxonomy Regulation, Rules Under CRD, FICOD and SFDR
The European Commission (EC) adopted the standards addressing supervisory reporting of risk concentrations and intra-group transactions, benchmarking of internal approaches, and authorization of credit institutions.
CBIRC Revises Measures on Corporate Governance Supervision
The China Banking and Insurance Regulatory Commission (CBIRC) issued rules to manage the risk of off-balance sheet business of commercial banks and rules on corporate governance of financial institutions.
HKMA Publications Address Sustainability Issues in Financial Sector
The Hong Kong Monetary Authority (HKMA) made announcements to address sustainability issues in the financial sector.
EBA Updates Address Basel and NPL Requirements for Banks
The European Banking Authority (EBA) published regulatory standards on identification of a group of connected clients (GCC) as well as updated the lists of identified financial conglomerates.
