Featured Product

    SBV Issues Multiple Regulatory Updates for Banks in January 2023

    January 30, 2023

    The State Bank of Vietnam (SBV) issued a Directive that sets out objectives and tasks for the banking sector in 2023. SBV is also requesting opinions on the internal control system of non-banking credit institutions, on the draft circular regulating credit information activities of the State Bank, and on a draft circular that addresses the issuance of "license, organization, and operation" of non-banking credit institutions.

    Below are the key highlights of these recent updates, as part of which, SBV:

    • issued Directive No. 01/CT-NHNN on organizing the implementation of key tasks of the banking sector in 2023. The Directive sets out seven groups of objectives and general tasks for the banking industry in 2023. The objectives aims to implement solutions related to managing monetary policy to control inflation, supporting economic growth, restructuring the system of credit institutions to accelerate the handling and recovery of bad debts, promoting digital transformation in banking activities, focus on strengthening institutions and policies to improve the effectiveness and efficiency of direction, administration and law enforcement, focus on reform regulations and administrative procedures, and effectively implement the strategy on development of the banking industry in Vietnam to 2025, with orientation to 2030. The Directive will come into force from the date of signing.
    • collects opinions from organizations and individuals on the draft circular, which stipulates regulations on the internal control system of non-banking credit institutions. The draft circular applies to organizations and individuals related to the internal control system of non-banking credit institutions that includes financial companies and financial leasing companies. The draft circular and the relevant provisions of law set out requirements for the internal control system of non-banking credit institution in order to control, prevent, detect and promptly handle risks and achieve the set requirements. The internal control system is a collection of mechanisms, policies, procedures, internal regulations, and organizational structure of a non-banking credit institution built in accordance with the provisions of the Law on Credit Institutions. The internal control system includes senior management supervision, internal control, risk management and internal audit.
    • seeks views on the draft circular that amends and supplements a number of articles of Circular No. 30/2015/TT-NHNN dated December 25, 2015 providing for the issuance of "license, organization, and operation" of non-banking credit institutions.
    • collects opinions from organizations and individuals on the draft circular regulating the credit information activities of the State Bank, organized and implemented by the Vietnam National Credit Information Center (CIC). The credit information activities aim to create the National Credit Information Database to perform the functions of state management in the field of currency and banking, support credit institutions and voluntary organizations in business activities, and to assist borrowers in accessing credit capital to meet their life, economic and social needs as prescribed by law. The draft circular will take effect from May 2023 and replaces the Circular No. 03/2013/TT-NHNN dated January 28, 2013 of the Governor of the State Bank on regulations on credit information activities of the State Bank.

     

    Related Links

    Keywords: Asia Pacific, Vietnam, Banking, Lending, Basel, Reporting, Credit Risk, Banking Supervision, Non-Bank Financial Institutions, SBV

    Featured Experts
    Related Articles
    News

    ECB Finds Banks Unprepared for Pillar 3 Climate Risk Disclosures

    The European Central Bank (ECB) published results of the 2022 supervisory assessment of climate-related and environmental risk disclosures among significant institutions (103) and a selected number of less significant institutions (28).

    April 21, 2023 WebPage Regulatory News
    News

    NCUA Assesses Credit Union Exposure to Climate-Related Physical Risks

    The National Credit Union Administration (NCUA) released a Research Note that examines the exposure of credit unions to climate-related physical risks. In a related development

    April 21, 2023 WebPage Regulatory News
    News

    EBA Issues Multiple Regulatory and Reporting Updates for Banks

    The European Banking Authority (EBA) is seeking comments, until July 31, 2023, on the draft Guidelines on the proposed common approach to the resubmission of historical data under the EBA reporting framework.

    April 21, 2023 WebPage Regulatory News
    News

    EC Adopts Regulation on Own Funds, Issues Other Updates

    The European Commission adopted Delegated Regulations on own funds and eligible liabilities, on requirements for the internal methodology under the internal default risk model

    April 20, 2023 WebPage Regulatory News
    News

    CDP Platform to Report Plastic-Related Impact, Issues Other Updates

    The Carbon Disclosure Project (CDP) announced that its global environmental disclosure platform has enabled reporting on plastic-related impact for nearly 7,000 companies worldwide

    April 19, 2023 WebPage Regulatory News
    News

    IASB to Enhance Reporting of Climate Risks, Proposes IFRS 9 Amendments

    The International Accounting Standards Board (IASB) updated its work plan to enhance the reporting of climate-related risks in the financial statements,

    April 19, 2023 WebPage Regulatory News
    News

    BIS Addresses Data Gaps and Macro-Prudential Policy for Climate Risks

    The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) published a brief paper that examines challenges associated with the use of macro-prudential policies to address climate-related financial risks.

    April 17, 2023 WebPage Regulatory News
    News

    FCA Sets Out Business Plan, Launches TechSprint on Greenwashing

    The Financial Conduct Authority (FCA) published its business plan for 2023-24. The plan sets out details of the work planned for the next 12 months to achieve better outcomes for consumers and markets

    April 17, 2023 WebPage Regulatory News
    News

    UK Committee Sets Out Recommendations for Next Phase of Open Banking

    The Joint Regulatory Oversight Committee (JROC), comprising the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) as co-chairs and the HM Treasury and the Competition and Markets Authority (CMA) as members

    April 17, 2023 WebPage Regulatory News
    News

    ECB Publishes Multiple Regulatory Updates for Banking Institutions

    The European Central Bank (ECB) published the results of the 2022 climate risk stress test of the Eurosystem balance sheet,

    April 17, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8873