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.
Related Links (in Vietnamese)
Effective Date: December 17, 2020/January 01, 2021
Keywords: Asia Pacific, Vietnam, Banking, Administrative Procedure, License Revocation, Liquidation of Asset, SBV
Previous Article
FSC Taiwan Launches Green Finance Action Plan 2.0Related Articles
ESAs Issue Multiple Regulatory Updates for Financial Sector Entities
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
EBA Finalizes Methodology for Stress Tests, Issues Other Updates
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
OSFI Sets Out Work Priorities and Reporting Updates for Banks
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
APRA Finalizes Changes to Capital Framework, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
BIS Hub and Central Banks Conduct CBDC and DeFI Pilots
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation
The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)
