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
EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models
The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.
EP Reaches Agreement on Corporate Sustainability Reporting Directive
The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).
PRA Consults on Model Risk Management Principles for Banks
The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.
EC Regulation Amends Standards for Calculating Credit Risk Adjustments
The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
BIS Hub Updates Work Program for 2022, Announces New Projects
The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.
EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance
The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.
US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule
Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)
EIOPA Consults on Review of Securitization Framework in Solvency II
The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.
BIS Bulletins Discuss DeFi Lending and Aspects of Crypto-Assets
The Bank for International Settlements (BIS) published bulletins on lending in decentralized finance (DeFi) system, on blockchain scalability and fragmentation of crypto, and on extractable value and market manipulation in crypto and decentralized finance.
UK Authorities Issue Regulatory and Reporting Updates for Banks
The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.