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
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.
ESMA Publishes 2022 ESEF XBRL Taxonomy and Conformance Suite
The General Board of the European Systemic Risk Board (ESRB), at its December meeting, issued an updated risk assessment via the quarterly risk dashboard and held discussions on key policy priorities to address the systemic risks in the European Union.
FCA Sets up ESG Committee, Imposes Penalties, and Issues Other Updates
The Financial Conduct Authority (FCA) is seeking comments, until December 21, 2022, on the draft guidance for firms to support existing mortgage borrowers.
FSB Reports Assess NBFI Sector and Progress on LIBOR Transition
The Financial Stability Board (FSB) published a report that assesses progress on the transition from the Interbank Offered Rates, or IBORs, to overnight risk-free rates as well as a report that assesses global trends in the non-bank financial intermediation (NBFI) sector.