Quyết định 34/2008/QD-TTg

DECISION

ON THE ESTABLISHMENT OF THE NATIONAL FINANCIAL SUPERVISION COMMITTEE

THE PRIME MINISTER

Pursuant to the December 25, 2001 Law on Organization of the Government,
Pursuant to the Government’s Resolution No. 03/2007/NQ-CP dated January 19, 2007;
At the proposal of the Minister of Home Affairs,

DECIDES:

Article 1. - Establishment, role and functions of the National Financial Supervision Committee

1. To set up the National Financial Supervision Committee.

2. The National Financial Supervision Committee has the functions of advising the Prime Minister on coordinating the supervision of the national financial market (banking, securities and insurance), and assisting the Prime Minister in generally overseeing the national financial market.

3. The National Financial Supervision Committee (below referred to as the Committee for short) is an agency with the legal person status, its own office and seal; may open accounts at the State Treasury and commercial banks; has its full- time administrative staff and its operation funding assured by the state budget and included in the regular operation funding of the Government Office.

Article 2.- Tasks and powers of the Committee

1. To propose to the Prime Minister the promulgation of regulations concerning the coordination of national financial market (banking, securities and insurance) supervision activities.

2. To coordinate with relevant ministries and branches in submitting strategies and orientations for the development of the financial market to the Prime Minister; to propose to state agencies mechanisms of supervision and the application of international practices and standards on supervision of the financial market.

3. To coordinate specialized supervision activities; to generally oversee the financial market and the observance of international practices and standards on supervision activities by specialized inspection and supervision agencies in banking, securities and insurance domains.

4. To supervise licensing conditions of credit institutions and non-banking credit institutions operating in banking, securities and insurance domains.

5. To analyze, forecast and warn of the security rate of the finance-banking system and the risks of the national financial market; to establish a database, synthesize, process and supply information on the national financial market for report to the Prime Minister.

6. To propose specialized inspection and supervision agencies and competent authorities to handle violations of organizations and individuals that fail to observe or to fully observe conditions of banking, insurance and securities activities.

7. To request the Ministry of Finance, the State Bank of Vietnam and organizations operating in banking, securities and insurance domains to provide regular or irregular financial and banking information; to mobilize officials of ministries and branches, if necessary, in order to perform the assigned supervision functions and tasks.

8. To Perform other tasks assigned by the Prime Minister.

Article 3.- Organizational structure of the Committee

1. The Committee has a president and two vice presidents.

The Committee’s president shall be appointed and replaced by the Prime Minister.

The Committee's vice-presidents shall be appointed and replaced by the Prime Minister at the proposal of the president.

2. Assisting apparatus of the Committee:

a/ The Office;

b/ The Supervisory Policy Research and Coordination Board;

c/ The General Supervision Board;

d/ The Board for Supervision of Financial Groups;

e/ The National Financial Supervision Information Center.

The Committee’s president shall submit to the Prime Minister for promulgation its organization and operation Regulation and Regulations on the financial regime, salary and allowances of cadres, civil servants and employees working for the Committee.

Article 4.

- This Decision takes effect 15 days after its publication in ''CONG BAO.''

Article 5.

- Ministers, heads of ministerial-level agencies, heads of government-attached agencies, presidents of provincial/municipal People's Committees and the president of the National Financial Supervision Committee shall implement this Decision.