Thông tư 27/2014/TT-NHNN

CIRCULAR

ON AMENDMENTS TO CIRCULAR NO. 16/2010/TT-NHNN DATED JUNE 25, 2010 PROVIDING GUIDANCE ON IMPLEMENTATION OF DECREE NO. 10/2010/ND-CP DATED FEBRUARY 12, 2010 OF THE GOVERNMENT ON CREDIT INFORMATION

Pursuant to the Law on the State bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

Pursuant to the Law on credit institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Law on Enterprise in 2005;

Pursuant to Decree No. 156/2013/ND-CP dated November 11, 2013 of the Government defining the functions, tasks, entitlements and organizational structure of the State bank of Vietnam;

Pursuant to Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information operations;

At the request of General Director of the National Credit Information Center of Vietnam,

The Governor of the State bank of Vietnam issues the Circular on amendments to Circular No. 16/2010/TT-NHNN dated June 25, 2010 providing guidance on implementation of Decree No. 10/2010/ND-CP dated February 12, 2010 of the Government on credit information operations.

Article 1. Amendments to Circular No. 16/2010/TT-NHNN as follows:

1. Amendments to Clause 3 of Article 4 as follows:

“3. There are managerial staff who have qualifications in finance, banking or information technology:

a) The members of the Board of Directors, members of the Member assembly and general partners must have at least bachelor's degrees;  at least a half of them have at least bachelor's degrees in finance, banking or information technology and at least 3 years’ experience of finance, banking or information technology sector;

b The President of the Board of Directors and the President of the Member assembly must have at least bachelor's degrees in finance, banking or information technology and at least 3 years’ experience of finance, banking or information technology sector;

c) The General Directors (Directors) must have at least bachelor's degrees in finance, banking or information technology and at least 3 years’ experience of business administration in finance, banking or information technology sector;

d)The Deputy General Directors (Deputy Directors) must have at least bachelor's degrees in finance, banking or information technology and at least 2 years’ experience of business administration in finance, banking or information technology sector;

dd) The members of the Control Board must have at least bachelor's degrees in finance, banking or information technology and at least 2 years’ experience of finance, banking or information technology sector;

e) The duration of working in the aforesaid sectors prescribed in Point a, b, c, d, dd Clause 3 of this Article shall be the period of time over which they have been employed, appointed or assigned;

g) Apart from requirements prescribed in Point a, b, c, d, dd Clause 3 of this Article, the managerial staff must satisfy other requirements under current law.”

2. Amendments to Clause 2 of Article 5 as follows:

“2. The business (hereinafter referred to as applicant) must compile 5 sets of application for the Certificate and send directly or by post to the State bank (via Bank Supervision and Inspection Agency), where:

a) There are at least 2 application where:

i) Documents prescribed in Point a, Point c(iii), c(iv), c(vii) Clause 1 of this Article and the resumes of managerial staff using the Form No. 02/TTTD shall be original documents;

ii) Other documents prescribed in Clause 1 of this Article shall be copy documents. In case the documents are copies but they are not certified true copies or copies issued from master registers, the applicant must present these documents together with originals thereof for comparison; the person who makes the comparison must sign onto the copies and be responsible for the accuracy between the copies and the originals.

b) Other application shall be photocopied from the documents prescribed in Point a Clause 2 of this Article with the stamp overlapping onto the adjoining page.”

3. Amendments to Article 7 as follows:

“Article 7. Procedures for assessment of application for the Certificate

1. Bank Supervision and Inspection Agency shall receive application for the Certificate; take charge of or cooperate with the National Credit information center of Vietnam, Informatics Technology Department and the Legal Department in assessment of application for the Certificate.

2. Procedures for assessment:

a) Bank Supervision and Inspection Agency shall receive and verify the validity of application for the Certificate. Within 5 working days from the day on which the application for the Certificate is received, Bank Supervision and Inspection Agency shall follow the procedures below:

i) In case the application has not been satisfactory, Bank Supervision and Inspection Agency shall request the applicant in writing to complete the application/to provide necessary documents as prescribed;

ii) In case the application is satisfactory, Bank Supervision and Inspection Agency shall check the satisfactoriness of requirements applied to charter capital, managerial staff and risk managerial capability of the applicant and request relevant units in writing to check the satisfactoriness of the following requirements in cooperation:

- Informatics Technology Department shall check the satisfactoriness of the requirements applied to information technology infrastructure; technology process, computer software which processes, stores information and provides services provided that it meets requirements for information security and safety of the applicant;

- The Legal Department shall verify the application, procedures and legal matters relating to the application for the Certificate;

- The National credit information center of Vietnam shall check the satisfactoriness of the requirements applied to business plan; the content of the commitment in writing between the credit information company and the credit provider on process of collecting, handling, storing and providing the credit information :

b) Within 15 working days at the latest from the day on which the written request for assessment of Bank Supervision and Inspection Agency is received, the aforesaid units must send the assessment in writing to Bank Supervision and Inspection Agency.

c) Within 10 working days from the day on which all of units’ written assessments are received, Bank Supervision and Inspection Agency shall collect opinion and request the Governor of the State bank (Governor) to decide whether to grant the Certificate; if the application is rejected, the State bank shall provide explanation in writing.”

4. Amendments to Clause 2 of Article 8 as follows:

“2. The credit information company must preserve the status quo of Certificate throughout its operation. In case the Certificate is lost, wholly burnt, torn or otherwise damaged, the Credit information company shall compile a set of application for reissuance and send it directly or by post to the State bank (via Bank Supervision and Inspection Agency) and follow the procedures below:  

a) In case the Certificate is lost or wholly burnt, the application shall include:

i) Application form for reissuance of the Certificate, where the reason of being lost or burnt is clarified;

ii) The confirmation in writing of the competent security authority of declaration of the Credit information company on its lost or burnt Certificate.

b) In case the Certificate is torn or otherwise damaged, the application shall include:

i) Application form for reissuance of the Certificate, where the reason of being lost or burnt is clarified;

ii) The torn or damaged Certificate.

c) Within 15 working days from the day on which the valid application is received, Bank Supervision and Inspection Agency shall request the Governor to consider reissuing the Certificate.”

5. Amendments to Article 10 as follows:

“Article 10. Application for adjustments to the Certificate

1. The Credit information company (hereinafter referred to as applicant) shall make 1 application for adjustments to the Certificate and send it directly or by post to the State bank (via Bank Supervision and Inspection Agency), including: 

a) Application form for adjustments to the Certificate of the applicant, where the reason and necessity of adjustments in Certificate is clarified;

b) Resolution of the Shareholder general Assembly, the Board of Directors or the Member assembly on adjustments in the Certificate;

c) The documents proving the maintenance of eligibility for operations in case the application for adjustments to the Certificate relating to requirements applied to operations of the Credit information company (the evident documents must be equivalent to such changes) Depend on specific cases, the applicant shall send documents which are originals or copies as prescribed in Point a Clause 2 Article 5 of this Circular;

I.e. If the legal representative is changed, it is required to present documents proving that such person satisfies the requirements as prescribed; if charter capital is changed, it is required to present documents proving that the source of the capital increase is real, and the increased charter capital is not smaller than VND 30 billion…0}

d) Other documents proving the adjustments to the Certificate (if applicable).

2. Within 10 working days from the day on which the valid application is received, Bank Supervision and Inspection Agency shall request the Governor to consider adjusting the content of the Certificate; if the application is rejected, the State bank shall provide explanation in writing.”

6. Amendments to Article 17 as follows:

“Article 17. Report on credit information operations

1. The Credit information company must submit the reports below to the State bank:

a) Quarterly or annual Financial statements as prescribed;

b) Operation report, including at least: list and proportion of products; a detailed list of information sources; a list of credit providers committing to provide information; number of borrowers by group (small- and medium-sized enterprises, households or individuals); numbers of products provided to each group of users; operation of technological equipment, assurance of data safety;

c) Report on occurrence of any major information technology-related problem (broken down, trouble of software/ hardware; the network is hacked…cause the system to be unreliable and unable to work properly) or on one of changes below: managerial staff; the commitment in writing between the credit information company and the credit provider on process of collecting, handling, storing and providing the credit information or information technology infrastructure;

d) Other reports as requested of the State Bank.

2. The deadline for submitting report/for reporting:

a) The report prescribed in Point a, b Clause 1 of this Article shall be made quarterly and annually. Where, the quarterly report must be sent to the State bank before the twentieth of the month following the reported quarter; the annual report must be sent to the State bank before February 15 of the year following the reported year;

b) The reports prescribed in Point c Clause 1 of this Article must be made within 7 working days from the day on which the change occurs except for the information technology-related problem which must be reported in the day of occurrence of problem. If the problem occurs in weekly day off or holiday, the report must be made in the first working day after such time.

3. The Credit information company shall send the reports prescribed in Clause 1 and Clause 2 of this Article in writing to the State bank.

4. Bank Supervision and Inspection Agency shall take charge of receipt of the reports of the Credit information company and send to relevant units of the State bank in order to serve the state management on credit information operations.”

Article 2. Replace the phrase “Credit information center” prescribed in Clause 5 of Article 4, Point d Clause 1 of Article 12, Clause 2 of Article 16 and Article 19 of Circular No. 16/2010/TT-NHNN with phrase “the National credit information center of Vietnam".

Article 3. Effect

This Circular shall take effect from November 1, 2014.

Article 4. Organization of implementation

The Chief officers, the Chief Inspector of Banking Supervisory agency, General Director of the National credit information center of Vietnam, Heads of the State bank affiliated units, Directors of the State bank branches in central-affiliated cities and provinces, Presidents of the Board of Directors, Presidents of Member assembly and General Directors (Directors ) of credit institutions, Presidents of the Board of Directors, Presidents of Member assembly and General Directors (Director ) the Credit information companies shall take responsibility for implementation of this Circular.