Circular No. 03/2015/TT-NHNN guiding the implementation of certain provisions of the Government's Decree No. 26/2014/NĐ-CP dated April 7, 2014 on the organization and operation of banking inspection and supervision.

 

CIRCULAR

Guidelines for implementing certain provisions of Decree No. 26/2014/NĐ-CP

dated April 7, 2014 of the Government on the organization and operation of banking inspection and supervision

on inspection and supervision in the banking sector

Pursuant to the Law on the State Bank of Vietnam dated June 16, 2010;

Based on the Inspection Law dated November 15, 2010;

Pursuant to Decree No. 156/2013/NĐ-CP dated November 11, 2013, of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

Pursuant to Decree No. 26/2014/NĐ-CP dated April 7, 2014 of the Government on the organization and operation of Inspection and Supervision in the Banking Sector;

At the proposal of the Director of Banking Inspection and Supervision;

The Governor of the State Bank of Vietnam issues this Circular guiding the implementation of certain provisions of Decree No. 26/2014/NĐ-CP dated April 7, 2014 of the Government on the organization and operation of Inspection and Supervision in the Banking Sector.

PART I
GENERAL PROVISIONS

Article 1. Scope of Regulation

This Circular guides the implementation of certain provisions of Decree No. 26/2014/NĐ-CP dated April 7, 2014 of the Government on the organization and operation of Inspection and Supervision in the Banking Sector (hereinafter referred to as Decree No. 26/2014/NĐ-CP) regarding:

1. Allocation of responsibilities for inspection and supervision of banking inspection objects and banking supervision objects.

2. Implementation of independent auditing serving inspection and supervision of banks.

3. Procedures and formalities for extending the duration of an inspection beyond 70 days.

4. Publicizing inspection conclusions.

5. Standards for banking inspectors.

6. Information and reporting systems.

7. Relationships between agencies and units within Inspection and Supervision in the Banking Sector, provincial branches of the State Bank of Vietnam (hereinafter referred to as provincial branches of the State Bank).

8. Rights and responsibilities for coordination among units within Inspection and Supervision in the Banking Sector, provincial branches of the State Bank in conducting legal entity inspections of banking inspection objects.

Article 2. Applicability

1. Banking inspection and supervision.

2. Provincial branches of the State Bank.

3. Banking inspection objects, banking supervision objects.

4. Agencies, organizations, and individuals related to the organization and operation of Inspection and Supervision in the Banking Sector.

Article 3. Explanation of Terms

In this Circular, the following terms are understood as follows:

1. Subordinate units of banking inspection objects and banking supervision objects include branches, transaction offices, representative offices, other subordinate or dependent units that are not subsidiaries or affiliated companies.

2. Legal entity inspection of banking inspection objects is an inspection conducted simultaneously at the main office and all or some subordinate units of the banking inspection object through a single inspection plan and issuance of a single inspection conclusion for the banking inspection object.

Chapter II
SPECIFIC PROVISIONS

Article 4. Allocation of inspection responsibilities for banking inspection objects

1. The Inspection and Supervision Agency of the Banking Industry shall be responsible for inspecting the following banking inspection objects in accordance with the law:

a) Agencies, organizations, and individuals under the management of the State Bank, except for those managed by provincial branches of the State Bank as assigned by the Governor of the State Bank;

b) Commercial banks wholly owned by the state, commercial joint-stock banks with over 50% state ownership (hereinafter collectively referred to as commercial banks with over 50% state ownership), policy banks, cooperative banks;

c) Joint venture banks, foreign-owned banks with their headquarters located in provinces or centrally-administered cities where the Banking Inspection and Supervision Department is located (hereinafter referred to as the location of the Banking Inspection and Supervision Department);

d) Branches of foreign banks with their headquarters located in the location of the Banking Inspection and Supervision Department;

đ) Commercial joint-stock banks (excluding commercial joint-stock banks with over 50% state ownership), microfinance organizations, non-bank credit institutions with their headquarters located in the location of the Banking Inspection and Supervision Department;

e) Subsidiaries and subordinate units of credit institutions specified in Points b, c, đ of this Clause located in the location of the Banking Inspection and Supervision Department;

g) People's Credit Cooperatives with their headquarters located in the location of the Banking Inspection and Supervision Department;

h) Representative offices of foreign credit institutions and other foreign organizations engaged in banking activities with their headquarters located in the location of the Banking Inspection and Supervision Department;

i) Organizations engaged in credit information activities;

k) Asset Management Companies of Vietnamese credit institutions, state-owned enterprises established by decision of the Governor of the State Bank;

l) Vietnam Deposit Insurance Corporation;

m) Overseas subsidiaries and subordinate units of credit institutions when necessary;

n) Organizations engaged in foreign exchange activities, gold trading activities; non-bank payment service providers located in the location of the Banking Inspection and Supervision Department;

o) Agencies, organizations, and individuals in the location of the Banking Inspection and Supervision Department who are obligated to comply with laws in areas under the State Bank's regulatory jurisdiction;

p) Subsidiaries and subordinate units of banking inspection objects under the responsibility of Inspection and Supervision of provincial branches of the State Bank if these subsidiaries or subordinate units have their headquarters in the location of the Banking Inspection and Supervision Department;

q) Banking inspection objects under the responsibility of Inspection and Supervision of provincial branches of the State Bank in cases of re-inspection or when necessary and upon the directive of the Governor of the State Bank;

r) Reporting entities under the responsibility of the State Bank's regulatory jurisdiction in the location of the Banking Inspection and Supervision Department according to laws on anti-money laundering, excluding entities specified in Points b, c, d, đ, e, g, h, i, k, l, m, n, o, p, q of this Clause.

2. The Inspection and Supervision Branch of the Banking Industry shall be responsible for inspecting the following banking inspection objects in accordance with the law:

a) Agencies, organizations, and individuals under the management of provincial branches of the State Bank;

b) Joint venture banks, foreign-owned banks with their headquarters located in provinces or centrally-administered cities where provincial branches of the State Bank are located (hereinafter referred to as provinces or centrally-administered cities);

c) Branches of foreign banks with their headquarters located in provinces or centrally-administered cities;

d) Commercial joint-stock banks (excluding commercial joint-stock banks with over 50% state ownership), microfinance organizations, non-bank credit institutions with their headquarters located in provinces or centrally-administered cities;

đ) Subsidiaries and subordinate units of credit institutions specified in Points b, d of this Clause located in provinces or centrally-administered cities;

e) People's Credit Cooperatives with their headquarters located in provinces or centrally-administered cities;

g) Representative offices of foreign credit organizations and other foreign organizations engaged in banking activities with their headquarters located within the province or city;

h) Organizations engaged in foreign exchange activities, gold trading activities; non-bank service providers offering payment intermediary services with their headquarters located within the province or city;

i) Other agencies, organizations, and individuals within the province or city who have the obligation to comply with legal regulations in areas under the management of the State Bank of Vietnam;

k) Subsidiaries and affiliated units of the inspected entities that fall under the responsibility of the Banking Inspection and Supervision Authority, or branches of the State Bank of Vietnam for inspection and supervision, where such subsidiaries and affiliated units have their headquarters located within the central city or provincial area where the branch of the State Bank of Vietnam is situated;

l) Reporting entities subject to the management responsibilities of the State Bank of Vietnam within the province or city, outside those specified in Points b, c, d, đ, e, g, h, i, k of this Clause, as stipulated by laws on anti-money laundering;

m) Other entities when assigned by the Governor of the State Bank of Vietnam.

Article 5. Allocation of supervisory responsibilities for banking oversight subjects

1. The Inspection and Supervision Agency of the Banking Industry shall be responsible for micro-prudential supervision in accordance with the law for the following banking supervision objects:

a) Commercial banks in which the state holds more than 50% of the charter capital, policy banks, cooperative banks;

b) Joint venture banks, wholly foreign-owned banks with their main headquarters located in the area where the Banking Inspection and Supervision Bureau is situated;

c) Branches of foreign banks with their headquarters located in the area where the Banking Inspection and Supervision Bureau is situated;

d) Joint-stock commercial banks (excluding joint-stock commercial banks in which the state holds more than 50% of the charter capital), microfinance organizations, non-bank financial institutions with their main headquarters located in the area where the Banking Inspection and Supervision Bureau is situated;

đ) Subsidiaries and affiliated units of credit organizations specified in Points a, b, d of this Clause with their headquarters located in the area where the Banking Inspection and Supervision Bureau is situated;

e) People's Credit Funds with their headquarters located in the area where the Banking Inspection and Supervision Bureau is situated;

g) Organizations engaged in credit information activities;

h) Vietnam Asset Management Company;

i) Vietnam Deposit Insurance Corporation;

k) Overseas subsidiaries and affiliated units of credit organizations;

l) Subsidiaries and affiliated units of supervised entities under the responsibility of the Banking Inspection and Supervision Department of the State Bank of Vietnam branch, where such subsidiaries and affiliated units have their headquarters in the area where the Banking Inspection and Supervision Bureau is situated;

m) Other supervised entities of the Banking Inspection and Supervision Department outside those supervised entities assigned to the Banking Inspection and Supervision Department of the State Bank of Vietnam branch;

2. The State Bank of Vietnam branch shall be responsible for supervising micro-prudential safety in accordance with the provisions of the law for the following supervised banking entities:

a) Joint venture banks, wholly foreign-owned banks with their main headquarters located within the province or city;

b) Branches of foreign banks with their headquarters located within the province or city;

c) Joint-stock commercial banks (excluding joint-stock commercial banks in which the state holds more than 50% of the charter capital), microfinance organizations, non-bank financial institutions with their main headquarters located within the province or city;

d) Subsidiaries and affiliated units of credit organizations mentioned in Points a, c of this Clause with their headquarters located within the province or city;

đ) People's Credit Funds with their headquarters located within the province or city;

e) Subsidiaries and affiliated units of supervised entities under the responsibility of the Banking Inspection and Supervision Authority, or branches of the State Bank of Vietnam for inspection and supervision, where such subsidiaries and affiliated units have their headquarters located within the province or city;

g) Other entities when assigned by the Governor of the State Bank of Vietnam.

3. The Banking Inspection and Supervision Authority shall carry out macro-prudential supervision over the entire system of credit institutions and foreign bank branches.

Article 6. Implementation of independent audit serving inspection and supervision requirements for banks

1. Authority to request the implementation of independent audit:

a) The Head of Inspection and Supervision of Banks may request the implementation of independent audit for inspected bank objects and supervised bank objects as stipulated in Clause 1, Article 4 and Clause 1, Article 5 of this Circular;

b) The Head of Inspection and Supervision of State Bank Branches may request the implementation of independent audit for inspected bank objects and supervised bank objects as stipulated in Clause 2, Article 4 and Clause 2, Article 5 of this Circular.

2. Procedures and formalities for implementing requests for independent audit:

a) The Head of Inspection and Supervision of Banks shall submit a document to the Governor of the State Bank for approval of the request for inspected bank objects and supervised bank objects to implement independent audit, specifying at least the following issues: Purpose, audit requirements, scope, content of audit, audit period, deadline for submitting the audit report. Within five days from the date of approval by the Governor of the State Bank, the Head of Inspection and Supervision of Banks shall issue a document requesting inspected bank objects and supervised bank objects to implement independent audit according to the content approved by the Governor of the State Bank.

b) The Head of Inspection and Supervision of State Bank Branches shall submit to the Director of State Bank Branches for submission to the Governor of the State Bank (through the Banking Inspection and Supervision Agency) for approval of the request for inspected bank objects and supervised bank objects to implement independent audit, specifying at least the following issues: Purpose, audit requirements, scope, content of audit, audit period, deadline for submitting the audit report, banking industry inspection and supervision agency units receiving the audit results. Within five days from the date of approval by the Governor of the State Bank, the Banking Inspection and Supervision Agency shall notify the Head of Inspection and Supervision of State Bank Branches (notification through the Director of State Bank Branches). Within five days from the date of receipt of the notification, the Director of State Bank Branches or the Head of Inspection and Supervision of State Bank Branches shall issue a document requesting inspected bank objects and supervised bank objects to implement independent audit according to the content approved by the Governor of the State Bank.

4. Within thirty days from the date of receipt of the request for audit, the inspected bank objects and supervised bank objects requested to implement independent audit must organize the hiring of an independent auditing company to conduct the audit according to the requirements of the Banking Inspection and Supervision; within five days from the date of obtaining the audit results, the object requested to conduct the audit must submit directly or send via postal service the independent audit results to the inspection and supervision agency unit assigned to receive the audit results.

Article 7. Procedures and formalities for extending the duration of an inspection exceeding seventy days

1. The head of the inspection team shall submit a document requesting the decision-maker of the inspection to extend the inspection period. The request document must clearly state the reasons and the extended period.

2. In cases where the decision-maker of the inspection is the Governor of the State Bank or the Head of Inspection and Supervision of Banks, the Head of Inspection and Supervision of Banks shall report to the Governor of the State Bank for submission to the Prime Minister for decision.

3. In cases where the decision-maker of the inspection is the Director of the Banking Inspection and Supervision Department, the Director of the Banking Inspection and Supervision Department shall report to the Head of Inspection and Supervision of Banks for submission to the Governor of the State Bank for submission to the Prime Minister for decision.

4. In cases where the decision-maker of the inspection is the Director of State Bank Branches, the Director of State Bank Branches shall report to the Governor of the State Bank through the Banking Inspection and Supervision Agency for submission to the Prime Minister for decision.

5. In cases where the decision-maker of the inspection is the Head of Inspection and Supervision of State Bank Branches, the Head of Inspection and Supervision of State Bank Branches shall report to the Director of State Bank Branches for submission to the Governor of the State Bank through the Banking Inspection and Supervision Agency for submission to the Prime Minister for decision.

6. Based on the Prime Minister's decision, the decision-maker of the inspection shall issue a decision to extend the inspection period.

7. In cases where the Prime Minister has not decided to extend the inspection period and the inspection period has expired, the inspection team shall temporarily suspend the inspection at the inspected location; the suspension time does not count towards the extended inspection period. When the Prime Minister decides to extend the inspection period, the inspection team shall continue the inspection at the inspected location; if the Prime Minister does not agree to extend the inspection period, the inspection team must conclude the inspection at the inspected location and carry out subsequent tasks of concluding the inspection according to the procedures for conducting an inspection as prescribed by law.

Article 8. Publicizing Inspection Conclusions

1. The publicizing of inspection conclusions shall be carried out in accordance with the provisions of Clauses 2, 3, and 4 of Article 22 of Decree No. 26/2014/NĐ-CP.

2. Sensitive contents that may affect the operational safety of inspected banking organizations or credit institutions, branches of foreign banks, as stipulated in Clause 2 of Article 22 of Decree No. 26/2014/NĐ-CP include:

a) Contents that may cause a run on deposits at credit institutions or branches of foreign banks;

b) Contents that may have a negative impact spreading to other inspected banking organizations or the entire banking system;

c) Contents that negatively impact the reputation of inspected banking organizations, potentially leading to operational instability of such organizations;

d) Contents that negatively impact supply and demand in the money market and the management of monetary policy by the State Bank of Vietnam;

đ) Contents that may cause customers to stop or terminate contracts for banking services, leading to operational risks for inspected banking organizations and credit institutions or branches of foreign banks;

e) Contents related to violations of laws or signs of violations but without a conclusion or transferred to competent authorities for examination and handling but without a formal conclusion;

g) Other sensitive contents as prescribed by law.

3. For inspection conclusions targeting inspected banking organizations, if the method of publicizing is posting the inspection conclusion at the workplace of the inspected organization, it shall be posted at the headquarters of the inspected banking organization.

Article 9. Standards for Banking Inspectors

1. In addition to the general standards for inspectors prescribed in the Law on Inspection and relevant legal documents, banking inspectors must meet the following standards:

a) Regarding capacity: Possess knowledge of state administration management and legal knowledge in fields under the jurisdiction of the State Bank of Vietnam (this standard applies to the inspector, senior inspector, and senior-level inspector ranks);

b) Regarding qualifications: Hold a certificate in training on inspection and supervision of banking issued by the School of Banking Cadre Training under the State Bank of Vietnam (this standard applies to the inspector and senior inspector ranks);

c) Regarding experience: Have participated in at least two inspections and been rated by the Head of the Inspection Team as having fulfilled duties and responsibilities or better (this standard applies to the inspector rank).

2. The Inspection and Supervision Agency of the State Bank of Vietnam shall coordinate with the Department of Organization and Cadres of the State Bank of Vietnam and the School of Banking Cadre Training under the State Bank of Vietnam to develop the content and training programs specified in Point b of Clause 1 of this Article, submit them for approval by the Governor of the State Bank of Vietnam, and organize their implementation.

Article 10. Information and Reporting System

1. The Inspection and Supervision Agency of the State Bank of Vietnam shall act as the focal point to compile and report to the Governor of the State Bank of Vietnam, the Inspector General of the Government, and competent agencies and organizations about the inspection work, handling of complaints and denunciations, anti-corruption, and anti-money laundering activities of the State Bank of Vietnam as prescribed by law and the requirements of authorized bodies; compile and report to the Governor of the State Bank of Vietnam on the performance of functions and tasks and all aspects of work of the Inspection and Supervision Agency of the State Bank of Vietnam.

2. The Bureau of Inspection and Supervision of the State Bank of Vietnam shall compile and report to the Chief Inspector and Supervisor of the State Bank of Vietnam on all aspects of work of the Bureau of Inspection and Supervision of the State Bank of Vietnam.

3. The Inspection and Supervision Branch of the State Bank of Vietnam shall compile and report to the Governor of the State Bank of Vietnam Branch to report to the Chief Inspector and Supervisor of the State Bank of Vietnam on all aspects of work of the Inspection and Supervision Branch of the State Bank of Vietnam.

4. The Bureau of Inspection and Supervision of the State Bank of Vietnam shall provide and exchange information and documents with the State Bank of Vietnam Branches within its jurisdiction to enable the Governor of the State Bank of Vietnam Branches to perform the focal point role within their jurisdiction in carrying out reporting tasks, relations with local party committees, governments, provincial and municipal delegations of the National Assembly, handling monetary and banking complaints, and other tasks assigned by the Governor of the State Bank of Vietnam.

5. Representative offices of foreign credit institutions; other foreign organizations engaged in banking activities; organizations engaged in foreign exchange operations, gold trading; and organizations providing non-bank payment intermediary services with headquarters located in provinces or cities shall be responsible for promptly, fully, and accurately providing information, documents, and reports periodically or when necessary to the Bureau of Inspection and Supervision of the State Bank of Vietnam (in areas where there is a Bureau of Inspection and Supervision of the State Bank of Vietnam) or the Inspection and Supervision Branch of the State Bank of Vietnam (in areas where there is no Bureau of Inspection and Supervision of the State Bank of Vietnam) as prescribed by the State Bank of Vietnam and the requirements of the Banking Inspection and Supervision Sector.

Article 11. Relationship between Banking Inspection and Supervision Agency and State Bank Branch

1. The relationship between Banking Inspection and Supervision Agency and State Bank Branch (including State Bank Branch Inspection and Supervision) where there is no Banking Inspection and Supervision Department:

a) The Banking Inspection and Supervision Agency takes the lead in building and implementing the annual inspection plan for the banking sector; guiding, monitoring, urging, and inspecting the implementation of the inspection plan at the State Bank Branch;

b) The Banking Inspection and Supervision Agency leads, directs, and inspects inspection, supervision, licensing management, anti-corruption, crime prevention, complaint resolution, citizen reception work within the State Bank's administrative management scope; takes the lead in resolving overlapping issues regarding the scope, objects, content, and time of inspections within the State Bank's administrative management scope; requests the Director of the State Bank Branch to appoint bank inspectors and other civil servants to join the inspection team;

c) When signs of law violations or risks threatening the safety of credit institutions' operations or foreign bank branches are detected, the Banking Inspection and Supervision Agency requires the Director of the State Bank Branch to conduct inspections on banking inspection objects within the responsibility of the State Bank Branch Inspection and Supervision. In case the Director of the State Bank Branch disagrees, the Chief Inspector and Supervisor of Banking will issue an inspection decision, report, and bear responsibility before the Governor of the State Bank for their decision;

d) When signs of law violations or risks threatening the safety of credit institutions' operations or foreign bank branches are detected, the State Bank Branch requests the Banking Inspection and Supervision Agency to conduct inspections on banking inspection objects within the responsibility of the Banking Inspection and Supervision Agency;

đ) The State Bank branch shall request the Banking Inspection and Supervision Authority to provide guidance on issues within the scope of work under the functions and responsibilities of the Banking Inspection and Supervision Authority;

e) The Banking Inspection and Supervision Agency directs and guides State Bank Branch Inspection and Supervision on banking inspection and supervision work, complaint resolution, anti-corruption, anti-money laundering, and anti-terrorism financing;

g) The State Bank branch's inspection and supervision shall provide complete, timely, and truthful information and documents as required by the Banking Inspection and Supervision Authority;

h) The Banking Inspection and Supervision Agency provides State Bank Branch Inspection and Supervision with inspection and supervision results related to banking inspection and supervision objects within the responsibility of State Bank Branch Inspection and Supervision;

2. The relationship between Banking Inspection and Supervision Agency and State Bank Branch where there is a Banking Inspection and Supervision Department is reflected through the relationship between the Banking Inspection and Supervision Department and State Bank Branch on the territory stipulated in Article 12 of this Circular;

3. The Banking Inspection and Supervision Agency and State Bank Branch cooperate according to the working regulations of the State Bank;

Article 12. Relationship between Banking Inspection and Supervision Department and State Bank Branch on the Territory

1. The Banking Inspection and Supervision Department and State Bank Branch on the same territory have the responsibility to provide, exchange information, materials, and cooperate in work during the process of performing assigned functions and tasks according to the cooperation work regulation prescribed by the State Bank;

2. The State Bank Branch is the focal point of the State Bank on the territory in carrying out reporting duties, relations with local party committees, governments, and National Assembly Delegations; reporting and answering questions as required by local party committees, governments, and National Assembly Delegations, handling monetary and banking complaints on the territory;

3. Periodically or upon request of the State Bank Branch, the Banking Inspection and Supervision Department timely and fully provides information to the State Bank Branch about banking management, inspection, and supervision activities on the territory so that the State Bank Branch can fulfill its focal point responsibilities on the territory;

4. When necessary and upon request of the State Bank Branch, the Banking Inspection and Supervision Department collaborates with the State Bank Branch to work with local party committees, governments, National Assembly Delegations, and functional agencies on issues related to banking management, inspection, and supervision;

5. The State Bank Branch resolves complaints, accusations, and prevents corruption and crimes within its management authority, organizing the dissemination, propaganda, and implementation of laws on complaints, accusations, anti-corruption, and crime prevention on the territory; the Banking Inspection and Supervision Department performs administrative inspections, resolves complaints, accusations, and prevents corruption and crimes according to the State Bank's regulations and laws;

6. During the performance of assigned functions and tasks, the State Bank Branch proactively and promptly provides the Banking Inspection and Supervision Department with information and materials related to banking inspection and supervision objects showing signs of law violations or potential risks for examination, inspection, verification, and handling according to the law.

Article 13. Relationships between Banking Inspection and Supervision Branches

1. Banking Inspection and Supervision Branches shall propose and submit to the Director of the Banking Inspection and Supervision Branch for direction to another Banking Inspection and Supervision Branch to instruct the Banking Inspection and Supervision Branch to implement:

a) Coordinating to conduct legal inspections on banking inspection objects;

b) Inspecting and supervising subsidiary companies, associated companies, and subordinate units of the banking inspection object and banking supervision object within the responsibility of the Banking Inspection and Supervision Branch where the main office of the banking inspection object is located;

c) Dispatching banking inspectors and other civil servants to participate in the inspection team.

2. Banking Inspection and Supervision Branches shall proactively cooperate, provide, and exchange inspection and supervision results, information, and documents with each other in accordance with the provisions of the law to serve the requirements of performing assigned tasks and authorities.

3. In cases where signs of violation of laws or risks and threats to operational safety are discovered in banking inspection objects or banking supervision objects, the Banking Inspection and Supervision Branch must promptly notify or request relevant Banking Inspection and Supervision Branches to examine, inspect, verify, and handle according to the law, accompanied by files and documents (if any).

Article 14. Rights and Responsibilities for Cooperation among Units within Banking Inspection and Supervision in Conducting Legal Inspections on Banking Inspection Objects

1. The leading unit conducting legal inspections on banking inspection objects has the right to request related units to provide information and documents, dispatch banking inspectors and other civil servants to participate in the inspection team; it also has the responsibility to assist the decision-making authority in monitoring the inspection team's activities.

2. Related units have the responsibility to cooperate in conducting legal inspections, providing complete and timely information and documents, dispatching banking inspectors and other civil servants to participate in the inspection team for banking inspection objects as requested by the leading unit; they have the right to refuse requests from the leading unit if such requests do not comply with legal regulations and directives from the Governor of the State Bank of Vietnam, and must report to the Banking Inspection and Supervision Authority.

Article 15. Application of Other Provisions in Inspection Activities

Inspection activities of the Banking Inspection and Supervision Department shall be carried out in accordance with the provisions of Decree No. 26/2014/ND-CP and this Circular. Where Decree No. 26/2014/ND-CP and this Circular do not specify, the provisions of the law on inspection and related directives of the Governor of the State Bank of Vietnam shall apply.

Chapter III
IMPLEMENTING PROVISIONS

Article 16. Effective Date

This Circular takes effect from May 7, 2015, and replaces Circular No. 04/2000/TT-NHNN3 dated March 28, 2000, of the State Bank of Vietnam guiding the implementation of Decree No. 91/1999/NĐ-CP dated September 4, 1999, of the Government on the organization and operation of banking inspections.

Article 17. Implementation Organization

The Head of the Office, the Chief Inspector and Supervisor of Banking, Heads of Units under the State Bank of Vietnam, Directors of Provincial and Municipal State Bank Branches, Chairmen and members of Management Boards and Member Companies, General Managers (Directors) of credit organizations, and foreign bank branches are responsible for organizing the implementation of this Circular./