Circular No. 04/2014/TT-NHNN on statistical reporting and transparency in information disclosure regarding the activities of asset management companies of credit institutions in Vietnam

CIRCULAR

Regulations on statistical reporting and public disclosure, transparency of informationregarding the activities of Asset Management Companies of credit institutions in Vietnam

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

Based on the Law on Credit Institutions No. 47/2010/QH12 dated June 16, 2010;

Pursuant to the Statistics Law No. 04/2003/QH11 dated June 17, 2003;

Pursuant to the Enterprise Law No. 60/2005/QH11 dated November 29, 2005;

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

Pursuant to the Government Decree No. 53/2013/NĐ-CP dated May 18, 2013 stipulating the establishment, organization, and operation of Asset Management Companies of Vietnamese Credit Institutions (hereinafter referred to as Decree No. 53/2013/NĐ-CP);

At the proposal of the Director of the Forecasting and Statistics Department,

The Governor of the State Bank of Vietnam hereby promulgates this Circular stipulating statistical reporting and public disclosure, transparency of information regarding the activities of Asset Management Companies of Vietnamese Credit Institutions.

PART I

GENERAL PROVISIONS

Article 1. Scope of Regulation

Article 1. This Circular stipulates the collection of statistical reports (hereinafter referred to as reports) from Asset Management Companies of Vietnamese Credit Institutions (hereinafter referred to as Asset Management Companies) to meet the implementation of the State Bank of Vietnam’s (hereinafter referred to as the State Bank) functions of monetary management and banking operations.

For other reports not within the scope of regulation of this Circular, Asset Management Companies shall implement in accordance with the regulations of the State Bank and related legal documents.

Article 2. Public disclosure and transparency of information

The entity responsible for reporting and implementing public disclosure and transparency of information is the Asset Management Company.

The entity receiving reports is the Forecasting and Statistics Department.

Article 4. Statistical Reporting Forms

Article 4. Statistical Reports

1. The Asset Management Company shall prepare statistical reports according to the report forms prescribed in Appendix 1 attached to this Circular to submit to the State Bank.

2. In cases where necessary for management and guidance purposes, Departments, Bureaus, Banking Inspection and Supervision Authorities shall request the Asset Management Company to report according to report forms not specified in this Circular upon approval by the Governor of the State Bank. The process of developing report forms shall be carried out in accordance with Clause 1 and Clause 2 of Article 12 of this Circular.

Article 5. Reporting Methods

1. The Asset Management Company shall implement the reports prescribed in Appendix 1 attached to this Circular through electronic reporting methods.

Electronic reports are reports presented in electronic data files transmitted over computer networks or sent via portable storage devices. Electronic reports must include the digital signature of the head or authorized person of the Asset Management Company and comply with the designated transmission codes, file structures as prescribed by the State Bank.

2. In cases where the Asset Management Company cannot implement electronic reporting due to objective reasons, the Asset Management Company must submit paper reports to the State Bank.

Paper reports are reports on paper and must comply with the prescribed form, including the stamp and signature of the authorized person of the Asset Management Company and the signatures of the preparer and the verifier of the report.

The report in writing shall be on paper and must comply with the prescribed form, bearing all necessary seals and signatures of the authorized persons of the Asset Management Corporation, as well as the signatures and full names of the preparer and the person overseeing the report.

Article 6. Network Connection for Electronic Reporting

The Asset Management Corporation shall connect its network to transmit information with the Information Technology Department to send the report specified in Appendix 1 attached to this Circular to the State Bank. In cases where the Asset Management Corporation does not meet the conditions to connect its network to transmit information with the Information Technology Department, the Asset Management Corporation shall submit the report to the State Bank in accordance with Clause 2 of Article 5 of this Circular.

Article 7. Requirements for Reporting Data

Reporting statistical data must ensure completeness, timeliness, truthfulness, objectivity, and accuracy. When there are modifications to previously reported data or when data within the reporting period shows unusual fluctuations, the Asset Management Corporation must provide written explanations upon request from the Forecasting and Statistics Division.

Article 8. Periodicity and Deadline for Submitting Reports

1. The reporting period and submission deadline are determined based on working days and the Gregorian calendar.

2. The reporting period and submission deadline are specifically stipulated in the reporting forms at Appendix 1 attached to this Circular.

3. If the last day of the submission deadline falls on a public holiday, Tet holiday, or weekend, the submission date will be the next working day following the holiday or weekend.

For reports submitted in writing, the actual submission date is considered the date marked on the post office stamp at the location receiving the report. For electronic reports, the submission date is the date the report file is successfully transmitted to the Information Technology Department.

In urgent or unforeseen circumstances, the unit must submit the report via fax. After submitting the report via fax, the Asset Management Corporation has the responsibility to officially submit the report in writing according to Clause 2 of Article 5 of this Circular. The actual submission date is considered the fax date.

Article 9. Procedure for Reviewing Electronic Reports

1. At the Information Technology Department:

a) Immediately upon receipt of the report according to the submission deadlines specified in the reporting forms issued with this Circular, the Information Technology Department shall check the completeness of the electronic reports transmitted through the information network by the Asset Management Corporation. If it is found that the Asset Management Corporation has failed to transmit or has transmitted incomplete reports, the Information Technology Department must notify the Asset Management Corporation through the information network to submit complete reports to the State Bank;

b) Immediately upon receipt of the review results from the Forecasting and Statistics Division, the Information Technology Department shall promptly notify the Asset Management Corporation through the information network to process and retransmit accurate data to the Information Technology Department;

c) Immediately upon receipt of the electronic reports retransmitted by the Asset Management Corporation to the Information Technology Department, the Information Technology Department shall notify the Forecasting and Statistics Division through the information network to update the data promptly.

2. At the Forecasting and Statistics Division:

Within two working days from the end of the submission deadline specified in the reporting forms issued with this Circular, the Forecasting and Statistics Division shall verify the reasonableness of the reported data. If errors are detected, the Forecasting and Statistics Division shall require the Asset Management Corporation to correct the data by sending the review results of the data through the information network to the Information Technology Department to notify the Asset Management Corporation.

3. At the Asset Management Corporation:

Within two working days from the date of receipt of the electronic review notification from the Information Technology Department, the Asset Management Corporation must retransmit the complete and accurate data of the report to the Information Technology Department so that the Forecasting and Statistics Division can update the data.

Article 10. Non-generating Report

In cases where there are no data to report for the reporting period, the Asset Management Corporation shall submit a non-generating report to the Forecasting and Statistics Department in accordance with the guidelines of the Information Technology Department.

Article 11. Transparency in the Operations of the Asset Management Corporation

1. The Asset Management Corporation must disclose the following information:

a) Management policies and internal regulations on the purchase, sale, and handling of bad debts as stipulated in Clause 1, Article 4 of Circular No. 19/2013/TT-NHNN dated September 6, 2013 on the purchase, sale, and handling of bad debts by the Asset Management Corporation of Vietnamese credit institutions;

b) Procedures and valuation methods for debts and assets, as well as procedures and methods for selling debts and assets established by the Asset Management Corporation;

c) Annual business activity reports of the Asset Management Corporation that have been audited;

d) Purchase of bad debts from credit institutions according to Table 01-PL2/VAMC in Appendix 2 issued together with this Circular;

đ) Sale of bad debts and collateral assets according to Table 02-PL2/VAMC in Appendix 2 issued together with this Circular;

e) Other information as prescribed by law and the State Bank of Vietnam.

2. Periodic disclosure and deadlines for information:

a) For the information specified in point a and b of Clause 1 of this Article, the Asset Management Corporation shall disclose such information within the time limit prescribed in Clause 2, Article 4 of Circular No. 19/2013/TT-NHNN;

b) For the information specified in point c of Clause 1 of this Article, the Asset Management Corporation shall disclose the annual financial report no later than March 31 of the following year;

c) For the information specified in points d, đ, and e of Clause 1 of this Article, the Asset Management Corporation must disclose such information quarterly no later than the 25th day of the first month of the next quarter.

3. Methods of Disclosure of Information:

The information specified in Clause 1 of this Article shall be disclosed by the Asset Management Corporation in the manner prescribed in Clause 3, Article 24 of Decree No. 53/2013/NĐ-CP.

Chapter II

RESPONSIBILITIES OF THE STATE BANK OF VIETNAM AND THE ASSET MANAGEMENT CORPORATION IN IMPLEMENTING STATISTICAL REPORTS AND DISCLOSURE OF INFORMATION ON THE OPERATIONS OF THE ASSET MANAGEMENT CORPORATIONAND THE ASSET MANAGEMENT CORPORATION IN THE IMPLEMENTATION OF STATISTICAL REPORTING AND TRANSPARENCY IN DISCLOSING INFORMATION REGARDING THE OPERATIONS OF THE ASSET MANAGEMENT CORPORATION

Article 12. According to their assigned functions and tasks, the Departments, Bureaus, and Banking Supervision Agencies under the State Bank of Vietnam shall have the following responsibilities:

1. Develop reporting forms applicable to the Asset Management Corporation to fulfill their own functions and tasks.

2. When there is a request to amend, supplement, or issue new reporting forms applicable to the Asset Management Corporation, the Departments, Bureaus, and Banking Supervision Agencies must develop the necessary reporting forms for amendment, supplementation, or issuance, coordinate with the lead unit, the Forecasting and Statistics Department, and submit them to the Forecasting and Statistics Department for consolidation and submission to the Governor of the State Bank of Vietnam for promulgation.

3. Coordinate with the Forecasting and Statistics Department to provide guidance and promptly respond to the Asset Management Corporation regarding any issues related to their responsibility in implementing this Circular.

4. Coordinate with the Forecasting and Statistics Department to review the reports of the Asset Management Corporation; when discovering errors in the reports, they must promptly notify the Forecasting and Statistics Department for consolidation.

5. Organize the storage and management of statistical reports received by their units in accordance with current regulations on the management and storage of files and documents in the banking sector.

Article 13. Responsibilities of the Forecasting and Statistics Department

In addition to the responsibilities stipulated in Article 12 of this Circular, the Forecasting and Statistics Department shall be responsible for:

1. Serving as the lead unit to compile and submit to the Governor for issuance the revised, supplemented, or newly issued reporting forms.

2. Serving as the lead unit in receiving written recommendations regarding the implementation of this Circular, coordinating with relevant units to respond to the recommending units.

3. Compiling and advising on submitting to the Governor of the State Bank for approval the rights to exploit reviewed reports for units under the State Bank.

4. Monitoring and urging the Asset Management Company to submit complete and timely reports as prescribed in Appendix 1 attached to this Circular; upon receipt of review coordination from Departments, Bureaus, Banking Inspection and Supervision Authorities, promptly sending the review results to the Asset Management Company for correction and resubmission of accurate data through the computer network for related units to update and exploit the report.

5. Coordinating with relevant units under the State Bank to recommend the Governor of the State Bank to handle violations by the Asset Management Company in complying with the provisions of this Circular.

Article 14. Responsibilities of the Information Technology Bureau

1. Serving as the lead unit to organize the reception of electronic reports, checking the name and structure of the report files transmitted via the network or sent via portable storage devices by the Asset Management Company. In case the report has errors in name or file structure, it must request the Asset Management Company to correct and resubmit according to regulations; promptly provide feedback on the status of the data file to the Asset Management Company. In case of data transmission network failure at the State Bank, promptly notify the Asset Management Company and immediately implement measures to resolve the issue.

2. Connecting and maintaining the information transmission network for units under the State Bank; ensuring exploitation and use for units under the State Bank.

3. Providing, setting up, installing, and guiding the operation of statistical reporting software programs for units under the State Bank to transmit, receive, aggregate, exploit, and review reporting forms through the computer network.

4. Guiding the issuance and management of encryption keys and digital signature programs used in statistical reporting for the Asset Management Company directly connected to the Information Technology Bureau's information transmission network.

5. Timely updating reports corrected by the Asset Management Company based on the review results required by the Forecasting and Statistics Department.

6. In cases where reporting units notify that they have transmitted report data files but receiving units have not yet received them through the network, after receiving feedback from the reporting units, the Information Technology Bureau shall be responsible for checking and verifying the transmission of report data files by the reporting units and informing the receiving units of the results to coordinate prompt handling.

Article 15. Responsibilities of the Asset Management Corporation

1. Adhering strictly to the Governor of the State Bank's regulations, laws on statistical reporting, and transparency in disclosing information as stipulated in this Circular. During implementation, if encountering difficulties, they must promptly report to the State Bank for resolution.

2. Justifying and fully bearing legal responsibility for the completeness, timeliness, and accuracy of statistical reporting data and disclosed information.

3. Upon receiving a report review notification or discovering errors in reports already submitted to Departments, Bureaus, Banking Inspection and Supervision Authorities, the Asset Management Company must promptly correct and resubmit the accurate report to the receiving unit.

Article 16. Exploitation of Reports

1. Departments, Bureaus, Banking Inspection Agencies are permitted to exploit statistical reports which they are responsible for building.

2. Other units under the State Bank, when needing to exploit statistical reports built by Departments, Bureaus, Banking Inspection Agencies must register in writing with the Forecasting and Statistics Department for consolidation and submission to the Governor of the State Bank for approval.

3. Units under the State Bank that are permitted to exploit statistical reports shall be responsible for managing and using statistical information and data according to their purpose and in accordance with the provisions of the law.

ChapterIII

IMPLEMENTATION

Article 17. Handling Violations

Asset Management Corporation, units under the State Bank, individuals violating the provisions of this Circular will be subject to legal sanctions depending on the nature and degree of violation.

Article 18. Effective Date

1. This Circular takes effect from June 1, 2014.

2. The Director of the Office, Heads of the Forecasting and Statistics Department, Heads of units under the State Bank, Chairmen of the Board of Directors and General Directors of the Asset Management Corporation are responsible for implementing this Circular./.