Circular No. 14/2016/TT-NHNN amending and supplementing certain Articles of Circular No. 30/2014/TT-NHNN dated November 6, 2014, issued by the Governor of the State Bank of Vietnam on entrusting and accepting entrustment by credit institutions and foreign bank branches, and abolishing certain provisions of the Collection and Payment Business Operation Regulation for Credit Institutions issued pursuant to Decision No. 1096/2004/QĐ-NHNN dated September 6, 2004, of the Governor of the State Bank of Vietnam.

CIRCULAR

Amending and supplementing certain Articles of Circular No. 30/2014/TT-NHNN datedNovember 6, 2014 of the Governor of the State Bank of Vietnam on entrusting and accepting entrustment by credit institutions and foreign bank branches and abolishing certain provisions of the Collection and Payment Business Operation Regulation of credit institutions issued pursuant to Decision No. 1096/2004/QĐ-NHNN dated September 6, 2004 of the Governor of the State Bank of Vietnam The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No. 30/2014/TT-NHNN dated November 6, 2014 of the Governor of the State Bank of Vietnam on entrusting and accepting entrustment by credit institutions and foreign bank branches (Circular No. 30/2014/TT-NHNN) and abolishing certain provisions of the Collection and Payment Business Operation Regulation of credit institutions issued pursuant to Decision No. 1096/2004/QĐ-NHNN dated September 6, 2004 of the Governor of the State Bank of Vietnam (Decision No. 1096/2004/QĐ-NHNN).Article 1. Amending and supplementing certain provisions of Circular No. 30/2014/TT-NHNN 1. Supplement Clause 11 to Article 4 as follows:

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

No. 06/2013/UBTVQH13 dated March 18, 2013;

Pursuant to the Investment Law number 67/2014/QH13 dated November 26, 2014;

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;

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

"11. Credit institutions and foreign bank branches accepting entrusted capital from organizations and individuals for investment in production, business, financial leasing, and lending must ensure that at the time of entrustment, the entrusting party is an organization or individual with no outstanding loans from credit institutions and foreign bank branches."

2. Abolish Article 8.

Article 2. Abolishing certain provisions of the Collection and Payment Business Operation Regulation of credit institutions issued pursuant to Decision No. 1096/2004/QĐ-NHNN

Abolish Section 1 Chapter II of the Collection and Payment Business Operation Regulation of credit institutions issued pursuant to Decision No. 1096/2004/QĐ-NHNN.

1. This Circular takes effect from July 1, 2016.

2. Abolish Clause 3 of Article 1 of Decision No. 30/2008/QĐ-NHNN dated October 16, 2008 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of the Collection and Payment Business Operation Regulation of credit institutions issued pursuant to Decision No. 1096/2004/QĐ-NHNN dated September 6, 2004 of the Governor of the State Bank of Vietnam.

The Director of the Office, the Director of the Inspectorate and Supervision Department, Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally governed cities, Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Directors (Directors) of credit institutions and foreign bank branches are responsible for organizing the implementation of this Circular./.

Article 3. Effectiveness

- To be filed: VP, PC Division, TTGSNH5.

2. REPEAL Clause 3, Article 1 of Decision No. 30/2008/QD-NHNN dated October 16, 2008 of the Governor of the State Bank of Vietnam amending and supplementing certain provisions of the Circular on Factoring Activities of Credit Institutions issued pursuant to Decision No. 1096/2004/QD-NHNN dated September 6, 2004 of the Governor of the State Bank of Vietnam.

Article 4. Organization of Implementation

The Director of the Office, the Head of Banking Inspection and Supervision, Heads of Units under the State Bank of Vietnam, Governors of the State Bank of Vietnam Branches in provinces and centrally governed cities, Chairmen of the Board of Directors, Chairmen of the Board of Members, and General Managers (Directors) of credit institutions and foreign bank branches shall be responsible for implementing this Circular./.