Circular No. 17/2010/TT-NHNN amends the regulations on gold trading on foreign accounts, requiring all such accounts to be settled and closed by July 31, 2010. Business licenses will become invalid from August 1, 2010.
Scope of application
Credit institutions currently engaged in gold trading on foreign accounts
Key points
- Credit institutions → must settle and close their gold trading accounts abroad by July 31, 2010.
- Licenses for gold trading on foreign accounts → become invalid from August 1, 2010.
🌐 Social impact of this document
- Individuals and businesses will no longer be permitted to engage in gold trading on foreign accounts after July 31, 2010, affecting their investment activities.
- Credit institutions need to adjust their business plans to comply with the new regulations.
❓ Frequently asked questions
On what date must credit institutions settle and close their gold trading accounts abroad?
Credit institutions must settle and close their gold trading accounts abroad by July 31, 2010.
When do licenses for gold trading on foreign accounts become invalid?
Licenses for gold trading on foreign accounts become invalid from August 1, 2010.
Which credit institutions are responsible for implementing this Circular?
The Director of the Office, Heads of the Department of Foreign Exchange Management, Heads of units under the State Bank, Governors of the State Bank branches in provinces and centrally-administered cities, and credit institutions engaged in gold trading on foreign accounts are responsible for implementing this Circular.
When does this Circular take effect?
This Circular takes effect from June 29, 2010.
What penalties will credit institutions face if they violate the settlement and closure requirements for gold trading accounts?
This Circular does not specify penalty measures but clearly states the responsibility of credit institutions to comply with the regulations.
Full text
CIRCULAR
Amending Clause 2 and Clause 3 of Article 2 of Circular No. 01/2010/TT-NHNN dated January 6, 2010 on the abolition of Decision No. 03/2006/QĐ-NHNN dated January 18, 2006
regarding gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007 on amending and supplementing Decision No. 03/2006/QĐ-NHNN
concerning the operation of gold accounts abroad and Decision number
11/2007/QD-NHNN dated March 15, 2007 on amending and supplementing
Decision number 03/2006/QD-NHNN
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Pursuant to the Law on the State Bank of Vietnam 1997, and the Law Amending and Supplementing Certain Provisions of the Law on the State Bank 2003;
Pursuant to the Law on Credit Institutions 1997, and the Law Amending and Supplementing Certain Provisions of the Law on Credit Institutions 2004;
Pursuant to Decree No. 160/2006/NĐ-CP dated December 28, 2006, of the Government detailing the implementation of the Foreign Exchange Decree;
Pursuant to Decree No. 96/2008/NĐ-CP dated August 26, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;
Implementing the guidance of the Prime Minister in Official Document No. 4423/VPCP-KTTH dated June 26, 2010 of the Government Office;
The State Bank of Vietnam hereby promulgates the following:
Article 1. Amending Clause 2 and Clause 3 of Article 2 of Circular No. 01/2010/TT-NHNN dated January 6, 2010 on the abolition of Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007 of the Governor of the State Bank of Vietnam on amending and supplementing Decision No. 03/2006/QĐ-NHNN as follows:
"2. Credit institutions currently engaged in gold trading on foreign accounts shall be responsible for settling and closing their gold trading accounts abroad no later than July 31, 2010.
3. Licenses for gold trading on foreign accounts issued by the State Bank of Vietnam to credit institutions pursuant to Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 on gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007 on amending and supplementing Decision No. 03/2006/QĐ-NHNN shall become invalid from August 1, 2010."
Article 2
1. This Circular takes effect from June 29, 2010. Circular No. 10/2010/TT-NHNN dated March 26, 2010 of the Governor of the State Bank of Vietnam amending Clause 2 and Clause 3 of Article 2 of Circular No. 01/2010/TT-NHNN dated January 6, 2010 on the abolition of Decision No. 03/2006/QĐ-NHNN dated January 18, 2006 of the Governor of the State Bank of Vietnam on gold trading on foreign accounts and Decision No. 11/2007/QĐ-NHNN dated March 15, 2007 of the Governor of the State Bank of Vietnam on amending and supplementing Decision No. 03/2006/QĐ-NHNN shall cease to be effective from the date this Circular takes effect.
2. The Director of the Office, Heads of Departments under the State Bank of Vietnam, Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally administered cities, and credit institutions engaged in gold trading on foreign accounts shall be responsible for implementing this Circular.
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