Circular No. 20/2023/TT-NHNN stipulates the list of fields under the management of the State Bank of Vietnam and the period during which individuals holding positions and powers are not allowed to establish, hold managerial or executive positions in enterprises, cooperatives, credit organizations after leaving their posts.

CIRCULAR

Specifies the list of areas under the management of the State Bank of Vietnam and

the period during which individuals holding positions and powers are not allowed to establish,

hold managerial and operational positions in enterprises, cooperatives, and credit organizations

after ceasing their duties.

Decision No. 102/2022/NĐ-CP dated December 12, 2022 of the Government on the functions, tasks, powers, and organizational structure of the State Bank of Vietnam;

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

Pursuant to the Law on Prevention and Control of Corruption dated November 20, 2018;

Decree No. The Governor of the State Bank of Vietnam issues this Circular specifying the list of areas under the management of the State Bank of Vietnam and the period during which individuals holding positions and powers are not allowed to establish, hold managerial and operational positions in private enterprises, limited liability companies, joint-stock companies, partnership companies (hereinafter referred to collectively as enterprises), cooperatives, and credit organizations in the fields previously managed by them after ceasing their duties. This Circular does not apply to cases where individuals holding positions and powers are designated, transferred, or appointed as state capital representatives in credit organizations and state-owned enterprises; participate in governance, oversight, and management at weak credit organizations subject to special control according to decisions of competent authorities.

Pursuant to Decree No. 59/2019/NĐ-CP dated July 1, 2019 of the Government detailing certain provisions and measures for implementing the Law on Anti-Corruption;

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

This Circular applies to individuals holding positions and powers at the State Bank of Vietnam.

Article 1. Scope of Regulation

Article 1. Individuals holding positions and powers as stipulated in Clause 2, Article 3 of the Law on Prevention and Combating Corruption.

Article 2. Managerial and operational positions in enterprises, cooperatives, and credit organizations as stipulated in the Enterprise Law, the Cooperative Law, and the Credit Organizations Law.

Article 2. Applicability

Article 4. List of areas under the management of the State Bank of Vietnam that individuals holding positions and powers are not allowed to establish, hold managerial and operational positions in enterprises, cooperatives, and credit organizations in the fields previously managed by them after ceasing their duties

Article 3. Explanation of Terms

1. Issuing, reissuing, changing the content, and revoking licenses for providing credit information services to credit information organizations; inspecting and supervising credit information organizations.

2. Granting permission or suspending payment activities of credit organizations and other organizations; issuing, amending, supplementing, and revoking licenses for providing payment intermediary services by non-bank organizations; inspecting and supervising payment activities.

3. Issuing and revoking approvals for foreign exchange trading and service provision for credit organizations and other organizations as prescribed by law; inspecting and supervising foreign exchange activities.

4. Issuing and revoking certificates of eligibility for gold jewelry and decorative products production, permits for gold trading activities; inspecting and supervising gold trading activities.

5. Issuing, amending, supplementing, and revoking licenses for establishing and operating credit organizations; approving the purchase, sale, division, merger, consolidation, and dissolution of credit organizations as prescribed by law; approving lists of candidates for election or appointment as members of the Board of Directors, Board of Members, Supervisory Board members, General Director (Director) of credit organizations; approving other changes as prescribed by the Credit Organizations Law, except as provided in Clause 3 of this Article.

6. Compiling lists of organizations with high risks of money laundering; inspecting and supervising anti-money laundering activities.

7. Inspecting, supervising, and monitoring banks.

5. Issuing, amending, supplementing, revoking licenses for the establishment and operation of credit organizations; approving the purchase, sale, division, separation, consolidation, merger, and dissolution of credit organizations in accordance with the provisions of the law; approving the list of persons expected to be elected or appointed as members of the Board of Directors, Board of Members, members of the Supervisory Board, General Director (Director) of credit organizations; approving other changes as provided for in the Law on Credit Organizations, except in cases stipulated in Clause 3 of this Article.

6. Establish a list of organizations at high risk for money laundering; inspecting and supervising anti-money laundering activities.

7. Inspecting, examining, and supervising banks.

Article 5. The period during which a person with a position or authority may not establish, hold a managerial or executive position in a business, cooperative, or credit organization in the field previously under their responsibility after ceasing to hold the position

1. Within twelve months from the date of ceasing to hold the position pursuant to the decision or approval of the competent authority for persons with positions or authorities in the fields specified in Clause 1 of Article 4 of this Circular.

2. Within eighteen months from the date of ceasing to hold the position pursuant to the decision or approval of the competent authority for persons with positions or authorities in the fields specified in Clauses 2, 3, and 4 of Article 4 of this Circular.

3. Within twenty-four months from the date of ceasing to hold the position pursuant to the decision or approval of the competent authority for persons with positions or authorities in the fields specified in Clauses 5, 6, and 7 of Article 4 of this Circular.

Article 6. Effectiveness

This Circular takes effect from February 12, 2024.

Article 7. Responsibility for Implementation

The Director of the Office, the Inspector General of Banking Supervision, the Heads of units under the State Bank of Vietnam, and other relevant agencies, organizations, and individuals shall be responsible for implementing this Circular./.