Circular No. 23/2016/TT-NHNN amends and supplements certain provisions of Circular No. 16/2010/TT-NHNN dated June 25, 2010, issued by the Governor of the State Bank of Vietnam guiding the implementation of Decree No. 10/2010/NĐ-CP dated February 12, 2010, of the Government on credit information activities.

 CIRCULAR

Amending and supplementing certain Articles of Circular No. 16/2010/TT-NHNN dated June 25,2010 issued by the Governor of the State Bank of Vietnam guiding the implementationof Government Decree No. 10/2010/ND-CP dated February 12, 2010 on credit information activities activities related to credit information

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

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

Pursuant to the Law on Enterprises No. 68/2014/QH13 dated November 26, 2014;

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;

Pursuant to Government Decree No. 10/2010/ND-CP dated February 12, 2010 on credit information activities (hereinafter referred to as Decree No. 10/2010/ND-CP);

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

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain Articles of Circular No. 16/2010/TT-NHNN dated June 25, 2010 issued by the Governor of the State Bank of Vietnam guiding the implementation of Government Decree No. 10/2010/ND-CP dated February 12, 2010 on credit information activities (hereinafter referred to as Circular No. 16/2010/TT-NHNN).

Article 1. Amending and supplementing certain Articles of Circular No. 16/2010/TT-NHNN

1. Clause 1 of Article 1 shall be amended and supplemented as follows:

"1. Procedures for requesting issuance of a Certificate of Eligibility for Credit Information Activities (hereinafter referred to as the Certificate)."

a) Providing investment loans;

“2. Management team of a credit information company includes those holding the positions of Chairman of the Board of Directors, Chairman of the Board of Members, Company Chairman, Board of Directors members, Board of Members members, limited liability member, General Director (Director), Deputy General Director (Deputy Director), other individuals holding management positions authorized to sign transactions on behalf of the company according to the Company Charter, and members of the Supervisory Board of the credit information company."

3. Amending and supplementing the title of Chapter II to be "PROCEDURES FOR ISSUANCE OF THE CERTIFICATE".

4. Article 5 is amended and supplemented as follows:

Article 5. Documents for requesting issuance of the Certificate

1. Documents for application for issuance of the Registration Certificate include:

a) Application for issuance of the Certificate according to Form No. 01/TTTD issued together with this Circular;

b) The business registration certificate;

c) Documents proving the conditions stipulated in Article 7 of Decree No. 10/2010/ND-CP and government regulations amending, supplementing, or replacing these conditions (if any) including:

i) The charter of the enterprise;

ii) Contract with service providers for network services;

iii) List and description of information technology equipment and software serving the collection, processing, storage, and provision of credit information products;

iv) Confirmation from commercial banks regarding the balance of VND deposits, gold, foreign currency accounts; confirmation from professional valuation organizations regarding other contributed assets; or confirmation from auditing organizations regarding the registered capital of the enterprise;

v) List of management positions within the enterprise;

vi) Summary resumes of the management team according to Form No. 02/TTTD issued together with this Circular; accompanied by relevant certificates, work experience in related fields, and confirmation letters;

vii) Business plan according to Form No. 03/TTTD issued together with this Circular;

viii) Letters of commitment from commercial banks to provide credit information to the enterprise according to Form No. 04/TTTD issued together with this Circular;

ix) Agreement on procedures for collecting, processing, storing, and providing credit information between the enterprise and credit institutions that have committed to providing such information.

2. The application for issuance of the Certificate shall be prepared in five (05) sets, submitted directly or via postal service to the State Bank of Vietnam (through the Banking Inspection and Supervision Department), including:

a) At least two (02) sets of which:

i) The documents specified in points a, c(iii), c(iv), c(v), c(vii) of Clause 1 of this Article and the summary resume of the management team according to Form 02/TTTD are original copies;

ii) The remaining documents specified in Clause 1 of this Article are copies. In cases where the copies are not certified true copies or copies made from the original records, the enterprise must present the original documents for comparison, the person making the comparison must sign to confirm the accuracy of the copy compared to the original, and bear responsibility for the accuracy of the copy.

b) The remaining sets of documents except those specified in point a of Clause 2 of this Article are photocopies stamped with the seal of the enterprise."

Article 2.

Repealing Article 4 and Article 11 of Circular No. 16/2010/TT-NHNN.

Article 3. Implementation Provisions

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

2. Repealing Clause 1 and Clause 2 of Article 1 of Circular No. 27/2014/TT-NHNN dated September 18, 2014 issued by the Governor of the State Bank of Vietnam on amending and supplementing certain Articles of Circular No. 16/2010/TT-NHNN.

Article 4. Organization of Implementation

The Head of the Office, the Head of the Banking Inspection and Supervision Department, Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities, General Directors of the National Credit Information Center of Vietnam, Chairmen of the Board of Directors, Board of Members, and General Directors (Directors) of credit institutions, Chairmen of the Board of Directors, Board of Members, and General Directors (Directors) of credit information companies, and other related organizations and individuals are responsible for organizing the implementation of this Circular./.