Circular No. 27/2013/TT-NHNN Amending and Supplementing Certain Articles of Circular No. 02/2012/TT-NHNN dated February 27, 2012 on guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions, branches of foreign banks.

CIRCULAR

Provincial People's Committees set specific pricesTo amend and supplement some articles of TCircular No. 02/2012/TT-NHNN

dated February 27, 2012 on guiding foreign exchange transactions between N |||the cooperative N |||at enterprises Vstrict N |||am

and credit organizations, branches of foreign banks

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

Pursuant to the Law Con credit organizations No. 47/2010/QH12 dated November 16,June 2024;art. 6 year 2010;

Pursuant to the Foreign Exchange Law No. 28/2005/PL-UBTVQH11 dated December 13, 2005;No.ãNo. Pursuant to Decree No. 160/2006/NĐ-CP dated December 28, 2006 of the Government detailing the implementation of the Foreign Exchange Law;

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;"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."At the proposal of the Director of the Trading Department

Circular No. 02/2012/TT-NHNN dated February 27, 2012 on guiding foreign exchange transactions between the State Bank of Vietnam and credit organizations, branches of foreign banks"b) In addition to the lists of public services issued according to the provisions of Clause 2, Article 4 of this Decree, specialized agencies under provincial People's Committees shall report to the provincial People's Committee for decision-making on amending, supplementing, or issuing the list of public services funded by the state budget within their jurisdiction and consistent with the local budget capacity within the approved budget by the Provincial People's Assembly, and send it to the Ministry of Finance and relevant ministries and sectors for supervision during implementation."Amending and supplementing some articles of Circular No. 02/2012/TT-NHNN dated February 27, 2012 on guiding foreign exchange transactions between the State Bank of Vietnam and credit organizations, branches of foreign banks as follows:

Clause 3, Article 4 is amended and supplemented as follows:;

The Governor of the State Bank of Vietnam issues this Circular amending and supplementing certain provisions of Circular No.No. "3. Is a credit organization, branch of a foreign bank with a system of machines, equipment, and means of foreign exchange transactions such as the Reuters Dealing system, Bloomberg, telephone, or other means of transaction approved by the State Bank of Vietnam (hereinafter referred to as the State Bank) during each period."No."Article 12. Means of TransactionThe means of foreign exchange transactions between the State Bank and credit organizations, branches of foreign banks are through the Reuters Dealing system, Bloomberg, telephone, or other means of transaction approved by the State Bank during each period. In cases where foreign exchange transactions are conducted via telephone, credit organizations, branches of foreign banks must have recording devices that ensure the recording of all transactions and storage for use when necessary."i ealthJune 2024;3. Clause 1, Article 19 is amended and supplemented as follows:,

Article 1. "1. Credit organizations, branches of foreign banks having foreign exchange transactions with the State Bank must report to the State Bank (Trading Department) as prescribed as follows:

a) Credit organizations, branches of foreign banks having foreign exchange transactions with the State Bank and not subscribing to use transaction means through the Reuters Dealing system must report to the State Bank (Trading Department) the situation of foreign exchange transactions with other credit organizations, branches of foreign banks according to Appendix 02 (attached to this Circular) no later than 14:00 on working days of the week;

b) Credit organizations, branches of foreign banks having foreign exchange transactions with the State Bank and subscribing to use transaction means through the Reuters Dealing system must report to the State Bank (Trading Department) the situation of foreign exchange transactions with the State Bank and other credit organizations, branches of foreign banks subscribing to use transaction means through the Reuters Dealing system according to the reporting procedure for foreign exchange transactions through the Reuters Dealing system issued by the Governor of the State Bank. From the moment the foreign exchange transaction between credit organizations, branches of foreign banks subscribing to use transaction means through the Reuters Dealing system is completed, the parties involved in the transaction must report the transaction carried out on the Reuters Dealing system within 15 minutes. In cases where the parties do not conduct the transaction on the Reuters Dealing system, the reporting of the transaction must be carried out by the parties on the Reuters Dealing system within 45 minutes."

3. Article 16 shall be amended and supplemented as follows:

4. Clause 4, Article 19 is added as follows:

"4. Credit organizations, branches of foreign banks are exempted from the obligation to comply with the time limit for reporting as prescribed in Point b, Clause 1, Article 19 of this Circular during the occurrence of force majeure events such as:

a) Connection failure from the system containing the reporting data of the credit organization, branch of a foreign bank to the State Bank caused by the service provider;

b) Technical failure of the Reuters Dealing system caused by the Reuters Dealing service provider;

c) Other cases arising from objective reasons. Immediately after the failure is resolved, the credit organization, branch of a foreign bank has the responsibility to report the completed transactions that have not been reported to the State Bank (Trading Department) during the resolution period. The procedures for reporting these transactions follow the reporting procedure for foreign exchange transactions through the Reuters Dealing system issued by the Governor of the State Bank."

5. Article 20 is amended and supplemented as follows:

"Article 20. Suspension of Transactions, Termination of Transaction Relationships

1. Suspension of foreign exchange transactions for one to three months in the following cases:

a) Submitting reports late or incorrectly three times;

c) Power outages caused by objective reasons or the electricity provider;

2. Credit institutions must notify the State Bank of Vietnam (National Office of Foreign Exchange Reserve Management

b) Not submitting reports three times;

c) Credit organizations, branches of foreign banks failing to comply with the provisions of Clause 3, Article 19 of this Circular;

d) Credit organizations, branches of foreign banks being administratively sanctioned for violations in foreign exchange activities.

2. Suspension of foreign exchange transactions with credit organizations, branches of foreign banks during the period when they are placed under:

a) Special control;

b) Restriction or cessation of foreign exchange transactions according to the conclusion or notification of the State Bank (Bank Inspection and Supervision Authority).

3. Termination of foreign exchange transaction relationships with credit organizations, branches of foreign banks in the following cases:

a) Credit organizations, branches of foreign banks having their licenses revoked pursuant to Clause 1, Article 28 of the Law on Credit Organizations;

b) Credit organizations, branches of foreign banks not meeting the conditions to establish foreign exchange transaction relationships as prescribed in Clause 2 and Clause 3, Article 4 of this Circular;

a) Special supervision;

b) Narrowing or suspending foreign exchange transactions activities based on the conclusion or notification of the State Bank (the Banking Supervisory Authority).

3. Terminate foreign exchange transaction relationships with credit institutions and branches of foreign banks in the following cases:

a) Credit institutions and branches of foreign banks have their Licenses revoked according to Clause 1, Article 28 of the Law on Credit Institutions;

b) Credit institutions and branches of foreign banks fail to meet the conditions for establishing foreign exchange transaction relationships as stipulated in Clause 2 and Clause 3, Article 4 of this Circular;

c) Credit institutions and foreign bank branches that have serious violations in the monetary sector and banking operations according to the conclusion or notification of the State Bank of Vietnam (the Banking Supervision Agency). 4. Credit institutions and foreign bank branches shall not re-establish foreign exchange transaction relationships with the State Bank within a period of 01 (one) year from the date of cancellation of such relationships. The file and procedures for re-establishing foreign exchange transaction relationships with the State Bank by credit institutions and foreign bank branches shall be carried out in accordance with the provisions of Article 6 and Article 7 of this Circular.

6. Clause 4 of Article 22 is amended and supplemented as follows:

"4. To promulgate the following documents:

a) Regulations on management, operation, and utilization of the System for Collecting and Extracting Information on Foreign Exchange Transactions in the Interbank Foreign Exchange Market;

b) Procedures for guiding reports on foreign exchange transactions through the Reuters Dealing system."

Article 2. Repeal Article 8 of Circular No. 02/2012/TT-NHNN dated February 27, 2012, on guiding foreign exchange transactions between the State Bank of Vietnam and credit institutions, foreign bank branches.

Article 3. Implementation Provisions

1. This Circular takes effect from December 5, 2013.

2. The Director of the Office, the Director of the Trading Department, the Heads of units under the State Bank, the Directors of the State Bank Branches in provinces and centrally governed cities; the Chairmen of the Board of Directors, the Chairmen of the Board of Members, the Heads of the Supervisory Boards, and the General Managers (Directors) of credit institutions and foreign bank branches are responsible for organizing the implementation of this Circular.