Decision No. 34/2008/QĐ-TTg on the establishment of the National Financial Supervisory Commission

Pursuant to …;

On the establishment of the National Financial Supervisory Commission

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PRIME MINISTER

Pursuant to the Law on Organization of the Government dated December 25, 2001;

Pursuant to Resolution No. 03/2007/NQ-CP dated January 19, 2007 of the Government;

Considering the proposal of the Minister of Home Affairs,

DECISION:

Article 1. Establishment, position, and functions of the National Financial Supervisory Commission

1. Establish the National Financial Supervisory Commission.

2. The National Financial Supervisory Commission shall have the function of advising and consulting the Prime Minister on coordinating financial market supervision activities at the national level (banking, securities, insurance); assisting the Prime Minister in overseeing the national financial market comprehensively.

3. The National Financial Supervisory Commission (hereinafter referred to as the Commission) is an entity with legal personality, having its own headquarters and seal; it is entitled to open accounts at the State Treasury and commercial banks; it is allocated administrative staff positions; the operating budget of the Commission is guaranteed by the state budget and arranged within the regular operating budget of the Government Office.

Article 2. Tasks and powers of the Commission

1. Propose to the Prime Minister the issuance of regulations on coordinating financial market supervision activities at the national level (banking, securities, insurance).

2. Coordinate with relevant ministries and sectors in presenting to the Prime Minister strategies and orientations for developing the financial market; make recommendations to state agencies regarding supervisory mechanisms, applying international practices and standards in financial market supervision.

3. Coordinate specialized sectoral supervision activities; oversee the national financial market comprehensively and ensure compliance with international practices and standards in the supervision activities of specialized inspection and supervision agencies in the banking, securities, and insurance sectors.

4. Monitor the conditions for granting permission to operate for credit organizations and non-bank credit institutions operating in the banking, securities, and insurance sectors.

5. Analyze, forecast, and warn about the safety level of the financial-banking system and risks to the national financial market; establish databases, compile, process, and provide information on the national financial market to report to the Prime Minister.

6. Recommend to specialized inspection and supervision agencies and competent authorities to handle violations by organizations and individuals who fail to comply with or fully implement conditions in banking, insurance, and securities operations.

7. Request the Ministry of Finance, the State Bank of Vietnam, and organizations operating in the banking, securities, and insurance sectors to regularly and urgently provide financial-banking-related information; summon officials from ministries and sectors when necessary to perform assigned supervisory functions and tasks.

8. Perform other tasks assigned by the Prime Minister.

Article 3. Organizational structure of the Commission

1. The Commission has a Chairman and two Deputy Chairmen.

The Chairman of the Commission is appointed and relieved of duty by the Prime Minister.

The Deputy Chairmen of the Commission are appointed and relieved of duty by the Prime Minister based on the recommendation of the Chairman.

2. The Commission's support staff includes:

a) Office;

b) Policy Research and Coordination Department;

c) Comprehensive Supervision Department;

d) Financial Group Supervision Department;

đ) National Financial Supervision Information Center.

The Chairman of the Commission shall submit to the Prime Minister for promulgation the Regulation on the organization and operation of the Commission and the financial system, salary, and allowances for officials, civil servants, and employees working at the Commission.

Article 4. This Decision takes effect fifteen days after its publication in the Official Gazette.

Article 5. Ministers, Heads of ministerial-level agencies, Heads of agencies under the Government, Chairpersons of provincial People's Committees directly under the Central Government, and the Chairman of the National Financial Supervisory Commission are responsible for implementing this Decision./.