Circular No. 45/2014/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

Amending and supplementing certain provisions 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, concerning foreign exchange transactions between the State Bank of Vietnam and credit institutions, The State Bank of Vietnam and credit institutions, foreign bank branches

___________________

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

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

Pursuant to Decree No. 06/2013/UBTVQH13 dated March 18, 2013 amending and supplementing certain provisions of Decree No. 28/2005/PL-UBTVQH11 dated December 13, 2005 of the Standing Committee of the National Assembly;

Pursuant to Decree No. 70/2014/NĐ-CP dated July 17, 2014 of the Government detailing the implementation of certain provisions of the Foreign Exchange Law and the Law amending and supplementing certain provisions of the Foreign Exchange Law;

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;

At the proposal of the Director of the Trading Department;

The Governor of the State Bank of Vietnam promulgates this Circular amending and supplementing certain provisions 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.

Article 1. Amending and supplementing certain provisions 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 as follows:

1. Point b Clause 1 Article 21 is amended and supplemented as follows:

"b) Ensuring completeness, accuracy, validity, and compliance with the required time for all documents, files, and data submitted to the State Bank of Vietnam. Credit institutions and branches of foreign banks shall be responsible for the information that has not been updated as stipulated in Article 19 of this Circular."

2. Article 24 is amended and supplemented as follows:

"Article 24. Department of Monetary Policy

1. Notifying the Trading Department of any changes in the average inter-bank foreign exchange market rate published by the State Bank of Vietnam.

2. Cooperating with the Trading Department in resolving issues arising from foreign exchange transactions between the State Bank of Vietnam and credit institutions, branches of foreign banks."

Article 2. Repealing Article 23 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.

Article 3. Implementation Provisions

1. This Circular takes effect from February 12, 2015.

2. The Director of the Office, the Director of the Trading Department, Heads of units under the State Bank of Vietnam, Governors of the State Bank of Vietnam branches in provinces and centrally-administered cities; Chairmen of the Board of Directors, Chairmen of the Board of Members, General Managers (Directors) of credit institutions, branches of foreign banks are responsible for implementing this Circular.