Decree No. 57/2016/ND-CP Amending and Supplementing Article 7 of Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on Credit Information Activities

DECREE

Amending and supplementing Article 7 of Decree No. 10/2010/NĐ-CP

dated February 12, 2010 of the Government

on credit information activities

___________

Pursuant to the Law on Government Organization dated June 19, 2015;

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

Pursuant to the Law on Credit Institutions dated June 16, 2010;

Pursuant to the Enterprise Law dated November 26, 2014;

Pursuant to the Investment Law dated November 26, 2014;

At the proposal of the Governor of the State Bank of Vietnam;

The Government promulgates this Decree amending and supplementing Article 7 of Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on credit information activities.

Article 1. Amending and supplementing Article 7 of Decree No. 10/2010/NĐ-CP dated February 12, 2010 of the Government on credit information activities as follows:

"Article 7. Conditions for issuing a Certificate of Eligibility for Credit Information Activities

1. Having an information technology infrastructure system meeting the following minimum requirements:

a) Having at least two data transmission lines, each provided by a different service provider, to ensure continuous transmission of digital information;

b) Having appropriate information technology equipment matching the technological level of the credit organization system and capable of integrating and connecting with credit organizations;

c) Having server systems, software solutions, and technical measures to update, process, store credit information, and provide credit information services for at least five million borrowers;

d) Having security and information protection plans;

đ) Having disaster recovery plans ensuring that core business operations will not be interrupted for more than four working hours.

2. Having a minimum charter capital of thirty billion Vietnamese dong.

3. Having enterprise managers and board members meeting the following conditions:

a) For the Chairman of the Board of Directors, Chairman of the Board of Members, and Company Chairman

Holding a bachelor's degree or higher in one of the fields of economics, accounting, finance, banking, or information technology, and having at least three years of direct work experience in the financial, banking, or information technology sectors.

b) For Board of Directors members, Board of Members members, and general partners

Holding a bachelor's degree or higher, with at least fifty percent of members holding a bachelor's degree or higher in one of the fields of economics, accounting, finance, banking, or information technology, and having at least three years of direct work experience in the financial, banking, or information technology sectors.

c) For General Director (Director) and Deputy General Director (Deputy Director)

Holding a bachelor's degree or higher in one of the fields of economics, accounting, finance, banking, or information technology, and having at least two years of managerial or executive experience in enterprises operating in the financial, banking, or information technology sectors.

d) For Supervisory Board members

Holding a bachelor's degree or higher in one of the fields of economics, accounting, finance, banking, or information technology, and having at least two years of direct work experience in the financial, accounting, auditing, banking, or information technology sectors.

The period of direct work experience in the fields specified in points a, b, c, and d of this clause is the time during which the individual was employed, appointed, or assigned to work in those fields.

4. Having a feasible business plan and not engaging in other industries outside the scope of credit information activities as defined in this Decree.

5. Having commitments from at least twenty commercial banks to provide credit information, and these banks shall not have similar commitments with other credit information companies.

6. Having agreements on procedures for collecting, processing, storing, and providing credit information between the credit information company and the committed credit organizations, including the following minimum contents:

a) Content and scope of credit information provided;

b) Time, location, method of providing, transmitting, processing, and storing credit information and products;

c) Principles, scope, and purpose of using credit information products;

d) Obligation to notify borrowers about the use of their credit information;

đ) Responsibilities of the parties in correcting errors during the updating, transmitting, processing, storing, and utilizing of information;

e) Responsibilities of all parties in reviewing, reconciling, inspecting, and maintaining the quality of credit information;

g) Responsibilities and cooperation of the parties in resolving borrower complaints;

h) Handling violations and resolving disputes;

i) Effectiveness of the agreement and unilateral termination of the agreement;

k) Other rights and obligations of the parties during the collection, processing, storage, and provision of credit information."

Article 2. Effective Date

This Decree takes effect from July 1, 2016.

Article 3. Transitional Provisions

Within twelve months from the date this Decree takes effect, credit information companies established and operating before the effective date of this Decree must meet the conditions stipulated in this Decree. In case they fail to meet these conditions, the credit information company must cease its credit information activities.

Article 4. Responsibilities for Implementation

Ministers, Heads of ministerial-level agencies, Heads of government-affiliated agencies, Chairmen of provincial People's Committees under the central government, relevant organizations, and individuals are responsible for implementing this Decree./.