Decision No. 62/2006/QD-NHNN of the State Bank of Vietnam issuing the Regulation on Implementing Interest Rate Swap Transactions replaces the previous Decision. This Regulation applies to banks and enterprises conducting interest rate swap transactions.
Scope of application
Commercial banks, joint venture banks, wholly foreign-owned banks, branches of foreign banks, and enterprises conducting interest rate swap transactions with banks.
Key points
- Commercial banks, joint venture banks, wholly foreign-owned banks, branches of foreign banks, and enterprises conducting interest rate swap transactions with banks → are allowed to conduct interest rate swap transactions → without specific provisions regarding levels or thresholds.
- Units under the State Bank of Vietnam, Governors of State Bank of Vietnam branches in provinces and centrally-administered cities, Chairmen of Boards of Directors and General Managers (Managers) of commercial banks, joint venture banks, and wholly foreign-owned banks, General Managers (Managers) of branches of foreign banks, Chairmen of Boards of Directors and General Managers (Managers) of enterprises → are responsible for implementing this Decision.
- This Decision takes effect fifteen days from the date of publication in the Official Gazette and replaces Decision No. 1133/2003/QD-NHNN.
- This Decision applies to banks and enterprises conducting interest rate swap transactions with banks → without specific provisions regarding levels or thresholds.
- The State Bank of Vietnam → issues the Regulation on Implementing Interest Rate Swap Transactions.
🌐 Social impact of this document
- Positive impact: Helps banks and enterprises flexibly adjust interest rates, optimize capital costs.
- Negative impact: May cause difficulties for enterprises not familiar with interest rate swap transactions.
❓ Frequently asked questions
Who does this Decision apply to?
This Decision applies to commercial banks, joint venture banks, wholly foreign-owned banks, branches of foreign banks, and enterprises conducting interest rate swap transactions with banks.
When does this Decision take effect?
This Decision takes effect fifteen days from the date of publication in the Official Gazette.
Are there specific levels or thresholds for interest rate swap transactions?
No, this Decision does not specify specific levels or thresholds for interest rate swap transactions.
What decision does this Decision replace?
This Decision replaces Decision No. 1133/2003/QD-NHNN of the Governor of the State Bank of Vietnam on issuing the Regulation on Implementing Interest Rate Swap Transactions.
What must banks and enterprises do to comply with this Decision?
Commercial banks, joint venture banks, wholly foreign-owned banks, branches of foreign banks, and enterprises conducting interest rate swap transactions with banks need to be responsible for implementing this Decision.
Full text
Pursuant to …;
ISSUING REGULATIONS ON THE IMPLEMENTATION OF INTEREST RATE SWAP TRANSACTIONS
__________________________
GOVERNOR OF THE STATE BANK OF VIETNAM
BASED ON THE LAW ON THE STATE BANK OF VIETNAM 1997; THE LAW AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF THE LAW ON THE STATE BANK OF VIETNAM 2003;
BASED ON THE LAW ON CREDIT ORGANIZATIONS 1997; THE LAW AMENDING AND SUPPLEMENTING CERTAIN PROVISIONS OF THE LAW ON CREDIT ORGANIZATIONS 2004;
BASED ON THE DECREE NO. 52/2003/NĐ-CP OF MAY 19, 2003 OF THE GOVERNMENT PROVIDING FOR THE FUNCTIONS, TASKS, POWERS AND ORGANIZATION STRUCTURE OF THE STATE BANK OF VIETNAM;
PURSUANT TO THE PROPOSAL OF THE HEAD OF THE MONETARY POLICY DEPARTMENT,
Pursuant to …;
Article 1. ATTACHED HERETO IS THE REGULATION ON THE IMPLEMENTATION OF INTEREST RATE SWAP TRANSACTIONS.
Article 2. THIS DECISION SHALL TAKE EFFECT FIFTEEN DAYS AFTER ITS PUBLICATION IN THE CONSTITUTED DOCUMENT AND SHALL REPLACE DECISION NO. 1133/2003/QĐ-NHNN OF SEPTEMBER 30, 2003 OF THE GOVERNOR OF THE STATE BANK OF VIETNAM ON THE ISSUANCE OF THE REGULATION ON THE IMPLEMENTATION OF INTEREST RATE SWAP TRANSACTIONS.
Article 3. THE HEAD OF THE OFFICE, THE HEAD OF THE MONETARY POLICY DEPARTMENT AND THE HEADS OF UNITS UNDER THE STATE BANK OF VIETNAM, THE GOVERNORS OF THE STATE BANK OF VIETNAM BRANCHES IN PROVINCES AND CENTRALLY-GOVERNED CITIES, THE CHAIRMEN OF THE BOARD OF MANAGEMENT AND THE GENERAL DIRECTORS (DIRECTORS) OF COMMERCIAL BANKS, JOINT-VENTURE BANKS AND FOREIGN BANKS WITH 100 PERCENT FOREIGN CAPITAL, THE CHIEF EXECUTIVES (DIRECTORS) OF FOREIGN BANK BRANCHES, THE CHAIRMEN OF THE BOARD OF MANAGEMENT AND THE GENERAL DIRECTORS (DIRECTORS) OF ENTERPRISES ENTERING INTO INTEREST RATE SWAP TRANSACTIONS WITH BANKS ARE RESPONSIBLE FOR ENFORCING THIS DECISION./.
DEPUTY DIRECTOR
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