Friday, 14/06/2024
   

VNBA requests members to comment on the draft Circular on consulting activities of credit institutions

The Vietnam Banks Association (VNBA) has just sent the Official Dispatch No. 4207/NHNN-PC dated May 21, 2024 to the General Directors of member organizations requesting to provide opinions on the draft Circular regulating consulting activities of credit institutions and foreign bank branches.

According to the State Bank of Vietnam, the issuance of the Circular on consulting activities of credit institutions and foreign bank branches is necessary to create a legal basis and overcome some problems and difficulties of management agencies such as: There is no legal basis to carry out inspection on the compliance with banking consulting activities; Banking consulting activities have not been materialized, leading to difficulties in determining the exact content and scope of inspection.

The Circular on consulting activities of credit institutions and foreign bank branches is a new circular. So as to have enough information to serve the drafting of the Circular, the State Bank of Vietnam has researched and synthesized problems and difficulties in the process of managing consulting activities currently provided by credit institutions.

In addition, the State Bank also reviewed Vietnam's commitments on consulting services and compared them with the United Nations' central product classification system (CPC version 2.1 in 2014) to determine the connotation of consulting activities and some industry codes related to consulting services in the field of finance and banking.

Furthermore, the State Bank also studied the experiences of other countries (Singapore, Australia, Malaysia, South Africa) on the legal framework for consulting activities. Therefore, the draft of the Circular is carried out on the basis of ensuring compliance with the provisions of the Law on Credit Institutions 2024 and synchronization with relevant legal provisions.

Accordingly, the draft Circular includes 3 Chapters, with 14 Articles; Chapter 1 has 5 Articles, including contents such as scope of regulation and subjects of application; provisions on interpretation of terms; terms of scope of activities and principles of consulting activities. Chapter 2 has 6 Articles, consisting of internal regulations; professional ethics; regulations on customer contact, fees in consulting activities, consulting contracts and obligations of credit institutions after providing services. Chapter 3 has 2 Articles on implementation effect and implementation organization.

The draft Circular stipulates two main contents including:

First, the regulation on consulting on banking activities and other business activities specified in the License of credit institutions and foreign bank branches.

Second, the responsibility of consulting, providing information and documents on products and services related to banking activities and other business activities of credit institutions provided by the credit institution itself is carried out in accordance with the related regulations and laws which are not within the scope of this Circular...

VNBA requests its member credit institutions to provide comments on this Draft Circular. Please send your written comments (including word files) to VNBA through the email address: minhthu300999@gmail.com before May 31, 2024 ; (Phone: 0339120916 - Ms. Minh Thu).

We look forward to receiving the attention and cooperation of the member credit institutions.

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