According to Circular 20/2023/TT-NHNN dated December 29, 2023, of the State Bank of Vietnam ("Circular 20"), it regulates the list of areas within the management scope of the State Bank of Vietnam and the waiting period during which individuals with positions and authorities are not allowed to establish or hold positions in the management, operation of enterprises, cooperatives, and credit institutions ("CIs") after leaving their positions as officials or civil servants of the State Bank of Vietnam. The waiting period depends on the specific area officials or civil servants manage. In this context, the sectors related to licensing, approval, and inspection of the activities of CIs and fields related to inspection and supervision will have the longest waiting period, which is 24 months.
|
No. |
Managed Areas |
Waiting Period |
|
1 |
Granting, reissuing, changing the content, and revoking permits for credit information service providers; inspection, and examination of credit information activities by organizations operating in credit information | Within 12 months from the date of leaving the position, as per the decision, approval of the competent authority |
|
2 |
Licensing or suspending payment activities of CIs and other organizations; granting, modifying, supplementing, and revoking licenses for intermediaries providing payment services by non-banking organizations; inspection, and examination of payment activities | Within 18 months from the date of leaving the position, as per the decision, approval of the competent authority |
|
3 |
Granting, and revoking approval documents for conducting business, providing foreign exchange services for CIs and other organizations as regulated by law; inspection, examination of foreign exchange activities | |
|
4 |
Granting, and revoking certificates of eligibility for producing gold jewelry, fine arts, and licenses for gold business activities; inspection, and examination of gold business activities | |
|
5 |
Granting, modifying, supplementing, revoking permits for the establishment and operation of CIs; approving the purchase, sale, division, separation, merger, and dissolution of CIs as per the law; approving the list of candidates to be elected, appointed as members of the Board of Directors, Board of Members, members of the Control Board, General Director (Director) of CIs; approving other changes as per the Law on CIs, except for cases mentioned in item 3 above | Within 24 months from the date of leaving the position, as per the decision, approval of the competent authority |
|
6 |
Creating a watchlist of organizations at high risk of money laundering; inspection, examination of anti-money laundering activities | |
|
7 |
Inspection, examination, and supervision of banks |
These regulations also apply similarly to individuals with positions and authorities of other management bodies, licensing authorities such as the Ministry of Finance (details can be found here), or the Ministry of Construction (details can be found here).
The above regulations do not apply to cases where individuals with positions and authorities are appointed, reassigned, or appointed as representatives of state capital in CIs, state-owned enterprises; participate in the management, control, and operation of weak CIs, those under special control according to the decision of the competent authority.
Circular 20 takes effect from February 12, 2024.
Comment: