SBV must ask for opinions of Govt Office on its draft circulars

The State Bank of Vietnam, the country’s central bank must ask for opinions of the Office of Government on its draft circulars, according to its latest Circular No. 38/2011/TT-NHNN dated Dec 13, 2011.
The central bank on Tuesday Dec 13 issued Circular No. 38/2011/TT-NHNN on amendment of some articles of Circular 13/2009/TT-NHNN governing the process and procedures for drafting and promulgation of SBV’s legal documents.

The newly issued Circular added provisions on consultation and impact assessment of regulations on administrative procedures in the central bank’s draft legal documents.

Accordingly, for the administrative procedures specified in the draft legal documents including joint circulars, the decisions of the Vietnamese Prime Minister, decrees, ordinances and laws, the central bank shall be consulted by administrative procedures controlling agencies. As for draft circulars of the central bank, it must ask for opinions of the Government Office.

In addition, the newly issued Circular also revised provisions on evaluation of draft circulars which contained provisions on administrative procedures.

Accordingly, the SBV’s Legal Department only evaluates draft circulars which contains provisions on administrative procedures when obtaining the full evaluation on impacts of administrative procedures and explanatory reports on the acceptance of constructive opinions by the Office of Government.

This Circular will take effect from January 27, 2012. – Vietbiz24

Tags: Vietnam banking industry, Vietnam finance, Vietnam financial

Posted by VBN on Dec 16 2011. Filed under Banking-Finance. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry