New regulations on the provision of information between SBV and DIV

On  December 28th, 2016, the State Bank of Vietnam (SBV) issued the Circular No. 34/2016/TT-NHNN on the provision of information between the State Bank of Vietnam (SBV) and the Deposit Insurance of Vietnam (DIV). This Circular replaced the Circular No. 03/2006 /TT-NHNN dated 25th, April 2006 by the Governor of the State Bank.
The Circular No. 34/2016/TT-NHNN clearly prescribes principles of information provision, usage and management between the SBV, the DIV as well as other  organizations, individuals who involved in deposit insurance activities. Besides, the information provision must be carried out in a truthful, objective, timely, sufficient and accurate manner. The provision, useage, management and privacy of information mustlaw-abiding. The informed parties are allowed to use the information exclusively for the implementation of assigned functions and tasks. The DIV is not allowed to disclose the information provided by  the SBV  to the third party, except to competent authorities as regulated by law or directed by the Governor of the SBV.
Regarding the scope of  information provision, as stipulated in Annex 02, DIV is informed and empowered to use the information and some certain criteria in statistical reports of insured institutions, financial reports of insured institutions. In addition, DIV is provided with reports of microfinance institutions; independent audit results (audit reports and management letters) of insured institutions; granting and revoking licenses of establishment and operation of credit institutions; licenses of the establishment of foreign bank branches; the temporary suspension of taking deposits of insured institutions  in writing or electronically.
For its part, DIV reports to SBV information prescribed  in Appendix 01 of Circular 34 on the issues such as violations in granting  deposit insurance certificates, displaying deposit insurance certificates, calculation and payment of deposit insurance premiums and pay-out.
The Circular 34/2016/TT-NHNN took effect from  February 14th,2017.
DIV Public Relations Department