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PM issues Decision on functions of SBV FSA
The Prime Minister (PM) issued Decision 83/2009/QD-TTg on May 27 prescribing the functions, tasks, mandate and organizational structure of the Financial Supervision Agency (FSA) of the State Bank of Vietnam (SBV).
Under the Decision, the Financial Supervision Agency as an entity of the SBV has to perform administrative and specialized supervision and inspection related to banking operations under the SBV management ; advise and assist the SBV Governor in oversight of credit institutions, small-size financial institutions, and banking operations of other institutions; and combat money laundering in compliance with law.
The Financial Supervision Agency shall perform specific tasks and mandate as follows:
To formulate legal documents of various kinds for the Governor to submit to the Government and the Prime Minister, namely, bills, draft resolutions, draft ordinances and draft resolutions; draft decision on organization and performance of credit institutions, small-size financial institutions, banking operations of other institutions, banking supervision and anti-money laundering as assigned by the SBV Governor; strategies, plans, national targeted programs, action plans and key projects on the development of credit institutions, small-size financial institutions, and banking operations of other institutions;
To submit to the SBV Governor for making decision on or issuing plans to develop the banking sector; regulations on prudential banking operations; and guidelines on issuing or revoking license of credit institutions and other institutions and other banking licenses;
To publicize and to proceed with the implementation of the legal documents, policies, strategies, plans, programs and projects to be issued or approved by the relevant authorities;
To conduct specialized inspection and supervision of banking operations in line with law and assignment of the SBV Governor; and
To conduct other tasks related to administrative reform, anti-corruption, anti-money laundering, international cooperation in supervision, etc.
In addition, this Decision also stipulates the organizational structure of the Financial Supervision Agency and assigns the SBV Governor to appoint or dismiss senior managers of the Agency.
The Decision will take effect on August 1, 2009. It is fully posted in the Legal Documents Column of the Vietnamese version of the SBV Website.
Viet Huong - Diem Hang
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