Chương VII Thông tư 05/2015/TT-BTC: Ngân hàng thanh toán

Chapter VII

PAYMENT BANKS

Article 48. Criteria for payment banks

1. Criteria for payment banks shall include:

a) Being a commercial bank of Vietnam;

b) Having charter capital contributed over 10,000 billion;

c) Having profitable operation results within two (02) most recent years;

d) Meeting the minimum capital adequacy ratio as prescribed by law on the bank;

dd) Having a facilities system to ensure the transaction settlement and connection with VSD;

e) committing to the SSC on the lending to settle the securities transaction in case depository members lose their solvency;

g) Having a system which is capable of storing the information data on transaction settlement in at least five (05) years and may provide immediately to the SSC or VSD within forty-eight (48) hours upon request.

2. SSC shall choose only one (01) Commercial bank to be settlement bank providing settlement services for securities transaction on the Stock Exchange. The choice of payment bank shall be carried out periodically every five (05) years by SSC.

Article 49. Application for payment banks

1. Application for payment banks shall include:

a) A registration letter for payment banks;

b) A written provision of information about the bank, stating the ability to meet the criteria as required in Article 48 of this Circular;

c) A copy of the operation and establishment Decision of the commercial bank;

d) A written commitment to the SSC on lending to settle securities transactions in case depository members lose their solvency;

dd) Other related documents

2. The application as prescribed in Paragraph 1 of this Article shall be made in one (01) original set and submitted directly or by post to the SSC.

Article 50. Procedure for approval of payment bank

Within fifteen (15) days since the date of receipt of a satisfactory application, the SSC shall decide to approve or reject such application. If the application is rejected, the SSC must reply in writing and clearly state the reason.

Article 51. Replacement of payment banks

1. If the payment bank does not maintain the conditions in Article 48 or does not exercise its obligations under the provisions of Article 52 of this Circular or if the payment bank fails to recover conditions for payment bank within the time limit prescribed by the SSC, the SSC may choose another commercial bank meeting the conditions to be the payment bank .

2. The SSC must announce the information on choosing the commercial bank as the payment bank within a minimum of thirty (30) days so that the commercial banks shall submit their applications for payment banks. Application and procedures for choosing the payment banks shall comply with the provisions of Articles 49 and 50 of this Circular.

3. The replaced payment bank shall be responsible for securities transaction settlement until another payment bank replaces and must complete obligations related to the securities transaction settlement for customers.

Article 52. Rights and obligations of payment banks

1. Rights of payment banks:

a) Designate the head office or branch to be the focus point for securities transaction settlement;

b) Request VSD, depository members, organizations opening accounts directly to comply the commitment on settlement between the parties and provide the necessary information to make transaction settlement;

c) Collect service provision fee as prescribed in law.

2. Obligations of payment banks

a) Make settlement fully and on time for securities transactions made on the Stock Exchange;

b) Support money for depository members and organizations opening accounts directly when lacking of money to settle transactions in accordance with the regulations;

c) Sign a contract on the principle of ensuring to lend depository members when they lack of money to settle the securities transactions. The terms of the contract must be based on the principle of credit loans and guarantee fairness among depository members ;

d) Comply with regulations on information, reports and information security in accordance with applicable law;

dd) Ensure the necessary technical facilities and human resources to serve the settlement in cash for securities transactions.