On 19 September 2018, the Government issued Decree 124/2018/ND-CP amending, supplementing some provisions on Decree 63/2011/ND-CP providing guidelines for implementation of the Law on Commercial arbitration.
Decree 124 simplifies various procedures for establishment of arbitration centres, including:
• removing the requirement for the certified copy establishment license of the Arbitration Centre in the application for registration of operation of Arbitration Centre;
• removing the certified copy of evidence of lawful establishment of the foreign arbitration institution issued by the foreign authority, among other documents in the application for registration of operation of a branch.
Decree 124 took effect from 19 September 2018.
On 1 November 2018, the Government issues Decree No. 117/2018/ND-CP on maintaining confidentiality, storing customer data and providing information about bank customers.
Decree 117 applies directly to foreign credit institution and branches of foreign banks.
Decree 117 places restrictions on foreign credit institutions and foreign bank branches to safeguard customer privacy. Accordingly, such entities are not allowed to pass on customer’s private information to third parties, including private codes, biometrics data, other customer authentication information unless agreed to by the customer.
Decree 117 will take effect from 1 November 2018.
For more information, click ATT00071
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