According to the decision, NCFS will be the central agency to regulate professional supervision activities. It will function as the general supervisor in the financial market and over the implementation of international practices and standards in inspection and supervision bodies in banking, securities and insurance. Besides, the Committee will supervise the licensing of credit and non-banking credit organizations operating in these three fields.

NCFS will analyze, predict and warn the safety of the financial-banking system as well as risks for the national financial market; create database, collect and provide information of the national financial market to the PM.

The Committee also proposes the PM issue regulations on supervising the financial market and work with relevant agencies in submitting to the PM strategies and orientations on the development of this market.

By Hoàng Phương