More new regulations in developing financial legislation

Consulted workshop on the drafting process, the construction of legal documents held by the Ministry of Finance.

This regulation is seen as the “new backbone” for the formulation and promulgation of legal documents of Finance. It also replaces the provisions in Decision 2545/QĐ-BTC issued by the Ministry of Finance in 2007.

Must have a content for developing policy

The important content of the new regulation by the Ministry of Finance, is about the provision for developing policy.

In other words, one of the breakthrough innovations of the Law on Promulgation of legal documents is to separate the policy-developing process from the drafting process of law, ordinances, resolutions and decrees of Government.

According to this principle, the drafting activities purely is just about technique and compliance with the contents of the approved policy. Thus, the practical synthesis stages and evaluation of law enforcement, research on international study case(if any),… will be implemented at the stage of developing policy, proposing the building up of normative law documents.

To stabilize this principle, the new Regulation of the Ministry of Finance stipulates that each unit has to develop policy content before submitting a proposal in building ordinances and resolutions of the National Assembly and decrees of the Government.

In addition, Policy content of financial legal documents must include practical problems needing to be solved, achievement of desired goals and solutions, and measures to achieve the objective.

Based on the functions, duties and powers that were assigned to each unit under the Ministry are responsible for the content of proposed policies; suggest building up legal documents in the fields which they were assigned to manage.

About the implementation process, besides the specific provisions in evaluating the impact of policy assessment, policy dossier, consult participation, evaluation opinions of the Legal Department and the Ministry for feedback and comments about evaluation of Ministry of Justice, the Ministry of Finance has defined an objective need to propose to the Ministry for developing policy that has a foundation in the next step of the process.

According to the Legal Department through performing the task of building legal document, documents must be submitted asking Ministry permission. This will minimize risks in implementation in the process while performing large volumes of construction tasks.

In particular, this will avoid the changes incurred on new content - a process that is quite complicated and takes time due to reorganization of the impact assessment, consulting agencies individuals concerned ... in accordance with the Law on Promulgation of legal documents in 2015.

Periodic reports, avoiding debt

Another new content is about the rule for program protection in order to improve the quality and effectiveness of the program.

Accordingly, specific provisions which were the responsibility of the Legal Department in the lead and coordinated with other units of the Ministry have now been assigned task to drafting with the units of the Ministry of Justice, Office of the Government and law Committee of the National Assembly to provide the relevant documents and explain issues and problems (if any) related to the proposed construction of laws and ordinances; Government decrees and protection programs proposed by the Ministry of Finance at a meeting to discuss and verify the proposed construction of legal documents.

Simultaneously, to ensure the progress and quality of legal texts and correct text in insolvency, in addition to the old rules, the new Regulation has added some new provisions to improve the responsibility of drafting units from the making of the program, implementation of programs to build legal documents until the documents are signed by competent authorities for promulgation.

There are additional regulations on responsibility for monitoring the program periodically, implement a reporting regime, proposing plans to deal with the case likely text arrears ; clearly defined program performance building legal documents as a criterion to consider, evaluate the results of emulation and commendation of the unit.

The issuance of this Regulation is a timely move by the Ministry of Finance to provide a process for the formulation and drafting of legal documents in the entire financial sector to be uniform and comply with the provisions of the Law on Promulgation of legal documents in 2015.