Rules of Origin under EU - Vietnam Free Trade Agreement - Trade Treaties & Other Agreements

Rules of Origin under EU - Vietnam Free Trade Agreement

PwC Legal Vietnam

1st August 2020

On 15 June, the Ministry of Industry and Trade issued Circular 11/2020/TT-BCT setting out rules of origin under the EU - Vietnam Free Trade Agreement. Circular 11 set out the criteria for originating products under the EVFTA, Certificate of Origin Form EUR.1 as well as guidance on product specific rules, cumulation of origin, application and inspection of origin of goods.

What’s new? • On 9 July 2020, the Financial Conduct Authority (FCA) released its final additional guidance on coronavirus (COVID-19) and safeguarding customers’ funds together with a Dear CEO letter. They are relevant to authorised payment firms and e-money firms. • The FCA states that it continues to be concerned about areas of non-compliance, primarily related to the protection of client funds. It sees inadequacies in safeguarding arrangements, frequency of reconciliations and quality of record-keeping. • The Dear CEO letter reminds firms of their compliance obligations, as set out in the Payment Services Regulations 2017 and the Electronic Money Regulations 2011. The letter also points out that the FCA extended its Principles for Business in 2019 to include payment services and electronic money.

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