The National Bank of Angola sent a Draft Law to the Angolan Parliament, proposing the strengthening of its powers of financial regulation and monitoring over financial and non-financial institutions.
Between the entities comprehended by the new proposed powers are banks, financial institutions, members of the corporate bodies of financial institutions and legal persons who, directly or indirectly, have a qualified share of a financial entity.
According with the Governor of the National Bank of Angola, José Massano, on the legislation in force, the National Bank has already some powers, however, with these amendments, the regulatory entity will have a wider range of monitorization and will be more efficient. The Governor also stated that the final purpose is the establishment of a financial system harmonized with the best international practices.
Allied to the reinforcement of attributions, the National Bank of Angola also proposed to monitor other entities, which would be part of the monitorization system, as mutual agricultural credit banks and institutions which are instrumental/auxiliary to the financial system, as financial mediators, certified accountants, and external auditors.
On other note, was approved by the Angolan Parliament (but is not yet in force), the constitution of the Council of Supervisors of the Financial System. This entity will be chaired by the Governor of the National Bank of Angola and will replace the Financial Stability National Council.
The creation of this new entity has, as purpose, to achieve the stabilization and consolidation of the financial system, permitting greater coordination between the supervisory entities of the different sectors.
Article by Duarte Marques da Cruz
Duarte Marques da Cruz is partner of the Portuguese law firm MC&A, specialized in international business advisory, with a special focus in Lusophone markets. With extensive experience in the Energy sector (Renewables and Oil & Gas) and in International Taxation, he has supported international companies in major upstream, midstream transactions and projects, including in implementing, exploration and development programs. Duarte has also supported international clients in other areas of practice, namely, Mining, Transport & Logistics, Regulatory Compliance and Mergers & Acquisitions in Mozambique, Angola and Portugal.