Mozambique: Mozambican parliament authorises government to legislate on equities code

31 October 2008

Maputo, Mozambique, 31 Oct – Mozambique’s Republican Assembly Wednesday authorised the government to make a one-off change to the Equities Market Code, an instrument that will boost the operation of the financial market.

According to Mozambican newspaper Notícias, this will be a legal instrument that will provide the law with the required flexibility to accommodate future changes due to developments in economic sectors.

Under the terms of the new code, small and medium-sized companies will be able to use the stock exchange to raise funds.

The proposal was definitively approved despite abstention by the Renamo-União Eleitoral coalition, which said the Equities Market Code should be widely debated, with the involvement of civil society, economic agents and parliament members. (macauhub)