Angolan parliament approves financial legislation

30 January 2015

Angola’s parliament approved Thursday, in general, the proposals of the Financial Institutions Act and the proposal approving the Securities Code, according to Angolan news agency Angop.

The proposed Financial Institutions Act regulates the establishment process, exercise, supervision, intervention process and penalties, and financial institutions that are registered as public companies and subject to the standards of the proposed Act, without affecting the Public Enterprise Sector Framework Law.

This legislative initiative is intended to lay the foundations of the financial and banking system, in the form of the Financial Institutions Basic Law.

It is also intended to respond to the innovations made in the world and domestic financial system and provide technically appropriate instruments to ensure the stability robustness of the financial system, based on the guidelines of the 2012 Basel international regulatory framework.

The draft Law on the Securities Code is intended to reform the basic legal framework of the securities and derivatives market, regulating stock and shares, public offerings, as well as the regulatory regime, which highlights the role played by the securities market regulator.

Presented by Finance Minister Armando Manuel, the proposal aims to protect investors, ensure efficient, smooth operation and transparency of the securities markets, prevent systemic risk and promote the development of securities and derivatives market. (macauhub/AO)