Angola’s new Securities Code provides for intervention in financial institutions

22 April 2015

Angola’s new Securities Code allows the State to intervene in financial institutions in bankruptcy situations, said Tuesday in Luanda the Governor of the National Bank of Angola.

José Pedro de Morais, commenting on the new Code, approved Tuesday by members of the Angolan parliament, also said that it gives the state powers to intervene to ensure stability of the system and that investors and, above all, consumers, will have their interests protected in the event of failure of the institutions.

The new code shall, in accordance with the new bill, reform the basic legal framework of the securities and derivative instruments market.

It also seeks to regulate the prospectus, services and investment activities in securities and derivatives. (macauhub/AO)