The Securities Code (CodVM) – Law 22/15 – has been in force in Angola since 31 August, the date of its publication in the Angolan Republic Gazette to ensure legal security and the confidence of issuers and investors, Angolan news agency Angop reported.
The new law, approved by the Angolan parliament on 21 April, replaces the Securities Law (Law 22/05, of 23 September) and completes the basic legal framework of the securities and derivatives market.
The publication of the Securities Code, in conjunction with the new Basic Law on Financial Institutions (Law 12/15), in force since 17 June, 2015, is part of the reform of Angola’s legal and financial system.
With 484 articles, the new Securities Code clarifies concepts of securities, defines investment services and activities and sets out in detail the framework for negotiating financial instruments in regulated markets.
The new document also creates substantive and procedural rules on misdemeanours, defines the crime of disobedience, adjusts the abstract measures of penalties for market manipulation crimes and insider trading, among other topics.
The Capital Markets Commission was admitted as an associate member of the International Organisation of Securities Commissions (IOSCO) on 7 November, 2014, and following the publication of the new Code is closer to becoming a full member.
The Capital Markets Commission is responsible for the regulation, supervision, inspection and promotion of the securities and derivatives markets in Angola. (macauhub/AO)