This new edition of the newsletter on Banking and Finance, Capital Markets and Insurance Law in Angola for the 1st quarter of 2023 brings together the most significant new developments in these areas.
BANKING AND FINANCE
I. BNA
Instruction 01/2023 of 9 January, which establishes the rules and procedures that banking institutions must observe when reporting statistical information to the BNA.
Directive 01/GAC/2023 of 10 January, on reporting credit information.
Instruction 02/2023 of 12 January, which eliminates the obligation for banking financial institutions to maintain an independent exchange control function.
Directive 02/DME/2023 of 23 January, on the Basic Interest Rate, the Permanent Lending Facility (FCO) Rate and the Liquidity Absorption Rate.
Notice 01/2023 of 30 January, which establishes the rules to be complied with by financial institutions based in Angola when opening, maintaining, operating and closing bank accounts, by natural and legal persons.
Directive 03/DME/2023 of 6 February, on the establishment of foreign currency reserve requirements.
Instruction 03/2023 of 27 February, on the Chart of Accounts of financial institutions - Auxiliary Tables.
Circular Letter 02/2023 of 1 March, on the publication of Financial Action Task Force measures (GAFI).
Circular Letter 03/2023 of 17 March, on the publication of Financial Action Task Force measures (GAFI).
Directive 05/DME/2023 of 29 March, on the Basic Interest Rate, the Permanent Lending Facility (FCO) Rate and the Liquidity Absorption Rate.
Instruction 04/2023 of 30 March, on reserve requirements.
Directive 06/DME/2023 of 30 March, which updates the requirements for calculation and compliance with the reserve requirements.
CAPITAL MARKETS
I. CMC (Capital Markets Commission)
Instruction 01/CMC/03-23 of 17 March, on the reporting of trades on a regulated markets.
Instruction 02/CMC/03-23 of 17 March, on the provision of information on by issuers of securities.
Instruction 03/CMC/03-23 of 17 March, on the provision of information on derivative contracts.
Instruction 04/CMC/03-23 of 17 March, on the provision of information on by intermediary agents.
Instruction 05/CMC/03-23 of 21 March, on the transfer of securities and derivatives investment services and activities.
INSURANCE
I. ARSEG (Angolan Agency for Insurance Regulation and Supervision)
Regulatory Rule 1/23 of 13 January, on the amount of minimum share capital for insurance and reinsurance undertakings.
Regulatory Rule 2/23 of 16 January, on mandatory and periodic information to be provided by insurance undertakings.
Regulatory Rule 3/23 of 16 January, on financial guarantees for insurance and reinsurance undertakings.
Regulatory Rule 4/23 of 16 January, on the assets covering the technical provisions of insurance undertakings.
Regulatory Rule 5/23 of 20 January, approving the Accounts Plan for insurance undertakings.
II. Government
Executive Decree 31/23 of 7 February, which repeals Executive Decree 5/03 of 24 January, which approves the Regulation on the Conditions of Access and Operation of the Insurance Activity.
Executive Decree 32/23 of 7 February, which repeals Executive Decree 70/06 of 7 June, which regulates the amounts of minimum share capital for the operation of insurance companies.