ABANC - Angolan Banking Association

The Banco Nacional de Angola (National Bank of Angola - BNA), as the central and issuing bank, has the main function of ensuring the preservation of the national currency value and of intervening in the definition of monetary, financial and exchange rate policies, under Law No. 16/10 of July 17.

Competences

In addition to driving, executing, monitoring and controlling the monetary, financial, foreign exchange and credit system under the economic policy of the Executive Branch, the BNA is also due to:

• Act as the State only banker;
• Advise the Executive on monetary, financial and foreign exchange domains;
• Participate with the Executive in the definition, driving, execution, monitoring and controlling of the foreign exchange policy and its market;
• Act as intermediary in international monetary relations;
• Ensure the stability of the national financial system, guaranteeing the role of last resort lender;
• Manage the foreign assets of the country, without prejudice in Special Law;
• Participate in the preparation of the annual financial program of the Executive in order to harmonize the management of foreign exchange reserves and the credit to be granted by the Banco Nacional de Angola to the needs of stabilization and economic development.

The following are also tasks of the BNA:

• To supervise the financial institutions acting in the country, as well as ensuring their solvency and liquidity and also to open accounts and take deposits, under the Board of Directors’ terms and conditions;
• To guarantee and ensure an information system, collection and treatment of monetary, financial and foreign exchange statistics and any other documentation in their activities in order to serve as an efficient instrument for coordination, management and control;
• To develop and maintain updated the complete records of the country foreign debt and to manage it;
• To prepare the country’s balance of external payments.

Source: BNA; Law No. 16/10, July 15

In addition to the Organic Statute, the activity of CMC is framed by Law 12/05 of September 23 – Securities Law and Law 13/05 of September 30 – Financial Institutions Law.

Competences

The Comissão de Mercado de Capitais (Capital Market Commission - CMC) develops in four fundamental axes, namely:

1. Regulatory Power
   
   • To issue the technical standards and rules needed for the application of laws on the capital market and all the activities developed within it;
   • To propose the Minister of Finance the legislation projects needed for the exercise of regulatory and supervisory activities;
   • To regulate the activities of entities under its supervision and ensure that they comply with the principles of legality, clarity and advertisement;
   • The CMC´s regulations are published in the 1st Series of Diário da República (Official Gazette - DR) taking effect on the referred date or five days after its publication;
   • The CMC´s Regulations on particular issues of securities market are also published in the capital market
     
     
2. Supervision Power
   
   • To authorize the operation of the Stock Market;
   • To exercise supervisory functions under the Securities Law;
   • To approve the internal regulations of transaction securities centers, on guarantee funds forecasted on the Securities Law and other self-regulatory standards of Capital Market operating entities;
   • To express its views on the Management Board replacement of managing and operating companies in the market, whenever abnormal situations occur and those entities do not take, having been notified to do so, the measures needed to meet the public interest and the protection of investors;
   • To edit on a periodic basis a newsletter containing the mandatory publication of regulations, instructions, decisions and any documents or information that must, by force of law, be communicated this way.
     
     
3. Surveillance Power
   
   • To monitor the adequacy of the structure, its efficiency and regularity of the functioning of the capital market, taking into account the obligations of the entities responsible for its organization and management;
   • To enforce and undertake disciplinary proceedings resulting from the violation by people and entities under their jurisdiction of the legal and regulatory provisions, or obligations referred in the preceding paragraphs, and apply to offenders fines and any other penalties that may occur;
   • To open inquiries to investigate offenses of any nature committed within the framework of the capital market, or affecting its normal operation, including market manipulation offenses, insider trading, break of confidentiality and other similar acts;
   • To notify the criminal investigation authorities whenever there is evidence of crime against the market.
     
     
4. Encouraging the promotion of the Market
   
   • To encourage and to stimulate the use of savings in securities;
   • To foster the orderly expansion and integration of the capital market and the constant improvement and modernization of its structures and operating systems, business practices, efficiency, transparency and credibility;
   • To broadcast and clarify, among all market players, legal, regulatory, ethical, operational and technical rules that govern the structure and functioning of these markets.

Source: CMC

The Agência Angolana de Regulação e Supervisão de Seguros (Angolan Agency of Insurance Regulation and Supervision - ARSEG) is the authority responsible for the regulation, supervision, and inspection and monitoring of insurance, reinsurance, pension funds and insurance brokerage and reinsurance activities, under the superintendence of the Finance Ministry, as defined by Presidential Decree No. 141/13 of December 27.

The mission of ARSEG, as supervisor and regulator of the insurance sector, is:

• To regulate and supervise insurance, reinsurance, pension funds, insurance or reinsurance mediation, in accordance with national economic and financial policy, promoting the balanced and efficient market development, and setting the rules for the proper functioning of the sector in order to prevent the occurrence of systemic risks;
• To supervise the above mentioned activities, adopting and implementing measures aimed at the normalization of legal operation, technical and financial functioning of the entities that play in the market, namely those relating to safe and prudent management of technical provisions, as well as products and investments made available to the consumer;
• To supervise the activities of this sector, such as the relationship between market players, among them and with their customers, preventing and sanctioning conflict of interests, professional secrecy break, unrespect of the pre-contractual information duty, insider trading and other abusive practices which, in particular in the process of claims settlement, affect the general interests of the market, the financial system, the national economy or customers.

Source: ARSEG