Angola sets up new laws pertaining to Financial Institutions

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This diploma has the goal of completing the regulatory programme carried out by the Angolan Executive with the purpose of reforming financial regulations.

In fact, this new Law has the purpose of suiting the current challenges within the scope of financial stability, in particular in what concerns the reinforcement of the legal framework of the regulation and supervision of the institutions participating in the Financial Sector.

Thus, this new regime introduces significant changes to the existing legal framework, namely in what concerns its institutional part, as well as supervision, interventive, contraventions, and sanctions measures.

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Further to the above-mentioned, this new Law establishes:

a) The procedure for incorporation and carrying out of Financial Institutions’ operations;

b) The exercise of the supervisory activity;

c) The procedure for corrective intervention and resolution; and

d) The regime for sanctions, winding-up, and liquidation of Financial Institutions.

 

Marco Correia Gadanha
Marco Correia Gadanha is a partner of the Portuguese law office MC&A. He is specialized in legal advice to international transactions. Marco has extensive experience in legal practice in Portugal and in Portuguese-speaking African countries. Since 2008, he has practiced mainly in the areas of labor and litigation, assisting national and international clients in these and other matters, namely corporate law, especially in Portugal, Angola, and Mozambique. He graduated from the University of Coimbra in 2005 and he holds post-graduation in Labor and Angolan Law.

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