GABINETE DO GOVERNADOR

AVISO No. 07/2010

of December 15

Law No. 5/97 of June 27, which establishes the general exchange regime of the Country, provides in Article 11 the faculty to grant authorization for the exercise by third parties of foreign exchange activities, carried out on a professional basis, by operators whose main commercial (non-financial) activity may imply the purchase of foreign banknotes and currency, traveler's cheques, and other payment instruments, namely hotel companies, travel and tourism agencies, and duty-free shops.

Thus, and considering it appropriate to regulate the aforementioned activity, In exercise of the competence conferred upon me by Articles 11 and 32 of Law No. 5/97 of June 27, and Article 13, paragraph 1, number 4, of Law No. 1/97 of June 15,

DETERMINES:

Article 1 (Object)

1. This Notice regulates the purchase of foreign banknotes and currency, traveler's cheques, and other payment instruments by the companies specified in the following article.
2. The operations provided for in the preceding number may be carried out exclusively for their clients' use.
3. The sale of foreign banknotes and currency, traveler's cheques, and other payment instruments by the entities referred to in the next article is expressly prohibited.

Article 2 (Scope)

1. The following entities are subject to this Notice: a) Hotel companies; b) Travel and tourism agencies; c) Duty-free shops.
2. For the purposes of this Notice, hotel companies are understood as establishments registered in Article 9 of Decree-Law No. 6/97 of August 15.

Article 3 (Licensing)

The authorization to exercise the activity provided for in this Notice depends on the approval of the Banco Nacional de Angola.

Article 4 (Application/Documentation)

1. In compliance with the preceding article, the request for licensing must be submitted and documented to the Banco Nacional de Angola - Department of Supervision of Financial Institutions, accompanied by the following elements: a) Certified copy of the main Commercial Activity certificate; b) Certificate, issued by the competent entity, stating that the applicant is legally constituted and authorized to exercise its activity; c) Statutes published in the Diário da República (Official Gazette); d) List of members of the administrative or management body and members of the Fiscal Council or Audit Committee, accompanied by personal and professional identification documents and the Criminal Record Certificate; e) Declaration of honor commitment from each member of the administrative or management body and members of the Fiscal Council or Audit Committee, ensuring that neither they nor the companies or enterprises whose control they have ensured or for which they have served as Administrators, Directors, or Managers were declared insolvent or bankrupt; f) Copy of the Taxpayer Card (NIF); g) Estimate of the amounts in foreign currency to be acquired during the first annual period of activity; h) Conditions of their exercise, namely in terms of security.
2. The Banco Nacional de Angola may request additional elements from applicants as deemed necessary for the documentation of the authorization process.

Article 5 (Receipts for Purchase)

The receipts for the purchase of foreign banknotes and currency, traveler's cheques, and other payment instruments issued to their clients by hotel companies, travel agencies, tourism agencies, and duty-free shops, in compliance with the preceding article, must issue respective receipts which must state: a) Client's name; b) Identification document number of the client; c) Value; d) Currency identification; e) Applied exchange rate; f) Date of the operation; g) Client's signature.

Article 6 (Exchange Rates)

Hotel companies, travel and tourism agencies, and duty-free shops must apply freely negotiated rates in their purchase operations of foreign banknotes and currency and traveler's cheques.

Article 7 (Public Information)

Hotel companies, travel and tourism agencies, and duty-free shops must display in a highly visible and easily accessible location for the public the exchange rate table applied in operations with clients, including any charges levied thereon.

Article 8 (Information Obligations)

1. Hotel companies, travel and tourism agencies, and duty-free shops must: a) Send monthly to the Department of Supervision of Financial Institutions of the Banco Nacional de Angola the information forms established in Annex I and the operations carried out according to Map 1 (Annex); b) Make available any other information requested by the Banco Nacional de Angola within determined terms.
2. The entities referred to in the preceding number must submit them to the Department of Supervision of Financial Institutions by the 10th (tenth) day of the month following that in which the information was collected.

Article 9 (Expiration/Lapse of License)

1. The license granted under Article 1 lapses under the following conditions: a) If the applicant expressly renounces it; b) If the main activity is not commenced within 1 year from the date of said authorization; c) If during a period of 3 months the applicant entity fails to provide the Banco Nacional de Angola with the information provided in paragraph a) of number 1 of the preceding Article 8; d) If the applicant entity is dissolved.
2. Whenever the applicant entity intends to resume activity, it must submit a new licensing request to the Banco Nacional de Angola.

Article 10 (Archiving)

Hotel companies, travel and tourism agencies, and duty-free shops must maintain an organized physical or digital archive of copies of documents and elements regarding their operations for a period of 10 (ten) years.

Article 11 (Sanctions)

1. Non-compliance with the provisions of this Notice, as well as supplementary norms and directives thereto, is punishable by: a) Warning; b) Monetary fine in national currency corresponding to a value between 1,000 and 20,000 Kwanza (Kz), considering the amount of each fine corresponds to the value defined in the applicable diploma; c) Temporary suspension of the license granted under this Notice.
2. The sanctions provided for in number 1 of this article may be applied cumulatively.
3. Hotel companies, travel and tourism agencies, and duty-free shops, within the scope of the object defined in this Notice, are governed, in particular, by the norms, directives, and instructions established therein, by Law No. 5/97 - Exchange Law, and subsidiarily by applicable regulatory norms.

Article 12 (Entry into Force)

This Notice enters into force on the date of its publication.

PUBLISHED: Luanda, December 7, 2010 THE GOVERNOR JOSÉ DE IMA MASSANO

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BANCO NACIONAL DE ANGOLA

Annex to NOTICE NO 07/2010, of December 7

Exchange Purchases - Daily Volumes and Applied Rates

Company:	Month/Year:	Entity Identification No.:
Currency Used: Euro / Other

Day	Value (Kz)	Exchange Rate	Equivalent Value	Exchange Rate in Used Currency
01
02
03
04
05
06
07
08
09
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Totals