Regulatory Alerts2013-07-10
Notice No. 11/2013 of July 10 on Requirements and Procedures for the Special Registration of Financial Institutions
The Bank of Angola issued Notice No. 11/2013 to systematize the requirements and procedures for the special registration of financial institutions, their governing body members, directors with relevant management functions, and branch or representation office managers. The regulation mandates that authorized institutions apply for registration within 30 days of commercial incorporation or foreign establishment authorization, providing detailed documentation on capital, governance structure, and shareholders' agreements. Furthermore, it establishes strict suitability, independence, and professional experience criteria for governing body members, imposes a 30-day decision window with tacit approval if unopposed, and grants institutions nine months from publication to regularize existing management registrations while enforcing penalties for non-compliance.