Regulatory Alerts2018-11-29
Notice No. 10/2018 of 29 November on Delays in Periodic Information Submission
The National Bank of Angola issued Notice No. 10/2018 to establish the sanctioning procedure for financial institutions and responsible entities that delay the submission of periodic information. The notice classifies such delays as punishable offences under the Basic Law of Financial Institutions and mandates the application of a settlement procedure for sanctions. Furthermore, it grants the central bank authority to initiate ordinary offence proceedings and impose ancillary sanctions on repeat offenders while revoking prior conflicting regulations.
Published in the Official Gazette of the Republic, Series I, No. 180, on 29 November 2018 NOTICE NO. 10/2018 SUBJECT: FINANCIAL SYSTEM
- Delay in Sending Periodic Information Whereas Financial Institutions are subject to providing information to the National Bank of Angola, in accordance with Law No. 16/10 of 15 July (Law of the National Bank of Angola) and Law No. 12/2015 of 17 June (Basic Law of Financial Institutions); In accordance with the combined provisions of Articles 51 and 90, both of Law No. 16/10 of 15 July – Law of the National Bank of Angola, and Chapter IX of Law No. 12/15 of 17 June – Basic Law of Financial Institutions. I DETERMINE: Article 1. (Subject Matter) This Notice establishes the type of sanctioning procedure applicable to situations involving delays in sending periodic information to the National Bank of Angola. Article 2. (Scope) This Notice applies to Financial Institutions under the supervision of the National Bank of Angola, as well as to corporate entities or individual agents, in accordance with Articles 138 to 140, both of Law No. 12/2015 of 17 June, Basic Law of Financial Institutions, responsible for sending periodic information to the National Bank of Angola. CONTINUED NOTICE NO. 10/2018 Page 2 of 3 Article 3. (Delay in Sending Information)
- Failure to comply with legal or regulatory deadlines for sending periodic information to the National Bank of Angola constitutes an offence provided for and punishable under Law No. 12/2015 of 17 June, Basic Law of Financial Institutions.
- For the purpose of applying the sanctioning measure for the aforementioned offence, the settlement procedure shall be applied in accordance with the aforementioned Law. Article 4. (Recurrence) In accordance with Law No. 12/2015 of 17 June, Basic Law of Financial Institutions, the National Bank of Angola may initiate an ordinary offence proceeding and/or apply ancillary sanctions whenever the entities specified in Article 2 of this Notice repeatedly fail to comply with the legal or regulatory deadlines established for sending periodic information. Article 5. (Doubts and Omissions) Doubts and omissions arising from the interpretation and application of this Notice are resolved by the National Bank of Angola. Article 6. (Repealing Provision) Notice No. 16/2007 of 12 September is hereby repealed, along with any regulation that contradicts the provisions of this Notice.
CONTINUED NOTICE NO. 10/2018 Page 3 of 3 Article 7. (Entry into Force) This Notice enters into force on the date of its publication. PUBLISHED. Luanda, 16 November 2018. THE GOVERNOR JOSÉ DE LIMA MASSANO