Regulatory Alerts2009-12-31
Regulation (NAP) - Regulation of Exchange Offices
The Central Bank of São Tomé and Príncipe issued this Permanent Application Standard to regulate the establishment, operation, and supervision of exchange offices in the country. The regulation mandates strict authorization procedures, minimum capital and guarantee requirements, and restricts authorized activities to foreign currency and coin transactions while prohibiting cross-border transfers. It further imposes rigorous reporting obligations, including daily statistical submissions, annual financial statements, and mandatory public display of exchange rates, with non-compliance subject to sanctions under Decree-Law No. 32/99.
No. 90 – December 31, 2009 SÃO TOMÉ AND PRÍNCIPE - OFFICIAL GAZETTE 2123
data em que a entrega era devida e até a data da entrega inclusive.
- The fine amount will be debited directly from the bank account held with the Central Bank, no earlier than three business days after the date of regularization.
Article 9.º Repeal
NAP 13/2007 of November 26, 2007 is hereby repealed.
Article 10.º Final Provisions
Banks must inform the Central Bank – Supervision Department, in writing, of the name of the director responsible for the accounting area within 30 (thirty) days from the date of this NAP.
CENTRAL BANK OF S. TOMÉ AND PRÍNCIPE
| CENTRAL BANK OF S.T.P. | NAP Permanent Application Standard | Code EO 99 |
|---|---|---|
| Proposer(s) | Entry into Force | Issue Date |
| D.S.B. | 01/01/2010 | 31/12/2009 |
Subject: Regulation of Exchange Offices
The Central Bank of São Tomé and Príncipe, in exercise of the powers attributed to it by Articles 31, 32, and 34 of its Organic Law and in conjunction with paragraph 1 of Article 1 of Decree-Law No. 32/99;
Whereas paragraph 1 of Article 6 and Article 8 of Decree-Law 32/99 grant the Central Bank, as the country's exchange authority, powers to regulate the functioning of the exchange market, supervise institutions authorized to conduct exchange business, and monitor the execution of exchange operations;
Whereas further the need to foster the level of transparency of the national exchange market, thereby allowing the assessment and management of exchange risk for authorized institutions through the supervision of all exchange liquidity in the country;