Notice No. 07-2015 of April 20, 2015

Published in the Diário da República, I series, No. 53, of April 20

NOTICE No. 07/2015

SUBJECT: ANGOLA PAYMENT SYSTEM

• Values Clearing Service (VCS)
• Check Clearing Subsystem (CCS)

Considering the need to define the date and conditions for the migration of check clearing from the Values Clearing Service to the Check Clearing Subsystem;

Under the combined provisions of Article 7 of Law No. 5/05 of July 29 - Payment System Law, and Article 51 of Law No. 16/10 of July 15 - Bank of Angola Law;

I DETERMINE:

Article 1. (Object) The purpose of this Notice is to define the dates and requirements for the extinction of the Values Clearing Service (VCS) and the entry into production of the Check Clearing Subsystem (CCS).

CONTINUATION OF NOTICE No. 07/2015 Page 2 of 4

Article 2. (Scope) This Notice applies to financial institutions participating in check clearing.

Article 3. (Values Clearing Service)

1. The submission of checks by participants in the Values Clearing Service has a deadline of May 29, 2015.
2. The return of checks by participants in the Values Clearing Service has the deadlines indicated in the following subparagraphs, taking into account the routines specified in Annex VII of the Values Clearing Service Regulation, approved by Notice No. 05/06 of December 26: a) Checks falling under the routines defined in paragraphs 7.6, 7.7, and 7.9 d) must be returned by June 1. b) Checks falling under the routines defined in paragraphs 7.8 and 7.9 e) may be returned by June 3.
3. Documents for Regularization of Debit Differences, presented in the Values Clearing Service sessions from May 29 to June 3, 2015, must exclusively respect clearing movements from one or both of the preceding sessions in which they are presented.
4. The Values Clearing Service is extinguished immediately after the clearing session of June 3, 2015.

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Article 4. (Check Clearing Subsystem)

1. The first clearing session of the Check Clearing Subsystem has a value date of June 1, 2015.
2. Institutions participating in the Values Clearing Service are mandatory participants in the Check Clearing Subsystem, with participation starting on the date mentioned in the previous number of this article.

Article 5. (Segregation of Subsystems) Checks presented in a clearing subsystem and which must be returned shall be returned obligatorily in the subsystem in which they were presented.

Article 6. (Transitional Rule) Checks falling under routines 7.7, 7.9 d) and 7.9 e), provided for in Annex VII of the Clearing Service Regulation, approved by Notice No. 05/06 of December 26, which cannot be submitted for clearing until May 29 in that subsystem, are obligatorily cleared in the clearing session of the Check Clearing Subsystem with a value date of June 1, 2015.

Article 7. (Sanctioning Regime) Violation of the provisions of this Notice is punishable under Law No. 13/05 of September 30.

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Article 8. (Doubts and Omissions) Doubts and omissions that arise in the interpretation and application of this Notice are resolved by the Bank of Angola.

Article 9. (Revocation)

1. Notice No. 27/12 of September 11 is revoked.
2. Notice No. 04/04 of August 20 and Notice No. 05/06 of December 26 are revoked, with effects immediately after the conclusion of the clearing session of the Values Clearing Service of June 3, 2015.

Article 10. (Entry into Force) This Notice enters into force on the date of its publication.

PUBLISH.

Luanda, April 13, 2015.

THE GOVERNOR JOSÉ PEDRO DE MORAIS JÚNIOR