Regulatory Alerts2014-04-23
Financial System Framework Law (LBSF) (Articles 20 et seq.)
The National Assembly of Cape Verde enacted Law No. 61/VIII/2014 to establish the foundational framework, guiding principles, and regulatory scope for the national financial system. The legislation defines financial and auxiliary institutions, mandates adequate own funds and sound competition, and grants the Bank of Cape Verde and the General Audit of the Securities Market (AGMVM) comprehensive regulatory, supervisory, and competition powers. It further outlines the authorization process, permissible financial activities, macro- and micro-prudential oversight mechanisms, and procedures for preventing systemic risk, money laundering, and terrorist financing.
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