Regulatory Alerts1995-09-26
Notice No. 10/1995 of September 27
Issued by the Governor of the National Bank of Angola, Notice No. 10/1995 mandates that all financial institutions, including foreign branches, publish their annual balance sheet, income statement, and fixed asset inventories in the Official Gazette and a major national newspaper within 120 days of fiscal year-end. The regulation further requires that a copy of these documents, along with the Board of Directors' report and the Supervisory Board's opinion, be submitted to the Banking Supervision Directorate within ten days of publication. Non-compliance with these disclosure and submission deadlines is explicitly subject to administrative sanctions under Law No. 5/91 of April 20.
NOTICE NO. 10/95 1 OF SEPTEMBER 27 Considering the need to regulate the publication of the Balance Sheet and Accounts for each fiscal year of Financial Institutions, under Law No. 5/91 of April 20. I HEREBY DETERMINE
Article 1
- Financial Institutions, including branches of foreign institutions, upon closing the annual fiscal year, shall publish the following documents in the Official Gazette and in a national newspaper of wide circulation: a) Balance Sheet b) Income Statement c) Inventory of Securities and Financial Fixed Assets d) Inventory of Intangible and Tangible Fixed Assets.
- The documents referred to in the preceding paragraph shall be prepared in accordance with the standardized models set out in Chapter VI of the Chart of Accounts for Financial Institutions.
Article 2 Additionally, the Board of Directors' report and the Supervisory Board's opinion shall also be published.
Article 3 The aforementioned publication shall occur within a maximum period of 120 days from the closing date of the fiscal year to which it refers, and a copy of the documents mentioned in Articles 1 and 2 shall be sent to the National Bank of Angola, Banking Supervision Directorate, within the 10 days immediately following their respective publication.
Article 4 Non-compliance with the provisions of this Notice is subject to sanctions, in accordance with Law No. 5/91 of April 20.
Article 5 This Notice enters into force immediately.
Luanda, September 27, 1995 THE GOVERNOR ANTÓNIO GOMES FURTADO