Notice No. 26/2012 on the Transition of the Securities Clearing Service to the Cheques Clearing Subsystem

BANCO NACIONAL DE ANGOLA

NOTICE NO. 26/2012 of August 30

OFFICE OF THE GOVERNOR

SUBJECT: TRANSITION OF THE SECURITIES CLEARING SERVICE TO THE CHEQUES CLEARING SUBSYSTEM

Whereas it is necessary to review the process for defining the minimum value for mandatory settlement of payments in the SPTR;

Whereas it is necessary to define procedures and rules for the transition phase of cheque clearing in the Securities Clearing Service to the Cheques Clearing Subsystem;

Whereas it is important to safeguard the principles of security and transparency in the use of payment instruments;

Pursuant to the combined provisions of Article 7 of Law No. 5/05, dated July 29 - Payments System Law, and Article 51 of Law No. 16/10, dated July 15 - Law of the Banco Nacional de Angola;

I DETERMINE:

Article 1 (Subject Matter)

1. This Notice establishes the rules for: a) The definition of the minimum value for mandatory settlement of fund transfers in the SPTR; b) The transition phase of cheque clearing from the Securities Clearing Service to the Cheques Clearing Subsystem; c) Principles for the use of standardized cheques.

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BANCO NACIONAL DE ANGOLA OFFICE OF THE GOVERNOR

Article 2 (Definitions)

1. For the purposes of this Notice, the following are considered: a) Standardized cheques model 1, all printed cheques in accordance with the technical specifications defined in the annex to Notice No. 03/04, dated June 23; b) Standardized cheques model 2, all printed cheques in accordance with the technical specifications defined in Instruction No. 03/2012, dated May 28.

Article 3 (Mandatory Limit for Fund Transfers in the SPTR)

All individual interbank fund transfers, with a final beneficiary who is a banking client and of a value equal to or greater than a value to be defined through specific regulation, are mandatorily settled on a gross basis (transaction by transaction) in the SPTR.

Article 4 (Securities Clearing Service)

1. For the purposes of cheque clearing, the cutoff date for the operation of the Securities Clearing Service shall be defined through specific regulation.

2. After the cutoff date referred to in the preceding paragraph, standardized model 1 cheques shall not be eligible for interbank clearing and may only be accepted for deposit or payment at the drawee banking financial institution.

Article 5 (Cheques Clearing Subsystem)

1. Until the entry into force of the Cheques Clearing Subsystem, all model 1 and model 2 cheques are eligible for clearing in the Securities Clearing Service.

CONTINUATION OF NOTICE NO. 26/2012 | Page 2

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BANCO NACIONAL DE ANGOLA OFFICE OF THE GOVERNOR

2. From the commencement of operation of the Cheques Clearing Subsystem, its participants are obligated to present and return in this subsystem all standardized model 2 cheques that they receive for deposit, drawn on other participants, and all standardized model 2 cheques presented to them by other participants that cannot be settled, respectively.

3. The Banco Nacional de Angola may define, through specific regulation, a maximum deadline for the adherence to the Cheques Clearing Subsystem by all banking financial institutions that provide cheques to their clients or accept cheques for deposit.

4. The Banco Nacional de Angola may also establish penalties for non-compliant banking financial institutions.

Article 6 (Maximum Issuance Value)

The maximum value for issuing a standardized cheque, mentioned in Article 4 of Notice No. 24/2012, dated May 25, is independent of the cheque model.

Article 7 (Sanctions)

Breaches of the provisions of this Notice are punishable in accordance with Law No. 13/05, dated September 30 - Financial Institutions Law.

Article 8 (Repeal)

Notice No. 02/2007, dated April 17, is hereby repealed.

CONTINUATION OF NOTICE NO. 26/2012 | Page 3

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BANCO NACIONAL DE ANGOLA OFFICE OF THE GOVERNOR

Article 9 (Entry into Force)

This Notice enters into force 45 (forty-five) days after its publication.

PUBLISH

Luanda, on August 30, 2012

THE GOVERNOR

(Signature)

JOSÉ DE LIMA MASSANO

CONTINUATION OF NOTICE NO. 26/2012 | Page 4