Regulatory Alerts2014-01-01
Notice No. 4/2014 on the suitability, professional qualification and experience, incompatibilities and independence of members of the administrative and supervisory bodies of financial institutions (amended by Notice No. 4/2019)
The Bank of Cape Verde issued Notice No. 4/2019 to amend Notice No. 4/2014 regarding the suitability, professional qualification, experience, incompatibilities, and independence of members serving on the administrative and supervisory bodies of financial institutions. The amendment introduces stricter suitability criteria aligned with European Banking Authority guidelines, raises the qualifying shareholding threshold for independence from 2% to 5%, and mandates detailed internal selection and evaluation policies that address diversity, conflict of interest prevention, and continuous fitness monitoring. Financial institutions are required to adopt these updated policies by July 1, 2019, and must submit all supporting documentation simultaneously for registration processes to ensure expedited supervisory review.