Regulatory Alerts2024-05-03
Instruction No. 04/2024 of May 3
The National Bank of Angola issued Instruction No. 04/2024 to standardize fee reporting requirements for banking financial institutions, mandating that they submit accurate, complete, and up-to-date fee data via Web Service to support the national Fee Comparator tool. The Instruction specifies technical reporting models, grants a 30-day transitional compliance period following publication, and explicitly revokes the previous Instruction No. 17/23 to eliminate regulatory overlap. Non-compliance constitutes a punishable offense under the General Regime Law for Financial Institutions, with all interpretative disputes resolved directly by the National Bank of Angola.
INSTRUCTION NO. 04/2024 of May 3 SUBJECT: FINANCIAL SYSTEM
- Information Reporting for the Fee Comparator
Whereas it is necessary to adjust the rules and procedures for information reporting, published within the framework of the Fee Comparator, aiming to facilitate the comparability of information regarding fees applicable to a broad set of financial products and services marketed by banking financial institutions; Pursuant to the combined provisions of Article 8 of Notice No. 15/20, dated June 22, on Pricing of Financial Services and Products and Their Disclosure, of paragraph b) of Article 4 and paragraph 1 of Article 7, both of Notice No. 12/16, dated September 5, on Protection of Consumers of Financial Products and Services, of Article 36 of Law No. 14/21, dated May 19 – General Regime Law for Financial Institutions, of paragraph f) of paragraph 1 of Article 31, as well as paragraph 1 of Article 98, both of Law No. 24/21, dated October 18 – National Bank of Angola Law; I HEREBY DETERMINE:
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Object This Instruction establishes the rules and procedures that banking financial institutions must observe when reporting information on fees to the National Bank of Angola, published within the framework of the Fee Comparator.
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Scope CONTINUATION OF INSTRUCTION NO. 04/2024 Page 2 of 4 This Instruction applies to financial institutions, as provided for in paragraph 2 of Article 7 of Law No. 14/21, dated May 19, General Regime Law for Financial Institutions.
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Fee Comparator The Fee Comparator is a tool that allows for simple and rapid comparison of the price/cost of fees for financial products and services, listed in Annex I, which is an integral part of this Instruction.
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Information Reporting 4.1. The base calculation information for the Fee Comparator must be reported by banking financial institutions via Web Service, for storage in the database and for disclosure by the National Bank of Angola. 4.2. For the purposes of the preceding sub-point, banking financial institutions must report information according to the communication model indicated in the Technical Specification Manual, made available by the National Bank of Angola. 4.3. Banking financial institutions must ensure that information entry via Web Service is carried out taking into account the effective date of the pricing schedule and that such information is true, complete, and up-to-date.
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Transitional Provisions Banking financial institutions must comply with the provisions of this Instruction within 30 (thirty) days following its publication.
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Sanctions Non-compliance with the provisions of this Instruction constitutes an offense provided for and punishable under Law No. 14/21, dated May 19 – General Regime Law for Financial Institutions.
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Revocation Instruction No. 17/23, dated December 6, on Information Reporting for the Fee Comparator, is hereby revoked.
CONTINUATION OF INSTRUCTION NO. 04/2024 Page 3 of 4
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Doubts and Omissions Doubts and omissions arising from the interpretation and application of this Instruction are resolved by the National Bank of Angola.
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Entry into Force This Instruction enters into force on the date of its publication. PUBLISHED. Luanda, May 3, 2024.
THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS
CONTINUATION OF INSTRUCTION NO. 04/2024 Page 4 of 4
ANNEX I Fees to be considered within the framework of the “Fee Comparator” tool