Notice No. 1/2015, March 5 – Approval of the Waiver Model for Restricted Authorization Credit Institutions under Article 6(4)(a) of the LAIF

SECOND SERIES — NO. 11 «B.O.» OF THE REPUBLIC OF CABO VERDE — MARCH 5, 2015 293
PART H
ANNEX

Waiver Model
The Institution / the Promoters of (name of the institution to be established or already established) hereby expressly waive, for the purposes of letter a) of paragraph 4 of Article 6 of the Law on Financial Activities and Institutions, approved by Law No. 62/VIII/2014 of April 23, in accordance with Article 38 of the Framework Law on the Financial System, approved by Law No. 61/VIII/2014 of April 23:
a) Access to the liquidity facilities established by the Bank of Cabo Verde; b) Access to interbank markets in Cape Verdean escudos and foreign currencies to borrow funds; c) The comfort of the lender of last resort, whether the State, the Bank of Cabo Verde, or any other public institution headquartered in the Republic of Cabo Verde; d) The coverage, for the benefit of their respective counterparties, provided by guarantee systems integrated into the financial system, as set forth in Chapter VI of the Framework Law on the Financial System; e) To collect, hold, transmit and transfer:
i. Fiduciary currency and metallic currency, regardless of the respective denomination;
ii. Precious metals, whether coined or in bars;
iii. Any other hoarding assets.

Thus, the Institution / the promoters of (name of the institution to be established or already established) confirm the waiver of the aforementioned facilities, in a definitive and irreversible manner, as a condition for the validity of the authorization to operate as a restricted authorization credit institution. (Place and Date). (Notarially Recognized Signature of the Institution's Representative or Promoters).

BANK OF CABO VERDE
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Governor's Office
Notice No. 1/2015
Waiver Model

With the entry into force of the Law on Financial Activities and Institutions, approved by Law No. 62/VIII/2014 of April 23, international financial institutions established and operating under the regime set forth in Law No. 43/III/88 of December 27 and Decree-Law No. 12/2005 of February 7 were granted a period of one hundred and eighty days to choose between maintaining a general authorization or opting for the restricted authorization regulated in Articles 38 to 45 of the Framework Law on the Financial System, approved by Law No. 61/VIII/2014 of April 23. Furthermore, with the entry into force of said legislation, promoters of new institutions to be established must also, at the time of the authorization request and in case of opting for restricted authorization, submit the elements referred to in paragraph 4 of Article 6 of Law No. 62/VIII/2014. Among the required elements is a waiver model to be approved by the Bank of Cabo Verde, attesting to the choice for restricted authorization provided in Articles 38 to 45 of the Framework Law on the Financial System. Therefore, deeming it necessary to regulate the above provisions, the Bank of Cabo Verde, exercising its competence attributed by paragraph 4, letter a) of Article 6 of the Law on Financial Activities and Institutions, approves this waiver model.

Article 1 (Approval) The Waiver Model concerning restricted authorization credit institutions under paragraph 4, letter a) of Article 6 of the Law on Financial Activities and Institutions is hereby approved, as attached.
Article 2 (Entry into Force) This Notice shall enter into force on the day following its publication.

Governor's Office of the Bank of Cabo Verde, in Praia, on February 27, 2015. – The Governor, João António Pinto Serra https://kiosk.incv.cv 00E4DE61-26A9-41BD-83BA-6BEE69AB3CC3 Document downloaded by user CDI (10.8.0.141) on 06-03-2015 08:27:01. © All rights reserved. Unauthorized copying or distribution is prohibited. 1 9 8 4 0 1 6 4 3