Notice No. 1/GBM/2019, February 1 – Regulation on Information Duties for Deposit Reception

BOLETIM DA REPÚBLICA PUBLICAÇÃO OFICIAL DA REPÚBLICA DE MOÇAMBIQUE SUMÁRIO A V I S O The matter to be published in the «Boletim da República» must be submitted as a duly authenticated copy, one for each subject matter, containing the necessary indications for this purpose, namely the following endorsement, signed and authenticated: For publication in the «Boletim da República». IMPRENSA NACIONAL DE MOÇAMBIQUE, E. P. Banco de Moçambique:
Aviso n.º 1/GBM/2019:
Approves the Regulation on Information Duties in the Context of Deposit Reception.
Sexta-feira, 1 de Fevereiro de 2019 I SÉRIE — Número 23

Regulamento dos Deveres de Informação no Âmbito da Recepção de Depósitos ARTIGO 1 Objecto (Object) This Regulation establishes the information duties to be observed in the context of deposit reception activities, by credit institutions or other entities legally authorized to exercise such activity.

ARTIGO 2 Ambito de aplicação (Scope of Application) This Regulation applies to credit institutions and other entities legally authorized to exercise deposit reception activities.

ARTIGO 3 Definições (Definitions)
For the purposes of this Regulation, the following shall be understood as:
a) Commissions: monetary payments due from clients by credit institutions as remuneration for services provided by them or subcontracted to third parties, within the scope of their activities; b) Value date: the date from which the value of a transfer or deposit becomes effective, can be moved by the beneficiary, and any interest accruing on creditor or debtor balances of deposit accounts begins to be calculated; c) Deposit: a contract by which an entity receives funds from another, retaining the right to use them for its business and assuming the responsibility to return an equivalent amount, with or without interest, within the agreed term or upon the depositor's request; d) Demand deposit: a deposit payable at all times by holders or their legitimate representatives; e) Time deposit: a deposit payable at the end of the term for which it was established, although credit institutions may allow depositors early withdrawal under agreed conditions; f) Deposit with prior notice: a deposit payable only after the depositor has given written notice, with the advance period fixed in the prior notice clause, freely agreed upon by the parties; g) Expenses: costs borne by institutions, due to them by third parties and chargeable to clients, notably payments to land registries, notarial offices, or those of a fiscal nature;

Havendo necessidade de definir os deveres de informação a que as instituições de crédito estão sujeitas no âmbito da actividade de recepção de depósitos bancários, visando assegurar que os depositantes tenham acesso a toda a informação necessária sobre os referidos depósitos antes e durante a vigência dos contratos de depósitos, o Banco de Moçambique, no uso das competências que lhe são conferidas pelas disposições conjugadas da alínea d) do n.º 2 do artigo 37 da Lei n.º 1/92, de 3 de Janeiro — Lei Orgânica do Banco de Moçambique, e do n.º 2 do artigo 476 do Código Comercial, aprovado pelo Decreto-Lei n.º 2/2005, de 27 de Dezembro, determina:

1. É aprovado o Regulamento dos Deveres de Informação no âmbito da Recepção de Depósitos Bancários, em anexo, que constitui parte integrante deste Aviso.
2. O presente Aviso entra em vigor na data da sua publicação.
3. As dúvidas que surgirem na interpretação e aplicação do presente Aviso deverão ser submetidas ao Departamento de Supervisão Comportamental do Banco de Moçambique.
   Maputo, 11 de Janeiro de 2019. — O Governador do Banco, Rogério Lucas Zandamela.

h) Authorized overdraft: express contract by which the institution allows a client to draw funds exceeding the balance of their respective demand deposit account; i) Standardized information sheet: document that institutions must provide to clients prior to the conclusion of a deposit contract, presenting a summary of the main characteristics of the contract and the commitments the client will assume; j) Credit institutions: entities that fall under one of the species provided for in the Law on Credit Institutions and Financial Companies, whose activity consists, notably, in receiving deposits or other reimbursable funds from the public, when the legal regime of their respective species expressly permits it, in order to apply them on their own account, by granting credit; k) Index rate: the rate serving as a basis for calculating the Prime Rate of the financial system practiced in credit operations with Variable Interest Rates contracted between credit institutions, financial companies, and their clients, determined using the formula presented in Annex 1 of the Agreement for the Standardization of the Calculation Base (Index Rate) of the Banking System Interest Rate; l) Distance communication means: any means of communication that can be used without the physical and simultaneous presence of the institution and the client; m) Accounting balance: the value corresponding to the result of credit and debit movements made in a deposit account; n) Available balance: the value existing in the client's demand deposit account, which they can freely move; o) Durable medium: any instrument that allows the client to store information addressed personally to them, so that in the future they can easily access the stored information during a period adequate for its intended purposes, and reproduce this information in full and unaltered; p) Spread: margin reflecting market risk that is added to the Unique Index Rate to constitute the Prime Rate of the financial system; q) Effective Annual Rate (EAR): the rate that measures, in percentage, the interest effectively paid in a year on a given deposit; r) Effective Annual Total Cost of Credit (EATCC): the total cost of credit to the consumer, expressed as an annual percentage of the granted credit amount, including collection expenses, repayments and interest payments, as well as all other mandatory costs borne by the borrower (taxes, fiscal stamps, insurance); s) Nominal Annual Rate (NAR): the rate that, applied to a given capital, produces, at a given moment, an amount denominated as interest; t) Gross Nominal Annual Rate (GNAR): the deposit remuneration rate before deduction of taxes. It refers to a one-year period, so to calculate the interest to be received, this rate must be multiplied by the number of interest days divided by 360 days. It is the rate that remunerates a given investment and is frequently used in time deposits; u) Net Nominal Annual Rate (NNAR): nominal rate deducted from all taxes and charges;
v) Weighted Average Rate: the rate calculated by summing the multiplications between values and weights divided by the sum of the weights. In calculations involving simple arithmetic mean, all occurrences have exactly the same importance or weight. It is said then that they have the same relative weight. However, there are cases where occurrences have different relative importance. In these cases, the calculation of the mean must take into account this relative importance or weight. This type of mean is called weighted arithmetic mean. In calculating the weighted average, each value in the set is multiplied by its "weight", i.e., its relative importance.

ARTIGO 4 Dever de disponibilizar fichas de informação normalizada (Duty to provide standardized information sheets)

1. Before opening a deposit account or concluding deposit contracts, credit institutions must provide clients with a standardized information sheet, prepared according to the models defined in Annexes I and II of this Regulation, depending on whether it is a demand deposit or other types of deposits.
2. Credit institutions must also make the standardized information sheets available on their websites when they advertise deposits through this distance communication means.

ARTIGO 5 Modelos de fichas de informação normalizada (Models of standardized information sheets) Credit institutions must respect the models of standardized information sheets referred to in paragraph 1 of the preceding article, taking into account the filling notes contained in Annex III of this Regulation, which is an integral part thereof.

ARTIGO 6 Requisitos da informação nos contratos de depósito (Requirements of information in deposit contracts) The information to be provided by credit institutions in the context of negotiation, conclusion, and execution of deposit contracts must be complete, true, up-to-date, clear, objective, and presented in a legible form.

ARTIGO 7 Dever de disponibilizar as condições gerais do contrato (Duty to provide general contract terms) Without prejudice to the provisions of the law and regulations in force, prior to opening a deposit account or concluding deposit contracts, credit institutions must provide their clients with a copy of the general terms of the contract to be concluded.

ARTIGO 8 Elementos do contrato de depósito (Elements of the deposit contract)

1. Without prejudice to the provisions of the law and regulations in force, deposit contracts must specify the informative elements contained in the applicable standardized information sheet, with the exception of elements related to authorized overdrafts and the historical evolution of their index rate, in the case of deposits remunerated at a variable rate.
2. The subscription by the client of an authorized overdraft associated with a demand deposit account must be made through the affixation of their respective signature on a separate and exclusive document for this purpose, establishing the applicable conditions for the authorized overdraft.
3. With a view to ensuring the client's necessary reflection on the terms and conditions to be contracted, the deposit contract may only be concluded 7 (seven) days after the provision of the standardized information sheet, except in duly agreed cases by written document signed by the parties.
4. Upon conclusion of deposit contracts, credit institutions must provide clients with copies of these contracts and, where applicable, a copy of the document provided for in paragraph 2.
5. During the validity of contracts, credit institutions must ensure that clients have access to their respective contractual terms whenever requested.

ARTIGO 9 Extracto e informações complementares (Statement and complementary information) Without prejudice to compliance with requirements specifically established in the law and regulations in force, credit institutions must provide their clients, in Portuguese, information regarding all debit and credit movements made in their deposit accounts, by providing a statement that includes, at minimum, the following elements:
a) Start and end dates of the period to which the provided information refers; b) Dates of movements; c) Value dates of movements; d) Description allowing identification of the operation to which the movements refer; e) Amounts, specifying whether they constitute credit or debit movements; f) Currency; g) Accounting balances resulting from movements made; h) Available balance at the end of the period to which the statement refers, in the case of demand deposits.
2. Whenever interest associated with deposit accounts matures, credit institutions must provide, in the statement, the following complementary information regarding remunerative interest:
a) Start and end dates of the period to which they relate; b) Value date of payment; c) Amount of matured interest; d) GNAR applied or weighted average rate, in case different rates are applied by tier; e) Amount or average balance used for interest calculation; f) Withheld taxes; g) Payment method, if interest is credited to the deposit account itself.
3. Regarding the maturity of interest or the collection of commissions or expenses associated with deposit accounts, credit institutions must provide their clients, together with the statement or in another document, the following complementary information to the statement:
a) In case of maturity of remunerative interest:
i) Start and end dates of the period to which they relate; ii) Value date of payment; iii) Amount of matured interest; iv) Applied GNAR or, when different rates are applied by tier, indication of the weighted average rate; v) Amount or average balance used for calculation; vi) Withheld taxes; vii) Payment method, if interest is not credited to the account itself. b) In case of collection of interest related to authorized overdrafts associated with a demand deposit account:
i) Start and end dates of the period to which they relate; ii) Collection date; iii) Amount of interest collected; iv) Applied nominal annual rate; v) Overdraft amounts and dates of use; vi) Taxes. c) In case of collection of commissions or expenses:
i) Start and end dates of the period to which they relate; ii) Identification of the commission or expense collected; iii) Collection date; iv) Amount of commissions or expenses collected; v) Taxes; vi) Amount or average balance used in determining the commission or expense amount, or indication of other factors used in determining the collected amount.
4. In case of a demand deposit account with an authorized overdraft, credit institutions must provide, in the statement, the following complementary information regarding remunerative interest:
a) Start and end dates of the period to which they relate; b) Collection date; c) Amount collected; d) Applied GNAR; e) Overdraft amounts and dates of use; f) Taxes.
5. If the authorized overdraft of a demand deposit account gives rise to the collection of default interest by the credit institution, it must provide, in the statement, the complementary information indicated in paragraphs a) to t) of the preceding number.
6. The information provided for in this article must be provided in Portuguese, except in cases of duly proven client request.

ARTIGO 10 Periodicidade de prestação de informação (Periodicity of information provision)

1. In the case of demand deposits, the information referred to in paragraph 1 of the preceding article must be provided:
   a) With a minimum monthly periodicity, if at least one movement has occurred in the relevant month; b) With a minimum annual periodicity, if no movements have occurred.
2. In the case of time deposits, deposits with prior notice, and term deposits without early repayment, the information referred to in paragraph 1 of the preceding article must be provided:
   a) With a minimum annual periodicity, whenever their maturity term exceeds 1 (one) year; b) With a minimum monthly periodicity, whenever their maturity term is equal to or exceeds 1 (one) year.
3. The information provided for in paragraphs 2, 3, and 4 of the preceding article must be provided whenever the movements referred to therein occur.

ARTIGO 11 Cumprimento do dever de informação (Compliance with information duties)

1. Credit institutions must comply with the information duties provided for in this Regulation by providing information through distance communication means, on paper, by email, or in any other durable medium, according to the client's expressed wish regarding the desired medium.
2. Regarding deposits existing on the date of entry into force of this Regulation, credit institutions must comply with the information duties provided for in Article 8, through the medium and means of communication used up to that date to provide information to the client.
3. [Regarding deposits], unless the client expressly authorizes or requests a change in the medium and means of communication.
4. It is incumbent upon credit institutions to prove the effective provision to clients of the information referred to in Article 9 and in other cases provided for in this Regulation.

ARTIGO 12 Dever de comunicação das alterações das condições contratuais (Duty to communicate changes in contractual conditions)

1. Whenever the credit institution is granted the possibility to unilaterally alter the conditions in force at the time of contracting, the concerned credit institution must communicate to the client the content of these changes, with a minimum advance notice of 60 (sixty) days relative to the date of their application, without prejudice to other legally or regularly fixed deadlines.
2. Credit institutions must inform clients of introduced changes with sufficient advance notice to exercise the right to object to renewal, by these clients, in cases where deposit renewals are subject to conditions different from those currently in force.

ARTIGO 13 Regime sancionatório (Sanctioning regime) Violation of the provisions of this Regulation is sanctionable under the Law on Credit Institutions and Financial Companies.

ARTIGO 14 Aplicação no tempo (Temporal application) The provisions of this Regulation apply to valid bank deposit contracts.

ARTIGO 15 Disposição transitória (Transitional provision) Credit institutions must comply with the provisions of this Regulation within 180 (one hundred and eighty) days after its entry into force.

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IMPRENSA NACIONAL DE MOÇAMBIQUE, E.P.