Notice No. 1/GBM/2022, of March 1 – Updates the Fees and Commissions Chargeable for Transactions in the Over-the-Counter Securities Market

SUMÁRIO
A V I S O
The matter to be published in the «Boletim da República» must be sent as a duly authenticated copy, one for each subject matter, containing, in addition to the necessary indications for this purpose, the following endorsement, signed and authenticated:
For publication in the «Boletim da República».
IMPRENSA NACIONAL DE MOÇAMBIQUE, E. P.
Banco de Moçambique:
Despacho:
Revokes the authorization for the exercise of activity granted to Africâmbios, Lda; orders the dissolution and liquidation of the company and appoints Mr. Muktar Salimo Ismael as the liquidator of the company. Aviso n.º 1/GBM/2022:
Updates the fees and commissions chargeable in the context of transactions in the over-the-counter securities market and brokerage commissions for the execution of stock exchange operations on behalf of clients, and revokes Notices No. 2/GGBM/99 and No. 3/GGBM/99, both of March 24. Terça-feira, 1 de Março de 2022 I SÉRIE — Número 41 BANCO DE MOÇAMBIQUE Despacho In accordance with Article 37 of Law No. 1/92, of January 3, the Organic Law of the Bank of Mozambique, the Bank of Mozambique is responsible for supervising credit institutions and financial companies. Considering that:
From the inspection carried out at the foreign exchange house Africâmbios, Lda, various irregularities were found that constitute a violation of the regulations governing the activity; Taking into account that the following constitute grounds for revocation of the authorization to operate:
a) violation of the laws and regulations governing the activity of credit institutions and financial companies, as well as non-compliance with the determinations of the Bank of Mozambique, jeopardizing the normal operating conditions of the money, financial and foreign exchange markets, in accordance with paragraph e) of paragraph 1 of Article 23 of Law No. 20/2020, of December 31, the Law on Credit Institutions and Financial Companies – LICSF; and b) serious and repeated violation of legal or regulatory provisions intended to prevent and combat money laundering and terrorist financing, in accordance with paragraph j) of paragraph 1 of Article 23 of the LICSF. In exercise of the powers conferred upon me by paragraph 1 of Article 24 of the LICSF, combined with paragraphs 1 and 2 of Article 49 of Law No. 30/2007, of December 18, the Administrative Liquidation Law for Credit Institutions and Financial Companies, I decide:
a) to revoke the authorization for the exercise of activity granted to Africâmbios, Lda; b) to order the dissolution and liquidation of the company; and c) to appoint Mr. Muktar Salimo Ismael as the liquidator of the company. Maputo, 17 de Janeiro de 2021. – O Governador, Rogério Lucas Zandamela. Aviso n.º 1/GBM/2022 de 1 de Março Given the need to update the fees and commissions chargeable in the context of transactions in the over-the-counter securities market and brokerage commissions for the execution of stock exchange operations on behalf of clients, in exercise of the powers conferred upon it by Articles 101 and 129 of Decree-Law No. 4/2009, of July 24, which approves the Securities Market Code, the Bank of Mozambique determines:
CAPÍTULO I
Disposições gerais
ARTIGO 1
(Objecto)
This Notice establishes:
a) the fees and commissions chargeable in the context of transactions in the over-the-counter securities market, and the entities that bear the costs and those from whom these constitute revenue; and b) the brokerage commissions to which stock exchange operators are entitled for the services provided on their behalf. ARTIGO 2 (Âmbito de aplicação) This Notice applies to financial intermediaries that carry out over-the-counter operations and to stock exchange operators.

300 I SÉRIE — NÚMERO 41
CAPÍTULO II
Taxas a cobrar no âmbito da realização de transacções no mercado fora da bolsa ARTIGO 3 (Taxas)

1. For the execution of over-the-counter operations on any securities, whether gratuitous or for consideration, purchase and sale fees established in this article are due.
2. The fees must be paid, respectively, by the purchasing financial intermediary and the selling financial intermediary, and shall necessarily be passed on to their principals.
3. The following constitute fees for the execution of over-the-counter operations:
   a) 0.75 per thousand of the transaction value, for operations on national and foreign public funds and securities equated thereto; b) 1.05 per thousand of the transaction value, for operations on bonds; and c) 1.45 per thousand of the transaction value, for operations on any other securities.
4. For the purposes of paragraph 3 of this article, transaction value is understood as:
   a) in the case of transfer for consideration, the greater of the following values:
   i. declared value of the transaction; and
   ii. transaction value at the nominal value of the securities.
   b) in the case of transfer gratuitously:
   i. transaction value at the nominal value of the securities.
5. Payment of the fees must be made by crossed cheque, payable to the order of the Bank of Mozambique, delivered together with the weekly information regarding operations referred to in Article 128 of Decree-Law No. 4/2009, of July 24, which approves the Securities Market Code.
6. The fee referred to in this article constitutes revenue of the Bank of Mozambique.
   ARTIGO 4
   (Dever de pagamento das taxas)
   Financial intermediaries authorized to carry out over-the-counter operations are responsible for the timely payment of fees related to the transactions in which they participate, on their own account or on behalf of clients, independently, in the latter case, of having timely collected them from their principals. ARTIGO 5 (Comissão do mercado fora de bolsa)
7. Financial intermediaries legally authorized to carry out over-the-counter operations charge commissions freely fixed by them for the execution of transactions.
8. Each transaction is subject to a minimum value of 645.00 MT (six hundred and forty-five meticais) and a maximum value of 4 per thousand of the transaction value, determined in accordance with paragraph 4 of Article 3 of this Notice.
9. For each order received for the execution of over-the-counter operations but not executed, financial intermediaries authorized to operate in this market may charge, at the time of cancellation, revocation or expiry of the order, even if it is subsequently renewed, a commission with a maximum amount of 130.00 MT (one hundred and thirty meticais).
   CAPÍTULO III
   Comissão de corretagem em mercado de bolsa
   ARTIGO 6
   (Comissões de corretagem)
10. For the execution of stock exchange operations on behalf of clients, whether in normal or special sessions, stock exchange operators charge brokerage commissions freely fixed by them.
11. Each transaction is subject, without prejudice to the provisions of the following paragraph, to a minimum value of 325.00 MT (three hundred and twenty-five meticais) and a maximum value of 2 per thousand of the transaction value.
12. When, in the same stock exchange session, the execution of the same order on the same security is fractionated into more than one transaction, the minimum applicable brokerage commission, in accordance with the preceding paragraph, shall be applied to the aggregate of the transactions thus carried out.
13. For each stock exchange order received but not executed, stock exchange operators may charge, at the time of cancellation, revocation or expiry of the order, even if it is subsequently renewed, a commission with a maximum amount of 65.00 MT (sixty-five meticais).
    CAPÍTULO IV
    Disposições finais e complementares
    ARTIGO 7
    (Regime sancionatório)
    Violation of the provisions of this Notice constitutes an infraction provided for and punishable in accordance with Decree-Law No. 4/2009, of July 24, which approves the Securities Market Code. ARTIGO 8 (Norma Revogatória) Notices No. 2/GGBM/99 and No. 3/GGBM/99, both of March 24, are hereby revoked. ARTIGO 9 (Esclarecimento de dúvidas) Doubts arising from the interpretation and application of this Notice must be submitted to the Department of Regulation and Licensing of the Bank of Mozambique, which issues the necessary instructions for compliance with this Notice. ARTIGO 10 (Entrada em vigor) This Notice enters into force on the date of its publication. Maputo, 17 de Janeiro de 2022. – O Governador, Rogério Lucas Zandamela. Preço — 10,00 MT IMPRENSA NACIONAL DE MOÇAMBIQUE, E.P.