NOTICE NO. 13/2016

SUBJECT: INFORMATION DUTIES IN THE CONTEXT OF BANK DEPOSITS

Given the need to define the information duties of Banking Financial Institutions in the context of deposit reception activities, aiming to ensure that depositors have access to all necessary information regarding said deposits before and during the validity of deposit contracts.

In these terms, and under the combined provisions of item f) of paragraph 1 of Article 21st and item f) of paragraph 1 of Article 51st, both of Law No. 16/10, of July 15 – Law of the National Bank of Angola, and Articles 71st and 73rd of Law No. 12/15, of June 17 – Basic Law of Financial Institutions.

I DETERMINE:

Article 1.

(Object)
This Notice establishes the information duties to be observed in the context of deposit reception activities by Banking and Non-Banking Financial Institutions, in accordance with item a) of paragraph 1 of Article 6th and paragraph 4 of Article 7th, respectively, both of the Basic Law of Financial Institutions.

Article 2.

(Scope)

1. This Notice applies to Banking Financial Institutions and credit cooperatives that collect deposits from their members, both under the supervision of the National Bank of Angola, hereinafter abbreviated as Institutions.

2. This Notice applies to demand deposits, term deposits, deposits with prior notice, and term deposits without early repayment.

Article 3.

(Definitions)
For the purposes of this Notice, the following are understood as:

1. Commissions: Monetary payments required from clients by Institutions as remuneration for services provided by them or subcontracted to third parties, within the scope of their activity.

2. Value Date: The date from which a transfer or deposit becomes effective, capable of being moved by the beneficiary, and from which the eventual counting of interest arising from creditor or debtor balances of deposit accounts begins.

3. Deposit: A contract by which an entity (depositor) entrusts money to an Institution (depository), which acquires the right to dispose of it for its business and assumes the responsibility to return an equivalent amount, with or without interest, within the agreed period.

4. Demand Deposits: Deposits payable at all times.

5. Term Deposits: Deposits payable at the end of the period for which they were constituted, although Institutions may grant their early mobilization to their depositors, under agreed conditions.

6. Term Deposits Without Early Repayment: Deposits only payable at the end of the period for which they were constituted, and cannot be repaid before the expiration of that same period.

7. Deposits With Prior Notice: Deposits only payable after the depository has been notified in writing, with the advance notice fixed in the prior notice clause, freely agreed upon by the parties.

8. Expenses: Costs borne by Institutions, which are required from them by third parties, and chargeable to clients, namely payments to Registries, Notarial Offices, or those of a fiscal nature.

9. Overdraft Facility: The express contract by which the Institution allows a client to dispose of funds exceeding the balance of their respective demand deposit account.

10. Distance Communication Means: Any means of communication that can be used without the physical and simultaneous presence of the Institution and the client.

11. Accounting Balance: The value corresponding to the result of credit and debit movements made in the deposit account.

12. Available Balance: The value existing in the client's demand deposit account that they can move without being subject to the payment of interest, commissions, or any other charges for its use.

13. Durable Medium: Any instrument that allows clients to store information personally addressed to them, so that they can easily access the same in the future, during a period of time adequate for the purposes to which these are destined, and as well, reproduce this information in an integral and unaltered form.

14. Credit Exceedance: Overdraft accepted tacitly by the Institution, allowed to a client to dispose of funds that exceed the balance of their demand deposit account or their agreed overdraft facility.

Article 4.

(Duty to Deliver Technical Information Sheets)

1. Institutions must make technical information sheets available to clients at a time prior to the opening of the demand deposit account or the celebration of deposit contracts covered by the provisions of this Notice.

2. The technical information sheets made available by Institutions must contain information regarding overdraft facilities or credit exceedance.

3. For the purposes of the previous paragraph, clients must provide their consent regarding adherence or non-adherence to the overdraft facility or credit exceedance.

4. Institutions must make the technical information sheets available on their website when they advertise deposits through this distance communication means.

5. The technical information sheets referred to in the previous paragraphs must be prepared according to the models defined in Annexes I and II that integrate this Notice, depending on whether it is a demand deposit or the other types of deposits referred to in paragraph 2 of Article 2nd of this Notice.

6. Institutions must respect the technical sheet models referred to in the previous number, taking into consideration the filling notes contained in Annex III of this Notice, which is an integral part.

Article 5.

(Statements and Complementary Information)

1. Institutions must provide information to their clients about the debit and credit movements made in their deposit accounts, through the provision of a statement, which must include, at a minimum, the following elements:

   a) start and end dates of the period to which the information provided refers; b) dates of the movements; c) value dates of the movements; d) description allowing identification of the operation reflected in each of the movements; e) amounts, identifying whether these correspond to a debit or credit movement; f) currency; g) accounting balances resulting from each of the movements; h) available balance at the end of the period to which the statement refers, in the case of a demand deposit.

2. Whenever the accrual of interest associated with deposit accounts occurs, Institutions must provide, in the statement, the following complementary information regarding remuneratory interest:

   a) start and end dates of the period to which they relate; b) value date of the payment; c) amount of accrued interest; d) gross nominal annual rate applied or weighted average rate, in case different rates are applied by tier; e) amount or average balance used for the calculation of interest; f) withheld taxes; g) method of payment, if interest is credited to the deposit account itself.

3. Whenever the charging of commissions or expenses occurs, Institutions must provide the following information in the statement:

   a) identification of the charged commission or expense; b) start and end dates of the period to which it relates; c) date of the charge; d) amount charged; e) taxes; f) indication of the amount, average balance, or other factor that served to determine the charged value.

4. In the case of a demand deposit account where an overdraft facility or credit exceedance occurs, Institutions must provide, in the statement, the following complementary information, relating to compensatory interest:

   a) start and end dates of the period to which they relate; b) date of the charge; c) amount charged; d) applied nominal annual rate; e) overdraft amounts and dates of use; f) taxes.

5. If the overdraft facility or credit exceedance of a demand deposit account results in the charging of default interest by the Institution, it must provide, in the statement, the complementary information indicated in items a) to f) of the previous paragraph of this article.

Article 6.

(Frequency of the Information Duty)

1. In the case of demand deposits, the information referred to in paragraph 1 of the previous article must be made available:

   a) with a minimum monthly frequency, if at least one movement occurred in the relevant month; b) with a minimum annual frequency, if no movements occurred.

2. In the case of term deposits, deposits with prior notice, and term deposits without early repayment, the information referred to in paragraph 1 of the previous article must be made available:

   a) with a minimum annual frequency, whenever their maturity period is greater than 1 (one) year; b) with a minimum monthly frequency, whenever their maturity period is equal to or less than 1 (one) year.

3. The information provided in paragraphs 2, 3, and 4 of the previous article must be made available whenever the movements referred to therein occur.

Article 7.

(Compliance with the Information Duty)

1. The provision of information must be carried out on paper, via distance communication means, or on another durable medium, according to the expressed will of the client.

2. Regarding deposits existing at the date of entry into force of this Notice, the means of communication for the provision of information must remain unchanged, unless the client expressly requests a change in the medium and means of communication.

3. It is the responsibility of Institutions to prove the effective provision to clients of the information referred to in Article 5th of this Notice.

Article 8.

(Alteration of Contractual Conditions)

1. Under the terms of the deposit contract, whenever the Institution is granted the possibility to unilaterally alter the conditions in force at the date of contracting, the Institution must communicate the content of these alterations to the client with a minimum advance of 60 (sixty) days relative to the date of their application, without prejudice to other periods legally or regularly fixed.

2. In cases where conditions are altered on the date of renewal of deposits, the Institution maintains the duty to inform the client in accordance with the previous paragraph, giving the client the possibility to oppose this renewal.

Article 9.

(Sanctions)
Non-compliance with the mandatory norms established in this Notice constitutes an offense punishable under the Basic Law of Financial Institutions.

Article 10.

(Doubts and Omissions)
Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 11.

(Transitional Provisions)
Institutions must comply with the provisions of this Notice within 120 (one hundred and twenty) days after the date of entry into force.

Article 12.

(Entry into Force)
This Notice enters into force on the date of its publication.

PUBLISH

Luanda, July 18, 2016

THE GOVERNOR

VALTER FILIPE DUARTE DA SILVA

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ANNEX I

Technical Information Sheet for Financial Product - (TIS) Demand Deposits

A. Identification Elements

1. Identification of the Depository Institution
   1.1 Name [Insert name of the Financial Institution]
   1.2 Address [Insert the address of the Financial Institution]
   1.3 Contacts [Insert phone number, email address, among others]

2. Date of TIS
   [Indicate the date of preparation of this document]

B. Description of the main characteristics of the product

1. Commercial designation of the product
   [Insert the commercial designation of the product]

2. Access conditions
   [Description of access conditions to the product, if applicable]

3. Modality
   Demand Deposit

4. Currency
   [Indicate the currency of the deposit]

5. Constitution of the deposit
   5.1 Minimum amount (if applicable) [Indicate the minimum constitution amount of the deposit, if applicable]
   5.2 Maximum amount (if applicable) [Indicate the maximum constitution amount of the deposit, if applicable]

6. Maintenance of the deposit (if applicable)
   6.1 Minimum amount (if applicable) [Indicate the minimum maintenance amount of the deposit, if applicable]
   6.2 Maximum amount (if applicable) [Indicate the maximum maintenance amount of the deposit, if applicable]

7. Remuneration rate
   7.1 Gross Nominal Annual Rate (TANB) [Indicate the TANB]
   7.2 Gross Effective Annual Rate (TANL) [Indicate the TANL]
   7.3 Variable rate remuneration (if applicable)
   7.3.1 Index
   [Indicate the index and respective publication sources and the relevant date. Presentation, in graphic form, of the evolution of the index value, for a period that includes, at a minimum, the last 12 months]
   7.3.2 Review frequency [Indicate the frequency of the variable rate review]
   7.3.3 Spread [Indicate the spread value]
   7.3.4 Rounding method (if applicable) [Describe the rounding method of the rate]

8. Interest calculation
   8.1 Description [Describe the method of interest calculation]
   8.2 Calculation and rounding method (if applicable) [Indicate the calculation formula and the rounding method]
   8.3 Calculation based on an average balance (if applicable) [Indicate the calculation method based on an average balance]

9. Interest payment
   9.1 Frequency [Indicate the frequency of interest payment]
   9.2 Payment method [Specify the method of interest payment]

10. Fiscal regime
    [Include description of the applicable and known fiscal regime at the date of commercialization: "Interest subject to [IRS/IRC] at a rate of [x%]" or "Interest exempt from [IRS/IRC] (specifying conditions)"]

11. Commissions and expenses
    [Identification and quantification of all commissions and expenses associated with the account]

12. Overdraft facilities
    [If applicable, description of the conditions for using the overdraft facilities associated with the account, namely: nominal annual rate (TAN); effective annual rate (TAE) or effective annual cost rate (TAEG), as applicable, indicated through a representative example; interest calculation and dates of interest payment; repayment conditions; commissions and expenses; maximum available amounts]

13. Credit exceedance
    [Explicit statement that credit exceedance depends on the Institution's acceptance. Description of the applicable conditions if the Institution intends to accept the withdrawal, namely, TAN, dates of interest payment, eventual commissions and expenses, and maximum amounts or periods, if applicable]

14. Other conditions
    [Other applicable conditions. If there are any, identification and quantification of any commissions and expenses associated with the deposit]

15. Deposit Guarantee Fund
    [When applicable, explicit statement of how the deposit benefits from the Deposit Guarantee Fund]

C. Duration of TIS conditions
[Insert the following expression: "The information contained in this document is valid until <insert validity period>." If there are other restrictions on the validity of the presented conditions, these must also be indicated]

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ANNEX II

Technical Information Sheet for Financial Product - (TIS) Term deposits, deposits with prior notice, and deposits without early repayment

A. Identification Elements

1. Identification of the Depository Institution
   1.1 Name [Insert name of the Financial Institution]
   1.2 Address [Insert the address of the Financial Institution]
   1.3 Contacts [Insert phone number, email address, among others]

2. Date of TIS
   [Indicate the date of preparation of this document]

B. Description of the main characteristics of the product

1. Commercial designation of the product
   [Insert the commercial designation of the product]

2. Access conditions
   [Description of access conditions to the product, if applicable]

3. Modality
   [Indication of the fund movement modality. If the modality corresponds to a special regime, description of the respective regime]

4. Term
   4.1 Start date [Indicate the start date]
   4.2 Maturity date [Indicate the maturity date]
   4.3 Capital repayment date [Indicate the capital repayment date]

5. Early mobilization
   5.1 Mobilization conditions, in the case of deposits with prior notice
   [Description of the conditions for early mobilization of funds, if permitted (namely, if partial or total mobilization is permitted, at any time or on predetermined dates)]
   5.2 Early mobilization (if applicable) and penalties
   [If there are penalties for early mobilization, description of the respective calculation method.
   If it is a deposit not subject to early mobilization, explicit mention that early mobilization of funds is not admitted]

6. Renewal
   6.1 Type [Automatic or optional. If optional, also indicate the periods and method of exercising the option by the depositor]
   6.2 Conditions [Indicate the conditions applicable to renewal]

7. Currency
   [Indicate the currency of the deposit]

8. Constitution of the deposit
   8.1 Minimum amount [Indicate the minimum constitution amount of the deposit]
   8.2 Maximum amount [Indicate the maximum constitution amount of the deposit]

9. Maintenance of the deposit
   9.1 Minimum amount [Indicate the minimum maintenance amount of the deposit]
   9.2 Maximum amount [Indicate the maximum maintenance amount of the deposit]

10. Additional fund delivery (if applicable)
    10.1 Minimum amount [Indicate the minimum additional fund delivery amount]
    10.2 Maximum amount [Indicate the maximum additional fund delivery amount]
    10.3 Frequency [Indicate the frequency of additional fund delivery]
    10.4 Delivery [Indicate the method of additional fund delivery]

11. Remuneration rate
    11.1 Gross Nominal Annual Rate (TANB) [Indicate the TANB. If two or more interest rates occur during the life of the deposit, indicate the weighted average TANB]
    11.2 Gross Effective Annual Rate (TANL) [Indicate the TANL. If two or more interest rates occur during the life of the deposit, indicate the weighted average TANL]
    11.3 Gross Effective Annual Rate (TAEL) [Indicate the TAEL when there is interest capitalization]
    11.4 Variable rate remuneration (if applicable)
    11.4.1 Index
    [Indicate the index and respective publication sources and the relevant date. Presentation, in graphic form, of the evolution of the index value, for a period that includes, at a minimum, the last 12 months]
    11.4.2 Review frequency [Indicate the frequency of the variable rate review]
    11.4.3 Spread [Indicate the spread value]
    11.4.4 Rounding method (if applicable) [Describe the rounding method of the rate]

12. Capitalization regime
    12.1 Type [Automatic or optional. If optional, indicate the periods and method of exercising the option by the depositor]
    12.2 Frequency [Indicate the frequency]

13. Interest calculation
    13.1 Description [Describe the method of interest calculation]
    13.2 Calculation and applicable rounding method [Indicate the calculation formula and the rounding method]
    13.3 Calculation based on an average balance (if applicable) [Indicate the calculation method based on an average balance]

14. Interest payment
    14.1 Payment date [Indicate the date of interest payment]
    14.2 Payment method [Specify the method of interest payment]

15. Fiscal regime
    [Include description of the applicable and known fiscal regime at the date of commercialization: "Interest subject to [IRS/IRC] at a rate of [x%]" or "Interest exempt from [IRS/IRC] (specifying conditions)"]

16. Other conditions
    [Other applicable conditions. If there are any, identification and quantification of any commissions and expenses associated with the deposit]

17. Capital guarantee
    [Explicit mention of the existence of a guarantee for the total deposited capital, at maturity and in case of early mobilization, if permitted]

18. Deposit Guarantee Fund
    [When applicable, explicit statement of how the deposit benefits from the Deposit Guarantee Fund]

C. Duration of TIS conditions
[Insert the following expression: "The information contained in this document is valid until <insert validity period>." If there are other restrictions on the validity of the presented conditions, these must also be indicated]

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ANNEX III

Filling Notes for Technical Information Sheets - (TISs)

The filling of technical information sheets must obey the following rules:

a) All fields must be filled, and fields cannot be added or eliminated, even if they are not applicable;

b) The font type to be used in filling the fields must be "Arial" with a minimum size of 9 points;

c) In the case of impossibility to fill any of the fields, due to the characteristics of the specific product, the mention "not applicable" should be placed;

d) If historical data are referred to, the period to which they relate must be mentioned and clarified that they are past data, and therefore do not constitute a guarantee of future profitability. The end of the reference period of the historical data cannot have occurred more than one month before the start of the commercialization dissemination of the product.