Notice No. 3/GBM/2026 of June 2, 2026 – Rules on Investor Qualification in the Securities Market

SUMMARY
Supreme Court:
Resolution No. 1/TS/CJ/2026:
Approves the Regulations on Standards and Procedures Applicable to Internships in the Judicial Courts for final-year students and recent law graduates.
Bank of Mozambique:
Notice No. 2/GBM/2026:
Establishes the rules for connection to the single payment network, hereinafter designated as the "National Single Network" and revokes Notice No. 2/GBM/2015, of April 22. Notice No. 3/GBM/2026:
Establishes the rules relating to the qualification of investors in the securities market.
Communications Regulatory Authority:
Resolution No. 2_BR/CA/INCM/2026:
Approves the regime applicable to the sending of A2P (Application-to-Person) SMS messages, including PROMO (promotional/commercial), TRANS/SERV (transactional, service/support and informational) messages. Tuesday, June 2, 2026 I SERIES — Number 103 SUPREME COURT Resolution No. 1/TS/CJ/2026 of March 27

Given the need to regulate the internship in the Judicial Courts for final-year students and recent law graduates, under the provisions of Articles 94 and 96, letter d), both of Law No. 24/2007, of August 20 – Law on Judicial Organization, with the amendments introduced by Law No. 24/2014, of September 23, and also Law No. 11/2018, of October 3, the Judicial Council, resolves:
Article 1. The Regulations on Standards and Procedures Applicable to Internships in the Judicial Courts for final-year students and recent law graduates, attached hereto, are approved, which constitutes an integral part of this Resolution.
Art. 2. This Resolution enters into force on the date of its publication.
Publish.
Supreme Court, on March 27, 2026. – The President, Adelino Manuel Muchanga.
Regulations on Standards and Procedures Applicable to Internships in the Judicial Courts for Final-Year Students and Recent Law Graduates
CHAPTER I
General Provisions
Article 1
Object
These Regulations establish the legal regime for the academic and professional internship to be carried out in the judicial courts of the Republic of Mozambique, defining its nature, objectives, competencies, duties, functional limits, and disciplinary regime.
Article 2
Nature of the Internship

1. The internship is exclusively of a training nature.
2. The internship does not create an employment bond with the State.
3. The internship does not confer decision-making powers nor replace functions inherent to judicial magistrates or Justice officials.
   Article 3
   Objectives
   The objectives of the internship are:
   a) To provide complementary practical training to academic formation; b) To develop legal research and procedural analysis skills; c) To promote a culture of ethics, independence, and judicial responsibility; and d) To bring legal education closer to jurisdictional practice.
   CHAPTER II
   Admission and Protocol
   Article 4
   Admission Requirements
4. The following may apply for internships in the judicial courts:
   a) Final-year students of the Law course, duly enrolled and with a grade equal to or higher than ten values in the accumulated curricular average; b) Law graduates for no more than three years from the date of application; Electronic Edition of Pandora Box, Lda.

742 I SERIES — NUMBER 103
Internal systems for the management of banking operations:
computer systems whose function consists in the management of the operations of clients of credit institutions and financial companies.
Electronic payment terminals: Automated Teller Machines (ATM) and other types of terminals that allow the performance of various banking operations and payment services. Notice No. 3/GBM/2026 of June 2

Given the need to establish rules for investor protection in the securities market, the Bank of Mozambique, in its capacity as regulatory and supervisory authority, under the competence conferred by numbers 1 and 3 of Article 4 of the Securities Market Code approved by Decree-Law No. 4/2009, of July 24, determines:
CHAPTER I
General Provisions
Article 1
Object

1. This Notice establishes the rules relating to the qualification of investors in the securities market.
2. This Notice also establishes the duties of financial intermediaries in the categorization and provision of information to investors.
   Article 2
   Scope
   This Notice applies to financial intermediaries within the scope of the securities market.
   Article 3
   Definitions
   For the purposes of this Notice, it is considered:
   a) Financial intermediaries – Legal entities legally authorized to exercise, on a professional basis, some activity of financial intermediation in the securities markets and authorized by the Bank of Mozambique; b) Professional investor – One who possesses the experience, knowledge, and competence necessary to make their own investment decisions and to properly weigh the risks incurred; and c) Securities – Shares, bonds, public funds, units of participation in investment funds, and any other values, regardless of their nature or form of representation, even if merely book-entry, legally issued by any entities, public or private, in homogeneous sets that confer identical rights to their holders, and which are legally susceptible to negotiation in an organized market. For the purposes of this Notice, financial instruments are treated as equivalent to securities.
   CHAPTER II
   Categorization of Investors
   Article 4
   Category of Investors
   Investors within the scope of the securities market are categorized as non-professional investors or professional investors.
   Article 5
   Investor Categorization Policy
3. Financial intermediaries must establish, in writing, a policy that allows knowing the profile of each investor as a non-professional or professional investor, which must contain, at minimum:
   a) The categorization criteria; b) Operational procedures for the attribution and registration of the category; c) The documents required from the investor to support the classification; and d) The periodicity of review of the attributed category.
4. Financial intermediaries must have the investor's category duly registered and updated in their systems or processes.
5. The financial intermediary may, with the written consent of the investor, categorize any professional investor as a non-professional investor.
   Article 6
   Categorization as a Non-Professional Investor
6. Categorization as a non-professional investor depends on a written agreement between the financial intermediary and the investor, in which the scope, operations, services, and financial instruments to which it applies must be defined.
7. In the absence of stipulation provided for in the preceding number, it is presumed that the agreement applies to all operations, services, and financial instruments.
8. The investor or financial intermediary may terminate the agreement referred to in No. 1, by written communication, the effects of which take place five days counted from the date of receipt of the communication.
   Article 7
   Investment Limits for Non-Professional Investors
9. Non-professional investors may invest in securities, within the following limits:
   a) The amount in complex or high-risk products cannot exceed 10% of the annual net income or 10% of the value of the investor's net financial assets; b) Total investment in public offerings, collaborative financing of securities, or similar instruments cannot exceed two million meticais per year; c) In shares, bonds, units of participation in funds, limits do not apply, without prejudice to the rules of adequacy and risk assessment.
10. Non-professional investors must provide a written declaration to the financial intermediary regarding annual net income or the value of financial assets, attaching the respective supporting documents.
11. The Bank of Mozambique, upon justified request by the investor, may authorize investment in other financial instruments and the adoption of limits higher than those referred to in No. 1.
12. The processing of the request referred to in the preceding number must be submitted through the financial intermediary.
    Article 8
    Categorization as a Professional Investor
13. A non-professional investor may request the financial intermediary to be categorized as a professional investor.
14. The acceptance of the request depends on a prior assessment by the financial intermediary regarding the investor's knowledge, experience, and financial capacity.
15. The prior assessment aims to ensure the investor's aptitude to make investment decisions and that they understand the risks involved, weighed against the nature of the operations, services, and financial instruments contracted.
16. For the purposes of categorizing the professional investor, at least two of the following requirements must be respected:
    a) Having carried out operations with an average frequency of 20 per quarter, during the last four quarters; b) Possessing a portfolio of financial instruments, including time deposits, equal to or greater than 30 million meticais; c) Having performed or performed functions in the financial sector, for at least 1 year in a position whose knowledge and experience are related to the services or operations in question.
17. In the request presented by a legal entity, the assessment provided for in No. 2 and the one related to the requirement mentioned in letter c) of the preceding number must focus on the person responsible for investment activities.
    Article 9
    Procedures
18. The categorization of the professional investor observes the following procedures:
    a) The investor requests the financial intermediary to categorize them as a professional investor, establishing the operations, services, and financial instruments in which they wish such categorization; b) The financial intermediary must inform the investor of the acceptance or rejection of the request and, in case of acceptance, explain the respective implications, namely the assumption of higher risk; c) The investor must declare in an autonomous document provided by the financial intermediary that they are aware of the implications of categorization as a professional investor.
19. The requests, information, and declarations referred to in the preceding number must be made in writing.
    Article 10
    Assessment of Investor Requirements
20. The intermediary must assess annually the maintenance of the assumptions for categorization as a professional investor.
21. The investor qualified as professional under the previous article must keep the financial intermediary informed about any change likely to affect the assumptions that led to their qualification.
22. In the absence of requirements provided for in the previous article, the financial intermediary requests the investor to prove them within thirty days, under penalty of requalification as a non-professional investor, without the need for written consent.
    CHAPTER III
    Conduct Rules of Financial Intermediaries
    Article 11
    Duty of Information
23. Without prejudice to the general duties provided for in Article 5 of the Securities Market Code, financial intermediaries must provide all necessary information for a conscious, informed, and reasoned decision by the investor, including those regarding:
    a) The services provided by them; b) The investor's profile, the right to request a distinct categorization, and any limitation at the level of the degree of protection that this implies; c) The financial instruments and investments proposed, including whether the financial instrument is intended for professional or non-professional investors; d) The special risks involved in the operations to be carried out; e) Their order execution policy; f) The protection of the investor's assets and the existence or lack of any guarantee or equivalent protection fund covering the services to be provided; g) The origin and nature of any interest of the financial intermediary or persons acting on its behalf in the service provided; h) The cost of the service to be provided.
24. The extent and depth of the information must be greater the lower the degree of knowledge and experience of the investor.
25. The information provided for in No. 1 must be provided in writing, even in standardized form, and free of charge, in the case of the non-professional investor.
26. The information on service cost must:
    a) Contain the investment services and auxiliary services, namely the costs of investment consulting services, of the security recommended or sold to the investor; b) Aggregate all costs and charges to the instrument or service, so as to allow the investor to know the total cost and its respective impact on the return of the investment.
27. The information provided for in the preceding number is communicated periodically to the investor and, at least, annually, during the entire duration of the investment.
28. In the relationship with professional investors, the provision of information on costs is only required when the financial intermediary provides them with investment consulting or portfolio management services.
29. The financial intermediary must send the investor an order execution report by the end of the next business day following the completion of the operation.
30. Omission or misleading is equated to the provision of defective and incomplete information.
    Electronic Edition of Pandora Box, Lda.

744 I SERIES — NUMBER 103
9. The Bank of Mozambique approves, by Circular, standardized models for the provision of information.
Article 12
Contractual and Periodic Information

1. The financial intermediary sends, monthly, to each investor, reports on the service provided.
2. The report must take into account the type and complexity of the financial instruments and the nature of the services provided and include the costs of transactions and services executed.
3. The compliance with the duty provided for in No. 1 is not required when the financial intermediary provides services to professional investors, except when they request it in writing.
   Article 13
   Duty of Suitability Verification
4. The financial intermediary must request information from the non-professional investor regarding their knowledge, experience, situation, and financial capacity, risk tolerance, and objectives with the investment in financial instruments.
5. Professional investors are not required to comply with the preceding number.
6. Without prejudice to the preceding number, the professional investor may request the financial intermediary to comply with the duty referred to in No. 1.
7. The financial intermediary must keep the investor profile questionnaire and the associated decision, at minimum, for five years.
   Article 14
   Pre-contractual Information
   Financial intermediaries must prove, by written or electronic document, before the subscription of financial instruments, that investors had knowledge and agreed with the following aspects:
   a) Terms and conditions of intermediation under Article 15; b) Value of commission, charges, and other costs associated with paying for intermediation services; c) Interest, dividends, or other financial returns to receive, if applicable; d) Possibility of total or partial loss of invested capital risk; e) Associated risks; and f) Declaration of understanding of risks and express acceptance by the investor.
   Article 15
   Minimum Content of the Contract
   The financial intermediation contract concluded with the non-professional investor must contain, at minimum:
   a) Complete identification of the parties, address, phone numbers, and, if applicable, electronic address; b) Classification criteria applied; c) The activities that the financial intermediary is authorized to provide; d) The services and financial instruments (securities) that are the object of the services to be provided; e) Commissions, charges, and all other associated costs; f) Confidentiality and data protection rules; g) Rights and duties of the parties, namely those of a legal nature and their respective form of compliance; h) Consequences resulting from non-compliance attributable to either of the parties; and i) Channels for submitting complaints or reports.
   Article 16
   Policy and Measures for Execution of Investor Orders
8. Financial intermediaries must establish and apply a policy for the reception, execution, and transmission of orders that allows obtaining, for the orders of their investors, the best possible result, which must:
   a) Be approved by the administration body; b) Include, with respect to each class of securities, information on the market where the investors' orders are executed; c) Be transmitted adequately, with clear, sufficiently detailed, and easily understandable explanation by investors.
9. Relevant changes to the policy for the reception, execution, and transmission of orders must be communicated, in physical or electronic support, to the investor.
10. Financial intermediaries must adopt sufficient measures to obtain, in the execution of orders, the best result in terms of price, costs, speed, probability of execution, settlement, volume, nature, or any other consideration relevant for the execution of the order.
11. Financial intermediaries must control the effectiveness of their order execution mechanisms and their order execution policy, in order to identify and correct deficiencies.
12. Investors must appoint, through a specific power of attorney, and communicate to the financial intermediary, the representatives with legitimacy to request the execution of orders.
    Article 17
    Segregation of Assets
13. The financial intermediary must, in all acts and operations executed, as well as in accounting records:
    a) Distinguish the assets that make up its patrimony and those of each investor, in separate or identified accounts; b) Adopt measures to safeguard the investors' rights over these assets, including procedures that minimize risks of fraud, mismanagement, error, or improper use.
14. The financial intermediary cannot, in its own interest or in the interest of third parties, dispose of securities of its investors or exercise the rights inherent to them, except by prior written agreement with the holders.
15. Financial intermediaries cannot use in their own interest or in the interest of third parties the money received from investors.
    Article 18
    Information Register
16. The financial intermediary must:
    a) Keep records and accounts in such a way as to identify at any time and immediately the distinction with assets belonging to its own patrimony; Electronic Edition of Pandora Box, Lda.

2 DE JUNHO DE 2026 745 b) Keep records and accounts organized in such a way as to guarantee their accuracy and, in particular, their correspondence with the securities and money of investors; c) Carry out reconciliations with the necessary frequency between the records of its internal investor accounts and accounts opened with third parties, if applicable; d) Take the necessary measures for any securities of investors, deposited or registered with a third party, to be identifiable separately from the securities belonging to the financial intermediary through accounts opened in the name of the investors or in the name of the financial intermediary with mention of being investor accounts, or through equivalent measures that guarantee the same level of protection; e) Employ the necessary actions so that the money of investors is held in an account or accounts opened in their names or in the name of the intermediary with mention of being investor accounts, identified separately from any accounts used to hold money of the financial intermediary; f) Adopt organizational measures to mitigate the risk of loss or decrease in value of investors' assets or rights related to these assets, resulting from abusive use of assets, fraud, mismanagement, inadequate maintenance of records, or negligence.
2. The financial intermediary communicates to the Bank of Mozambique, immediately, any facts likely to affect the security of assets belonging to the investors' patrimony or to generate risk for other financial intermediaries or for the securities market.
Article 19
Accounting and Records

1. The accounting of the financial intermediary must reflect, daily, with respect to each investor, the credit or debit balance in money and in securities.
2. The financial intermediary must maintain:
   a) Records of all services, activities, and transactions provided or carried out by them, which are sufficient to allow verification of compliance with their legal duties and their obligations towards investors; b) A daily and sequential record of operations carried out, on their own account and on behalf of each of the investors, with indication of movements of securities and money.
3. For the purposes of letter b) of the preceding number, the record of each movement must contain or allow identifying:
   a) The investor and the account to which it refers; b) The date of the movement and its respective value date; c) The nature of the movement, debit or credit; d) The description of the movement or operation that gave rise to it; e) The quantity or amount; f) The initial balance and after each movement.
4. Electronic systems must allow the rapid and adequate recording of each movement of the portfolio or order.
   Article 20
   General Principles on Conflicts of Interest
5. The financial intermediary must identify potential or real conflicts of interest and avoid or reduce to a minimum the risk of their occurrence.
6. The financial intermediary must give precedence to the interests of the investor, with respect to its own interests, the entities with which it is in a relationship of dominance or group of the holders of its governing bodies and collaborators.
7. The financial intermediary must, in the case of conflict of interest, ensure investors transparent treatment, by communication and request for confirmation, in writing, for the realization of the operation.
   Article 21
   Procedures on Conflicts of Interest
8. The financial intermediary must:
   a) Adopt a policy on matters of conflicts of interest; b) Proceed to the registration of activities that originate conflicts of interest, including the preparation of a list of people who had access to privileged information when the financial intermediary provides services related to public offerings or others from which the knowledge of this information results; c) Adopt measures on matters of personal transactions, such as members of the governing bodies, persons in a relationship of control, dominance, or group, and holders of relevant positions; d) Report to the Bank of Mozambique on the cases m