Operational Rules for Credit Cooperative Societies – Notice No. 07/2023

PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 124, OF JULY 6 NOTICE NO. 07/2023 SUBJECT: FINANCIAL SYSTEM

• Operational Rules for Credit Cooperative Societies
  Considering the need to adapt the regulation of Credit Cooperative Societies, aiming to promote savings and financial inclusion, crucial factors for driving economic activity. Pursuant to the Regulation of Credit Cooperative Societies approved by Presidential Decree No. 91/23, of April 5, combined with item d) of paragraph 3 of Article 7 of Law No. 14/21, of May 19, the General Regime for Financial Institutions Law, with item f) of paragraph 1 of Article 31 and Article 98, both of Law No. 24/21, of October 18, the National Bank of Angola Law. IT IS DETERMINED:
  Article 1.
  (Subject Matter)
  This Notice establishes the operational rules appropriate for the permitted activities of Credit Cooperative Societies, as well as the information reporting to which Credit Cooperative Societies are subject.
  Article 2.
  (Scope)
  This Notice applies to Credit Cooperative Societies.
  Article 3.
  (Permitted Activities)
  Credit Cooperative Societies may carry out the following activities:

II –
CONTINUATION OF NOTICE NO. 08/2023 Page 2 of 3 a) Collection of deposits, exclusively from their members; b) Granting of credit to their members; c) Acquisition of public debt securities or bonds issued by the National Bank of Angola; and d) Establishment of time deposits in Financial Institutions.
Article 4.
(Supervision and Information Reporting)

1. Credit Cooperative Societies are subject to prudential and conduct supervision, as defined in Law No. 14/21, of May 19, the General Regime for Financial Institutions Law, and other applicable regulations.
2. The National Bank of Angola defines in specific regulations the terms and conditions for information reporting.
   Article 5.
   (Accounting)
   Credit Cooperative Societies must carry out the accounting recording of their operations, in accordance with the Chart of Accounts for Non-Bank Financial Institutions.
   Article 6.
   (External Audit)
   The financial statements of Credit Cooperative Societies must be audited by a certified accountant accredited by the respective professional order.
   Article 7.
   (Complementary Activities)
   Credit Cooperative Societies wishing to exercise payment service provision activities must comply with specific legislation and regulations, in accordance with item a) of paragraph 1 of Article 12 of Law No. 40/20, of December 16, the Angolan Payment System Law.

II –
CONTINUATION OF NOTICE NO. 08/2023 Page 3 of 3
Article 8.
(Repeal)
All regulations contrary to the provisions of this Notice are hereby repealed, including Notice No. 05/2011, of June 8, Notice No. 08/2011, of July 15, Notice No. 04/2012, of March 28, as well as Notice No. 09/2012, of April 2.
Article 9.
(Penalties)
Non-compliance with the provisions established in this Notice constitutes an offense provided for and punishable under Law No. 14/21, of May 19, the General Regime for Financial Institutions Law.
Article 10.
(Doubts and Omissions)
Doubts and omissions arising from the interpretation and application of this Notice are resolved by the National Bank of Angola.
Article 11.
(Entry into Force)
This Notice enters into force on the date of its publication.
PUBLISH.
Luanda, on June 26, 2023.
THE GOVERNOR
MANUEL ANTÓNIO TIAGO DIAS