FINANCIAL INSTITUTIONS LAW ( Part 1)

LAW nr. 13/05
September 30
Law nr. 1/99, dated April 23rd defines the basic principles regulating the Angolan financial market.

However, the national financial system, has suffered profound transformations that entail not only a bigger operational capacity of the system, but also a bigger diversity of operations performed by the financial activity, in the pursuit of overcoming the challenges inherent to an economy in permanent change.
The experience acquired during the last couple of years shows that, to attain the above mentioned objective, there is a need to alter some principles and proceedings defined in the legal framework currently in place, so, we hereby revise Law nr. 1/99,
dated April 23rd – Financial Institutions Law.
Therefore, and in accordance with line b) of article 88 of the Constitution, the National Assembly approves the following:

FINANCIAL INSTITUTIONS LAW

Chapter I
General Provisions

Article 1
Object of the law

1. The present law rules the process for the establishment, activity and supervision of financial institutions, plus corrective measures for the same.
2. The financial institutions that have a public company format will be subject to the rules approved by this law, without any prejudice to the dispositions of law 9/95, dated September 15th
– Public Company Law, and to whatever additional legislation may be applicable to them.

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