Article 18
Participation of other supervisory entities

1. If the object of the banking financial institutions encompasses any activity that is subject to the supervision of other supervisory entities, the National Bank of Angola, before deciding on the authorization request, shall ask the respective supervisory entity for information, namely on the appropriateness of the holders of the qualified shareholdings.

2 .The information requested must be supplied within thirty days, after that
period it will be considered that there is no information to give.

Article 19

1. The decision must be notified to the interested parties within six months counting from the reception of the request or, if that is the case, from the date of reception of the additional information requested to the petitioners, but never later than twelve months after the date of reception of the initial request.

2. The lack of notification, in the above mentioned deadlines, is considered as tacit refusal of the request.

Article 20
Refusal of authorization

1. The authorization for the banking financial institution will be refused whenever:

a) the incorporation authorization request does not comply with all the information and documents necessary;
b) the request contains in exactitudes and falsehoods;
c) the institution proposed does not comply with the terms of article 13 of this law;
d) the National Bank of Angola does not consider proved that all of the holders of qualified shareholdings satisfy the requirements of number 2 of article 23 of this law;
e) the institution proposed does not possess the technical or financial resources required for the type and volume of transactions it intends to perform;
f) the members of the management and supervisory boards, do not fulfill the requirements of number 1 of article 26 and 27 of this law.

2. If the request is improperly drawn up, the National Bank of Angola, before refusing authorization, will notify the petitioners in order to correct the deficiencies within a given deadline.