FINANCIAL INSTITUTIONS LAW ( PART 29)

Chapter VII
Responsible Management and supervision norms

Section I
General Principles

Article 70
Market direction and control

The National Bank of Angola is responsible for directing the monetary and foreign exchange markets in accordance with its Statutes and this law.

Article 71
Supervision

1. The National Bank of Angola is responsible for the supervision of banking financial institutions and institutions identified in number 1 of article 5, with registered office in Angola, as well as branch offices and representative offices in Angola, of financial institutions with registered offices abroad, in accordance with its Statutes and this law.

2. The supervisory competence granted to the Securities Supervision Entity, and to the Insurance Supervision Institute is not affected by the stipulated in the last number.

3. Not withstanding the stipulated in article 60 of this law, any entity or public body needing to, within its powers, analyze or obtain any information or documents pertaining to the activities of financial institutions supervised by the National Bank of Angola, shall only be able to do so after previous notification and duly accompanied.

4. The National Bank of Angola shall be responsible for the supervision of holding companies, when the participations held, directly or indirectly, in one or more financial institutions gives them control over companies that are subject to supervision.

5. The National Bank of Angola is also responsible for supervising the holdings that are not included in the stipulation of last number but hold a qualified shareholding in one or more financial institutions under supervision.

Article 72
Supervision on an individual and consolidated basis

1. Financial institutions shall be supervised on an individual and consolidate basis.

2. The National Bank of Angola is responsible for defining, by Notice, the terms and conditions for the supervision, on an individual and consolidated basis, of the institutions within its scope of competence.

Article 73
Guarantee of deposits

The Government is responsible for creating, by decree, a fund with the objective of ensuring the guarantee of deposits entrusted to participating institutions, and establishing rules for its operation.

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