FINANCIAL INSTITUTIONS LAW ( PART 33)

Chapter VIII
Non-banking financial institutions

Section I
Authorization of financial institutions with registered office in Angola

Subsection I
General principles

Article 89
Scope of application

The provisions of this chapter are applied to the authorization of non-banking financial institutions identified in article 5 of this law.

Article 90
Supervisory Entities

The Supervisory Entities may celebrate agreements among themselves with the following objectives:

a) previous consultation for the strengthening of authorizations, supervision, normalization and overview of financial institutions;
b) exchange of information on financial institutions, their partners, administrators, managers and members of the supervisory, consultative and similar bodies; and
c) other issues of common interest.

Article 91
General requirements

The non-banking financial institutions with registered offices in Angola must satisfy the following requirements:

a) match up one of the types provided for in article 5 of this law;
b) to have as object the activities stipulated in the legal regulations;
c) to have a capital stock of not less than the legal minimum.

Article 92
Capital stock

1. The responsible Supervisory Entities shall define the minimum capital stock for non-banking financial institutions.

2. Not withstanding any special laws, numbers 2 to 9 of article 14 are applicable to non-banking financial institutions, with the necessary adaptations.

Subsection II
Authorization Process

Article 93
Authorization

1. The creation of non-banking financial institutions, with registered office in Angola, mentioned in article 5, requires an authorization issued, on a case-bycase basis, by the responsible Supervisory Entity.

2. To the authorization, and to the respective request, is applicable the stipulated in articles 16 to 19 of this law, with the necessary adaptations, namely regarding the authority of the Supervisory Entity.

Article 94
Refusal of authorization

1. Authorization shall always be refused when:

a) the request has not been drawn up with all the information and documents required;
b) the request contains inexactitudes or falsehoods;
c) the institution proposed does not comply with the terms of article 91 of this law;
d) the Supervisory Entity does not consider proved that all the holders of qualified shareholdings satisfy the requirements of number 2 of article 23 of this law;
e) the company does not possess the technical or financial resources for the type and volume of operations intended.

2. If the request is improperly drawn up, the Supervisory Entity, before refusing
authorization will notify the petitioners in order to correct the deficiencies,
within a defined deadline.

Article 95
Expiry of authorization

1. The authorization of a non-banking financial institution expires if the petitioners expressly waiver it, if the institution or company is not incorporated within six months or, if it does not start its activities within twelve months, counting from the same date.

2. In exceptional circumstances, and through request by the institution, duly substantiated, the responsible Supervisory Entity may extend, only once, up to six months, the date for the beginning of activity.

3. The authorization expires if the company is dissolved, without prejudice to the acts necessary for liquidation.

Article 96
Revocation of authorization

1. The authorization for a non-banking financial institution may be revoked on the following grounds, besides others provided for by law:

a) if it has been obtained by means of false declarations or other illegal means, regardless of any penal sanctions which may be applicable;
b) if any of the requirements made by law ceases to exist;
c) if the institution ceases to exercise its activity permanently, or for more than six months;
d) if the institution fails to honor its commitments, namely the ones regarding the safeguard of the funds entrusted to them;
e) if the institution does not comply with the laws and regulations that rule its activity or with the responsible Supervisory Entity decisions, putting at risk the interests of the investors and other creditors, or the normal operation of the monetary, financial or foreign exchange markets.

2. The revocation of the authorization implies the dissolution and liquidation of the company.

Article 97
Authority and forms of revocation

The authority and the form of revocation are defined in this law, and other applicable legislation.

Article 98
Administration and overview

Not withstanding the stipulated in special law, articles 26 to 29 of this law, are applicable with the necessary adaptations to non-banking financial institutions.

Article 99
Alterations to statutes

Any alterations to the statutes of banking financial institutions are subject to prior authorization of the responsible Supervisory Entity and also the merger, demerger and dissolution of the non-banking financial institutions.

Section II
Activities abroad with registered office in Angola

Article 100
Branch offices

Not withstanding the stipulated in special law, and with the necessary adaptations, articles 33 to 45 of this law, are applicable to the establishment of branch offices of non-banking financial institutions with registered office in Angola.

Section III
Activities in Angola with registered office abroad

Article 101
Branch offices

Not withstanding the stipulated in special law, and with the necessary adaptations, regarding the supervisory entity, articles 36 to 45 of this law, are applicable to the establishment, in Angola, of branch offices of non-banking financial institutions with
registered office abroad.

Article 102
Representative offices

The establishment and operation, in Angola, of representative offices of non-banking financial institutions with registered office abroad, is regulated by the stipulated in articles 46 to 48 of this law, with the necessary adaptations and not withstanding
dispositions of special law.

Article 103
Intervention of the Securities Supervision Entity

Whenever the object of a non-banking financial institutions referred to in number 1 of article 5, intending to open a branch office abroad, encompasses any intermediation activity in the capital market, the National Bank of Angola must require the Securities Supervision Entity legal opinion.

Section IV
Additional rules

Article 104
Registration

1. Non-banking financial institutions must be registered with their responsible Supervisory Entity prior to initiating their activity.
2. Apart from the obligation stipulated in the previous number, the providers of netting systems or clearing houses for securities must, prior to beginning activity, comply also with the stipulated in the Angolan System of Payment Law.

Article 105
Rules of conduct

Not withstanding the stipulated in special law, and with the necessary adaptations, Chapter VII, articles 55 to 69 of this law, are applicable.

Article 106
Prudential rules

Not withstanding the stipulated in special law, and with the necessary adaptations, numbers 1,2 and 4 of article 23, and articles 70 to 80 of this law, are applicable regarding the supervisory entity.

Article 107
Supervision

Not withstanding the stipulated in special law, and with the necessary adaptations, articles 71 to 81 of this law, are applicable.

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