The Council of Supervisors of the Financial System (CSSF) has decided to extend until December 31, 2030, the exception period that allows banks to carry out, in a limited way, investment services and activities related to securities and derivative instruments.
The decision, published on the website of the National Bank of Angola, was made during the second extraordinary session of the CSSF held on June 10, extending the previous deadline which was set to expire on December 31, 2025.
The measure aims to provide more time to complete the transfer of these services to securities distribution and brokerage companies, in compliance with Law No. 14/21 on the General Regime of Financial Institutions. This law mandates that certain services must no longer be provided by banks and should become the exclusive domain of brokerage firms.
According to the statement, during the transition period, banking financial institutions (IFBs) may continue to register and hold securities for non-resident investors and for their own portfolios, assist in public offerings, and conduct proprietary trading outside of regulated markets.
However, by the end of 2025, the registration of IFBs for advisory services related to capital structure, mergers and acquisitions, as well as underwriting and placement of securities in public offerings, will come to an end.
Institutions wishing to carry out the permitted activities must register or annotate with the Capital Markets Commission (CMC) and are required to regularly submit detailed information on portfolios, revenues, inventories, custodian reports, and client transfers to other intermediaries.
The regulator justifies the measure by emphasizing the need to ensure the “continuity and proper functioning of the securities and derivatives market” while the financial intermediation model in the country is being restructured.
Lusa, 17/06/2025
