According to Law no. 09/20 of 16 April, Law amending the Securities Code, consulted this Friday by Lusa, the amendment of paragraph 1 of Article 415 of the law approved in 2015 appears to "blur huge constraints that arise" in the exercise of supervisory powers by the Capital Market Commission (CMC).
For breaches qualified as serious in the capital market the fines vary between 3.5 million and 10.5 million kwanzas and for the less serious between 352,000 and 3.5 million kwanzas.
The current stage of development of the securities and derivatives market, as well as the current macroeconomic environment surrounding it, are some of the fundamentals of the amendment to the law.
Because it observes the preamble of Law no. 09/20 of 16 April, the institutions that intervene in it "have not yet reached the maturity, solidity and financial robustness necessary to bear the costs of previous fines".
The amendment of paragraph 1 of Article 415 of the Securities Code is also aimed at "adjusting the amounts of the fines provided for therein or the degree of solvency and liquidity of the institutions and the best international practices".
The emerging Angolan capital market is regulated, supervised and monitored by the CMC.
The Capital Markets Commission is overseen by the President and supervised by the Ministry of Finance.
