Notices 8/21 and 9/21, published Tuesday in the Official Gazette, establish the characteristics of the elements that make up own funds and uniform rules on general prudential requirements that institutions must meet and regulate the activity of external audit in financial institutions authorized by the BNA, whose object is the analysis of financial statements at the close of accounts.
Notice 8/21 establishes the rules regarding capital requirements, limits to large risks, liquidity requirements and reporting and public disclosure of information, as well as risk governance.
The aim is to "align the prudential rules of the Angolan financial system with the highest standards and guidelines issued by international reference bodies, in order to ensure the convergence of the supervisory process to the best international practices," the notice states.
Financial institutions have a deadline of 30 days to submit to the BNA a detailed plan describing the measures they intend to implement to ensure compliance with the new rules.
The notice also establishes a transitional provision according to which financial institutions will have up to four months to adapt, during which time the current rules on the solvency ratio remain in force.
Notice 9/21 stresses the importance of external auditing to strengthen confidence in accounting and prudential information and applies to financial institutions and holding companies supervised by the BNA.
