"The law proposes the creation of the National Financial Stability Council (CNEF), taking into account the legal provision in which the National Bank of Angola is expressly indicated as the authority responsible for the implementation of the macro prudential policy, exercising for this purpose the functions of identification, monitoring and evaluation of risks to the stability of the financial system, as well as the function of implementing policies aimed at achieving this objective, through the implementation of measures to prevent and mitigate the corresponding risks," reads a press release.
The text, released after the meeting of the Council of Ministers, chaired by the President, João Lourenço, also explains that this law is part of the revision of the financial legal system, through the Law on the Activity of Financial Institutions.
The law also aims at "introducing a set of structural changes in the legal framework of financial institutions, harmonising them with the best international practices, thus ensuring the best defence of the rights and interests of the clients of financial institutions. Among other things, the institutionalisation of the legal framework for the dissolution and liquidation of banking institutions and the guarantee of public monitoring of the processes of sale of the activity of a banking institution, which is subject to resolution, and the cessation of activity of the transition institution".
