Ver Angola


Financial system subject to joint internal supervision from October

The Angolan Financial System Supervisors Council (CSSF) and its partners, the insurance supervisory agency and the Capital Market Commission (CMC) will carry out joint supervision of the country's main financial groups from October.

: Ampe Rogério/Lusa
Ampe Rogério/Lusa  

The measure was deliberated at the fourth ordinary meeting of the CSSF, according to a statement from the National Bank of Angola (BNA) to which Lusa had access this Thursday.

The CSSF, chaired by the governor of the BNA, analyzed, at this meeting, the performance of the national financial system during the first half of 2023 and the activities carried out in the last four months, within the scope of the implementation of its strategic plan.

The meeting approved the proposal for a joint supervision plan by the three supervisory bodies, namely BNA, CMC and the Angolan Agency for Regulation and Supervision of Insurance (Arseg) for the main financial groups, scheduled to start in the fourth quarter of 2023.

Within the scope of the work concerning the operationalization of the 'framework' (set of programming techniques and tools) of the BNA, the CSSF decided to ensure the maintenance of interaction and cooperation with partner national and international supervisory bodies, as well as with similar reference entities international market, with a view to ensuring the mitigation of systemic risk and maintaining the stability of the national financial system.

The meeting also approved principles on environmental, social and governance (ESG) criteria to be implemented in the Angolan financial system.

"The results of the global diagnosis of the level of ESG implementation by regulated financial institutions were presented. The CSSF highlighted the importance of the effective implementation of ESG-oriented policies by financial institutions", reads in the document.

This meeting also presented the state of the transition process of services and investment activities from commercial banks to Sociedades Corredoras de Valores Mobiliários, as well as the consolidation of the market infrastructure and the conclusion of the transfer of securities of a corporate nature.

The CSSF exercises coordination functions between the supervisory bodies of the financial system, in the exercise of the respective powers of regulation and supervision of financial entities and activities, and assumes advisory functions towards the BNA, as a national macro-prudential authority.

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