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Fri, 04 Sep 2015 16:01 - Updated Fri, 04 Sep 2015 16:00

Securities code in place since 31 August

Luanda - The Securities Code - Law 22/15 - in force since 31 August, the date of its publication in Angola's Gazette, is meant to ensure legal certainty and legitimate expectations of issuers and investors in the country.

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The new law, approved by the National Assembly on April 21, replaced the Securities Law (Law 22/05, of 23 September) and complete the basic framework of the Securities Market and Derivatives.

The publication of the Securities Code, in harmony with the new Financial Institutions Basic Law (Law 12/15) in force since June 17, 2015,  is part of  reform of the Legal and Financial System.

The 484-article document clarifies the concepts of securities, defines the services and investment activities and establishes the comprehensive framework of trading in financial instruments on regulated stock and counter markets.

The new document also creates substantive and procedural rules on contraventions, typifies the crime of disobedience, adjusts the abstract measures of penalties for market manipulation crimes and other materials Capital Markets.

The Capital Market Commission is the institution tasked with regulating, supervising, inspecting and promoting the  Securities Markets and Derivatives in Angola.

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