Angola’s capital markets have a single, dedicated supervisor. The Comissao do Mercado de Capitais (CMC) was established as an independent regulatory authority under Lei 22/15 – the Codigo dos Valores Mobiliarios – with a mandate that spans every aspect of securities market activity in the country. From licensing the 16 brokers and 21 settlement agents who operate on BODIVA to approving prospectuses for public offerings and investigating market abuse, the CMC is the institution that determines whether Angola’s capital markets function with the transparency and integrity needed to attract sustained investment.
Legal Basis and Independence
The CMC derives its authority from Lei 22/15, which defines it as a juridical person under public law (pessoa colectiva de direito publico) with administrative and financial autonomy. This legal structure is intended to insulate the regulator from political interference, an important feature for international investor confidence. The CMC reports to the President of the Republic through the Minister of Finance but operates independently in its supervisory and enforcement decisions.
The regulator is funded through a combination of government appropriations and fees collected from licensed entities and market participants. This mixed-funding model is common across African frontier market regulators, though full self-funding – as practiced by the South African FSCA or the Nigerian SEC – remains an aspiration as the Angolan market scales.
Organizational Structure
The CMC is governed by an Executive Board (Conselho de Administracao) comprising a President and up to four members, appointed by Presidential Decree for renewable five-year terms. The operational structure is organized into directorates covering:
- Market Supervision – monitoring of trading activity on BODIVA, surveillance for unusual price and volume movements, and oversight of market intermediaries.
- Licensing and Registration – processing of applications from brokers, dealers, settlement agents, custodians, and collective investment scheme operators.
- Issuance and Disclosure – review and approval of prospectuses, monitoring of continuous disclosure obligations by listed companies, and oversight of tender offers.
- Enforcement and Legal – investigation of market conduct breaches, administrative sanctioning procedures, and coordination with criminal authorities.
- International Cooperation – engagement with IOSCO, peer regulators in the CPLP (Comunidade dos Paises de Lingua Portuguesa), and multilateral organizations.
Key Regulatory Functions
Licensing
No entity may operate as a broker, dealer, settlement agent, custodian, or fund manager in Angola without a CMC license. As of early 2026, the CMC has licensed:
| Category | Licensed Entities |
|---|---|
| Brokers (sociedades corretoras) | 16 |
| Settlement agents (agentes de liquidacao) | 21 |
| BODIVA (market operator) | 1 |
| CEVAMA (central depository) | 1 |
The licensing process requires applicants to demonstrate adequate capitalization, governance structures, operational systems, and compliance functions. Ongoing compliance is monitored through periodic reporting requirements and on-site inspections.
Prospectus Approval
Every public offering of securities in Angola requires a prospectus approved by the CMC. The approval process involves a substantive review of the prospectus for completeness, accuracy, and compliance with disclosure requirements set out in the securities code. The CMC does not pass judgment on the merits of the investment itself – this is a disclosure-based regime, not a merit-based one – but it ensures that investors receive sufficient information to make informed decisions.
The prospectus approval function was tested at scale during the BFA IPO in 2025, a $241 million offering that was 5x oversubscribed. The CMC’s handling of that process – including the review timeline, investor communications, and allocation oversight – is widely regarded as a benchmark for future PROPRIV privatizations.
Market Surveillance
The CMC monitors trading activity on BODIVA for signs of market manipulation, insider trading, and other forms of market abuse. Surveillance systems track price movements, volume anomalies, and the trading patterns of connected persons around material events. While the surveillance infrastructure is still developing compared to more mature markets, the relatively small size of BODIVA’s equity market – 5 listed companies with concentrated ownership structures – allows for more targeted monitoring.
In 2024, BODIVA recorded 10,328 transactions with a total value of AOA 6.06 trillion ($6.6 billion). The surveillance challenge will grow significantly as more companies list through the PROPRIV pipeline and trading volumes increase.
Enforcement
The CMC has the authority to impose administrative sanctions for breaches of the securities code, including fines, suspension of licenses, and prohibition orders against individuals. For criminal offenses such as insider trading and fraud, the CMC refers matters to the Procuradoria-Geral da Republica.
Enforcement activity has been limited to date, reflecting both the early stage of the market and capacity constraints. The CMC has publicly emphasized education and market development over punitive enforcement in the current phase, though it has taken action on disclosure failures by listed entities. Building a credible enforcement track record will be essential as the market grows and as international institutional investors conduct due diligence on regulatory effectiveness.
Investor Protection
The CMC’s investor protection mandate includes ensuring the segregation of client assets at brokers and custodians, overseeing the complaints resolution process, and requiring continuous disclosure by listed companies. CEVAMA’s structure of contas de terceiros (third-party accounts) means that client securities are legally separate from the assets of their broker, a safeguard that protects investors in the event of a broker insolvency.
The CMC also maintains a public register of licensed entities, enabling investors to verify that any firm offering securities services holds the appropriate authorization.
International Cooperation
The CMC has pursued cooperation agreements with peer regulators, particularly within the CPLP. It has engaged with IOSCO (International Organization of Securities Commissions) and participates in regional forums for African securities regulators.
International cooperation serves two purposes: it provides technical assistance for institutional capacity building, and it enables cross-border information sharing for enforcement. As Angola’s capital markets attract more foreign participation – and as Angolan companies explore dual listings or international bond issuances – the CMC’s ability to cooperate with counterpart regulators will become increasingly important.
Challenges and Outlook
The CMC faces the challenge of regulating a market that is growing faster than its institutional capacity. The PROPRIV privatization programme is expected to bring several large companies to BODIVA in the coming years, each requiring prospectus review, ongoing surveillance, and potentially complex enforcement scenarios involving politically connected entities.
Staffing, technical infrastructure, and budget remain constraints. The development of a comprehensive electronic surveillance system, the deepening of enforcement expertise, and the establishment of a track record of independent action against market misconduct are priorities that will determine whether the CMC can build the credibility required to support a maturing capital market.