CMC Licensed Entities
The Comissao do Mercado de Capitais (CMC) licenses and supervises all intermediaries operating in Angola’s capital markets. Only entities holding a valid CMC license may conduct securities brokerage, dealing, custody, asset management, or advisory services.
Categories of Licensed Entities
The CMC grants licenses across the following categories:
| Category | Description | Key Requirements |
|---|---|---|
| Brokers (Corretores) | Execute buy/sell orders on behalf of clients on BODIVA | Minimum capital, professional staff, IT systems |
| Dealers (Negociadores) | Trade securities on their own account | Higher capital requirements, risk management |
| Custodians (Depositarios) | Hold and safeguard securities on behalf of clients | Segregation of assets, reporting obligations |
| SGOICs | Collective investment scheme management companies | Fund management license, compliance framework |
| Auditors | Authorized auditors for listed companies and funds | Registration with CMC, independence requirements |
Licensed Brokers and Dealers
Angola’s equity market on BODIVA currently operates with a small number of licensed intermediaries. These firms serve as the primary gateway for retail and institutional investors to access the 5 listed equities and the government bond market.
Licensed intermediaries must maintain:
- Minimum regulatory capital as prescribed by CMC regulations
- Professional indemnity insurance
- Segregated client accounts
- Ongoing compliance with CMC regulations
- Annual audited financial statements submitted to the CMC
Licensed Custodians
Custodian banks provide settlement, safekeeping, and corporate action processing for BODIVA-listed securities. The Central de Valores Mobiliarios de Angola (CEVAMA), operated by BODIVA, serves as the central securities depository.
How to Verify a License
Investors should always verify that their intermediary holds a current CMC license before transacting. The CMC maintains a public register of licensed entities on its website. Unlicensed activity is a criminal offense under Angola’s Securities Code.
Investor Protection
Licensed entities are subject to conduct rules that require:
- Best execution of client orders
- Fair treatment and disclosure of conflicts of interest
- KYC/AML compliance for all client accounts
- Prompt settlement of transactions (T+3 cycle on BODIVA)
For complaints against licensed entities, see the complaints process. For the full regulatory framework, see the CMC mandate.