CMC Mandate, Powers, and Structure
The Comissao do Mercado de Capitais (CMC) is Angola’s capital markets regulator, established to oversee the securities market, protect investors, and promote the orderly development of Angola’s financial markets. The CMC operates under the Securities Code (Codigo de Valores Mobiliarios) and reports to the Ministry of Finance.
Core Mandate
The CMC’s regulatory mandate encompasses four principal objectives:
- Market Integrity: Ensuring fair, transparent, and efficient capital markets by preventing market abuse, insider trading, and manipulation
- Investor Protection: Safeguarding the interests of retail and institutional investors through disclosure requirements, conduct regulation, and complaints handling
- Market Development: Promoting the growth and deepening of Angola’s capital markets, including the equity, debt, and collective investment sectors
- Systemic Stability: Contributing to overall financial system stability through coordination with the BNA and ARSEG
Powers
The CMC exercises broad regulatory and enforcement powers:
| Power | Description |
|---|---|
| Licensing | Grants and revokes licenses for brokers, dealers, custodians, and fund managers |
| Rule-Making | Issues regulations (Regulamentos) and instructions (Instrucoes) governing market conduct |
| Supervision | Conducts on-site inspections and off-site monitoring of licensed entities |
| Enforcement | Imposes fines, suspensions, and referrals for criminal prosecution |
| Prospectus Approval | Reviews and approves prospectuses for public offerings |
| Listing Decisions | Approves admission of securities to trading on BODIVA |
Organizational Structure
The CMC is governed by a Board of Directors comprising a Chairman and four members, all appointed by the President of the Republic. The operational structure includes departments for market supervision, licensing, enforcement, legal affairs, and research.
Regulatory Coordination
The CMC coordinates with:
- BNA: On matters where banking and securities regulation intersect, including bank-issued securities and the government bond market
- ARSEG: On insurance-linked securities and pension fund investments in capital markets
- BODIVA: As the exchange operator, BODIVA implements CMC rules regarding listing requirements, trading conduct, and settlement
International Membership
The CMC is a signatory to IOSCO’s Multilateral Memorandum of Understanding (MMoU), facilitating cross-border regulatory cooperation and information sharing. This membership supports Angola’s integration into international capital market standards and assists in FATF compliance efforts.
For the full directory of CMC regulations, see CMC Regulations.