CMC Regulations Directory
The Comissao do Mercado de Capitais (CMC) issues regulations through Regulamentos, Instrucoes, and Circulares that govern all aspects of Angola’s capital markets. These instruments cover listing requirements, disclosure obligations, market conduct, and intermediary standards.
Listing Rules
Companies seeking admission to BODIVA must comply with CMC listing regulations, which establish:
- Minimum capitalization thresholds for equity listings
- Financial track record: At least three years of audited financial statements
- Free float requirements: A minimum percentage of shares must be available for public trading
- Corporate governance standards: Compliance with the corporate governance code
- Ongoing disclosure obligations: Quarterly and annual reporting, material event notifications
Currently, 5 equities are listed on BODIVA: BAI (Kz 100,500), BFA (Kz 118,000), BODIVA SA (Kz 55,500), BCGA (Kz 24,000), and ENSA (Kz 18,000).
Disclosure Requirements
Listed entities must adhere to continuous disclosure rules:
| Disclosure Type | Timing | Channel |
|---|---|---|
| Annual Report & Accounts | Within 4 months of year-end | CMC + BODIVA dissemination system |
| Semi-Annual Financials | Within 2 months of period-end | CMC + BODIVA |
| Material Events (Factos Relevantes) | Immediate (within 24 hours) | CMC notification system |
| Related-Party Transactions | Prior to execution | CMC approval required |
| Major Shareholder Changes | Within 5 business days | CMC notification |
Market Conduct Rules
The CMC enforces strict market conduct standards to maintain market integrity:
- Prohibition of insider trading: Persons with access to material non-public information are prohibited from trading or tipping. See market abuse regime.
- Market manipulation: Artificial price inflation, wash trading, and spoofing are prohibited.
- Best execution: Brokers must execute client orders at the best available price.
- Conflict of interest management: Intermediaries must disclose and manage conflicts.
Collective Investment Schemes
CMC regulations govern the establishment and operation of collective investment schemes (Organismos de Investimento Colectivo), including:
- Open-ended and closed-ended funds
- Real estate investment funds
- Licensing requirements for SGOICs (fund management companies)
- Valuation methodology and NAV calculation standards
- Distribution rules and investor communication requirements
For details on fund management regulation, see Fund Management.
Enforcement
The CMC may impose administrative sanctions for regulatory breaches, including fines, license suspensions, public censure, and referral to the Procuradoria-Geral da Republica for criminal prosecution. Recent enforcement activity has focused on disclosure failures and AML compliance.