Luanda - The revision and updating of the regulations and procedures of prudential supervision of National Bank of Angola (BNA) will allow the financial institution to obtain the status of equivalent central bank from the European Central Bank (ECB), for which it is applying.
This was stated by BNA deputy governor, Rui Minguêns, while speaking at the opening ceremony of webinar on "The New Prudential Regulatory Framework of the Banking Sector".
Minguêns said the process of reviewing and updating the regulations and procedures of prudential supervision, which began this year, aims to ensure the effective implementation of international best practices.
He explained that the main objective of equivalence is to facilitate the cross-border activity of financial institutions, creating a solid common prudential environment, for which, it is necessary that third countries adopt the same high standards of prudential rules in force in the European Union (EU).
Speaking ahead of the BNA's Annual Cycle of Conferences, the official said the main objectives defined include the creation of a prudential regulatory framework aligned with the European equivalence requirements and the Basel recommendations.
The Law on the General Regime of Financial Institutions, in its Article 45, determines that the legal order of the Angolan financial system should welcome the recommendations of international organisations that aim to strengthen the security and stability of the Angolan financial system, safeguarding the regulatory power of the BNA.
According to Rui Minguêns, the recent publication of Notices 8/21 and 10/21 on Prudential Requirements and Corporate Governance, respectively, will require a considerable effort in adjusting processes, procedures, systems and resources.
The new rules, Minguêns added, will bring changes in the management of Financial Institutions with the obligation of effective compliance with them until December 31, 2021.
BNA is adjusting its policies, procedures and practices in terms of micro and macro-prudential supervision, thus responding to the requirements issued by international reference bodies, transposed into the legal system, through the General Regime of Financial Institutions, Minguês said.
