(MENAFN- EIN Presswire)
Luanda, ANGOLA, August 15 - The Council of Ministers considered this Friday the draft Law on the Regime of Activity and Financial Institutions, which aims to introduce structural changes in the legal framework of the sector and make an alignment with international practices.
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The appreciation of the document, which is still under discussion and approval in the National Assembly (Angolan Parliament), took place in an extraordinary meeting led by the President of the Republic and holder of the Executive Power, João Lourenço.
A press release issued at the end of the session states that the law aims to introduce structural changes in the legal framework of the country's financial institutions and to align with international practices, with a view to defending the rights and interests of clients.
The document also aims to institutionalise the legal framework for the winding up and liquidation of banking institutions and to ensure public monitoring of the process of alienation of these institutions.
The proposed Law on the Regime of Activity and Financial Institutions aims to create the National Council for Financial Stability (CNEF), taking into account the legal provision in which the National Bank of Angola (BNA) is the authority responsible for the execution of the macro-prudential policy
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