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CABO VERDE: Financial Authority Sets Guidelines for Company Operations

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In a move to strengthen financial regulations in Cabo Verde, the country’s financial authority, Banco de Cabo Verde, has released guidelines outlining the procedures and requirements for companies operating in the sector.

Guidelines for Company Operations

The guidelines cover various aspects of company operations, including:

  • Capital structure
  • Business strategy
  • Mergers and acquisitions
  • Other related issues

Companies must also notify Banco de Cabo Verde of any intention to acquire or increase a qualifying holding in a financial institution, which represents more than 5% of the share capital or voting rights.

Requirements for Individuals

Individuals taking on management or supervisory roles in financial institutions must undergo a special registration process and background checks.

Quarterly Reporting Requirements

Credit institutions with general authorization will be required to publish quarterly reports on their financial indicators, providing a comprehensive view of the Cabo Verdean banking system.

Key Requirements

  • Companies must notify Banco de Cabo Verde of any intention to acquire or increase a qualifying holding in a financial institution.
  • Individuals taking on management or supervisory roles in financial institutions must undergo a special registration process and background checks.
  • Credit institutions with general authorization will be required to publish quarterly reports on their financial indicators.

Timeline

  • Companies must submit notifications of intention to acquire or increase a qualifying holding within [insert timeframe].
  • Special registration for individuals taking on management or supervisory roles in financial institutions is effective immediately.

Contact Information

For more information, please contact Banco de Cabo Verde at [insert contact information].