Banco de Cabo Verde Regulates Management of Other Assets and Financial Activities
In an effort to ensure financial stability and transparency in Cabo Verde, Banco de Cabo Verde has introduced regulations governing the management of other assets and financial activities.
Regulatory Scope
The new regulations cover a wide range of activities, including:
- Acting in interbank markets
- Leasing of movable property
- Transactions involving precious stones and metals
- Consulting services for companies
- And more
These activities are subject to authorization from Banco de Cabo Verde, which is responsible for granting licenses to financial institutions operating in the country.
Governance and Registration
The regulations also apply to governing bodies of entities subject to supervision by Banco de Cabo Verde, including:
- Members of management and supervisory bodies
- These individuals must undergo a special registration process with Banco de Cabo Verde in order to carry out their duties.
Qualifying Holdings
The regulations also govern qualifying holdings, which are direct or indirect holdings in financial institutions that represent more than 5% of the share capital or voting rights. Natural or legal persons who intend to hold a qualifying holding must notify Banco de Cabo Verde in advance.
Banking System Indicators
Banco de Cabo Verde has introduced quarterly publication of banking system indicators, providing aggregated data on financial and prudential indicators for credit institutions with general authorization.
Microprudential Supervision Policy
The policy outlines the guidelines for microprudential supervision, ensuring that regulatory processes are in line with legal and regulatory frameworks, as well as international best practices.
Objectives
The regulations aim to promote financial stability, transparency, and good governance in Cabo Verde’s financial sector. Financial institutions operating in the country must comply with these regulations to ensure their operations are authorized and supervised by Banco de Cabo Verde.
Resources
For more information on the regulations and guidelines outlined above, please refer to:
- Lei das Atividades e das Instituições Financeiras (LAIF)
- Aviso nº 1/2015
- Aviso nº 3/2015
- Aviso nº 5/2014
Note: This article is a rewritten version of the original text and is intended to be a media-style report on the topic.