Angola’s financial regulatory architecture has undergone a decade of structural reform. Since the passage of the Codigo dos Valores Mobiliarios (Lei 22/15) in 2015, the government has built an institutional framework designed to attract private capital, support the privatization programme (PROPRIV), and align Angola with international standards for market conduct and transparency. The result is a multi-regulator system that, while still maturing, now provides the legal backbone for a functioning capital market.
The Four-Pillar Regulatory Structure
Four principal authorities divide supervisory responsibility across Angola’s financial system.
Comissao do Mercado de Capitais (CMC) is the independent securities regulator established under Lei 22/15. The CMC supervises all capital markets activity in Angola, including the licensing of market intermediaries, approval of prospectuses for public offerings, surveillance of trading on the Bolsa de Divida e Valores de Angola (BODIVA), and enforcement of disclosure obligations. As of early 2026, the CMC oversees 16 licensed brokers and 21 settlement agents, making it the single point of regulatory contact for anyone operating on or accessing Angola’s exchange.
Banco Nacional de Angola (BNA) is the central bank and the primary supervisor of the banking sector. Beyond monetary policy – with the reference rate at 17.5% as of January 2026 – the BNA is responsible for prudential regulation of commercial banks, licensing of financial institutions, payment systems oversight, and foreign exchange controls. Its regulatory reach extends to any financial product or institution not explicitly under CMC jurisdiction, and it coordinates closely with the CMC on matters of systemic risk and AML/CFT compliance.
Agencia de Regulacao e Supervisao de Seguros (ARSEG) regulates the insurance and pensions sector. While the Angolan insurance market remains small relative to banking and capital markets, ARSEG has been modernizing its supervisory framework, including new solvency requirements and consumer protection rules for life and non-life products.
Administracao Geral Tributaria (AGT) administers tax collection and enforcement, including the Imposto sobre a Aplicacao de Capitais (IAC), Angola’s tax on investment income. The standard IAC rate of 15% applies to capital gains, dividends, and interest income, making it a critical consideration for anyone calculating net returns on BODIVA-listed securities or government bonds.
Legislative Framework
The legislative architecture for capital markets rests on several foundational laws.
| Legislation | Scope |
|---|---|
| Lei 22/15 (Codigo dos Valores Mobiliarios) | Securities issuance, trading, settlement, market conduct, investor protection |
| Lei do Investimento Privado (LAIP, 2018) | Foreign and domestic private investment framework, incentives, repatriation |
| Lei das Instituicoes Financeiras | Prudential regulation of banks and non-bank financial institutions |
| Lei 5/20 (AML/CFT) | Anti-money laundering and counter-terrorism financing obligations |
| Aviso 15/19 | CEOC exemption for capital markets investors |
| Codigo Geral Tributario | Tax treatment of investment income, capital gains |
The securities code (Lei 22/15) is the single most important piece of capital markets legislation. It established the CMC, defined the legal categories of securities, set requirements for public offerings and listing, and created the enforcement framework for market abuse, insider trading, and disclosure failures. For foreign investors, the Lei do Investimento Privado (LAIP) provides the parallel framework governing registration, incentive zones, and profit repatriation rights.
International Alignment Efforts
Angola has been working to align its regulatory framework with international standards, driven in part by the need to exit the FATF grey list and in part by the desire to attract institutional foreign capital.
The BNA has adopted Basel-aligned capital adequacy requirements for commercial banks. The CMC has moved toward IOSCO principles for securities regulation, including requirements for prospectus disclosure, continuous reporting obligations, and the separation of client assets at custodians. Angola’s central securities depository, CEVAMA, operates on a delivery-versus-payment (DVP) settlement model – a key safeguard recognized by international standards – and held 58,389 custody accounts as of late 2024.
Credit ratings from all three major agencies provide an external benchmark: S&P rates Angola at B- Stable, Moody’s at B3 Stable, and Fitch at B- Stable. These ratings reflect both the progress made and the distance still to travel, particularly on governance, institutional capacity, and FX convertibility.
The AML/CFT framework was substantially overhauled with Lei 5/20, which introduced customer due diligence requirements, beneficial ownership registers, and suspicious transaction reporting obligations that apply across banking and capital markets. Progress on FATF compliance has been steady but incremental, and the outcome of Angola’s next mutual evaluation will be an important signal for international investors assessing regulatory risk.
Navigating the Framework
For investors, issuers, and intermediaries, the practical challenge is navigating a regulatory system that is still consolidating. Licensing, disclosure, and compliance requirements are spread across multiple regulators and legislative instruments, and enforcement capacity varies. The pages in this section provide detailed guides to the key components: the securities code, CMC structure and functions, BODIVA listing requirements, investor protection mechanisms, and the foreign investment law.