Angola Capital Markets Commission reports unanimous parliamentary approval of audit oversight and crowdfunding bills

The Angola Capital Markets Commission said Angola’s National Assembly has unanimously approved two legal proposals presented as part of the ongoing regulatory reform of the capital markets for securities and derivatives. The measures cover the legal regime for supervising external audits of public interest entities and the legal regime for collaborative financing, or crowdfunding. The audit oversight bill sets the general framework for audits of entities whose size, economic relevance and public impact justify stricter controls and higher standards for the reliability of financial information, classified as public interest entities. It is intended to establish an effective supervision system and to require audits to be carried out by professionals subject to strict independence and accountability requirements. The crowdfunding bill regulates campaigns run by operators of electronic crowdfunding platforms with headquarters or effective management in Angola, with the stated aim of providing legal certainty for market participants.