The CMC approved Regulation No. 1/21, of 4 June 2021, which entered into force on 5 June 2021 and which developed the regime provided for in the legal regime applicable to securities of a monetary nature, or Commercial Paper, whose maturity term is equal to or less than one year, approved by Presidential Legislative Decree No. 6/19, of 2 May 2019. The Regulation applies to commercial companies or civil companies of a commercial nature, to cooperatives, to public companies, and to other legal persons under public or private law that issue Commercial Paper.

The Regulation determined that the minimum equity for the issue must be in the amount in Kwanzas equivalent to USD 350,000 and that the issuing entity may not issue Commercial Paper in an amount that exceeds the value of its equity or net worth. The issuing entity must also maintain, after the issue, a financial autonomy ratio equal to or greater than 30%.

Finally, the Regulation defined: (i) rules for the settlement of interest; (ii) the conditions for pro rata allocation; (iii) the elements that must make up the request for approval of the information note; (iv) rules on the disclosure of relevant information; and (v) rules with regard to the half-yearly report.

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