CMC Regulation No. 3/21, of 4 June 2021, which entered into force on the same day, established the terms under which the regime established in the Securities Code can be applied to public offerings of contracts relating to investment in tangible assets or rights over same.
The Regulation applies to all entities that wish to carry out public offerings of contracts relating to investment in tangible assets, specifically directed at persons with residence or establishment in Angola, and does not apply to the public offering of derivative instruments that have as underlying assets tangible property or rights over same.
The public offering of contracts relating to investment in tangible assets is subject to prior registration with the CMC, submitted by the offeror; however, the hiring of an intermediary is not mandatory. The Regulation determines the documents that must be submitted with the registration application.
The signing of the contracts that are the object of the public offering must be done within a maximum period of one year, in the case of movable assets, and three, in the case of immovable assets, as from the date of publication of the launch announcement, with a single extension allowed for an identical period. The offeror must notify the CMC and post on its website the announcement of the closure of the public offering, within five days after said closure.
The Regulation also sets forth the rules regarding the content of the public offering and the offeror's duties.
Entities carrying out a public offering of the contracts referred to in the Regulation at the date of its entry into force have a period of 90 days to comply with the provisions of the Regulation.
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