The Notice repeals the rules provided for in Notice 15/2019 of 30 December and maintains the focuson liberalisation of the sector. The exemption from prior licensing from the BNA remains in place formost foreign exchange operations, with the burden of compliance being on the commercial banks.Investments in the oil sector remain excluded from the scope of application of these rules.

The parties to foreign exchange transactions are exempt from prior licensing of the transactions.In order to ensure repatriation, the relevant parties have to comply with the procedures set out inthe Notice. This will allow repatriation of income relating to (i) foreign investments, (ii) repayment ofshareholder loans and other shareholder benefits, (iii) the proceeds of sale or dissolution of a foreigninvestment, and (iv) the proceeds of sale or maturity relating to investment in securities and derivatives.

Of special note are operations in derivatives (e.g., options or swaps) which are expressly addressedand, like investments in securities, are subject to mandatory intermediation by Intermediation Agents,that is, financial institutions registered with the Angolan Capital Market Commission.

As regards the ways in which foreign investments can be made, the new rules go into greater detailand are aligned with the Private Investment Law. They now expressly provide for the possibility toconvert credits deriving from contracts for the supply of machinery, equipment and goods, and for theincorporation of technology and know-how.

In broad terms, repatriation continues to be dependent on compliance with obligations relating toinvestment projects and payment of taxes due. As mentioned above, the process of validation andpayment abroad is done exclusively at the level of the commercial bank and it does not require any typeof prior licensing from the BNA or any other public body.