Leonildo Manuel

1.A Presidential Decree No. 258/17, 27 October, regarding the Interim Plan which establishes a set of measures to improve the country's economic and social situation was published. Among these, we highlight measures to strengthen the financial sector that guide the promotion of the stock market through the privatization of reference companies. 2. The promotion of the securities market throught privatizations was one of the themes that was highlighted at the Capital Markets Forum held by the Capital Markets Commission (CMC) in which it was intended to discuss the challenges imposed on the program privatization of public companies through the stock market. 3. Before giving na opinion on this issue, we feel that it is necessary to ask why the privatization program should be used in times of crisis. In this regard, experts understand that it is precisely in this period that the public debt can be reduced through the alienation of State's business property and, as a consequence, leads to the reduction of the direct intervention of the State as na economic agent. Therefore, reserving indirect intervention as a regulator and guarantor of the balance and safety of the participants in the corporate and financial markets 4. Following this peripatetic path and returning to the question raised, five challenges are presented for the implementation of the privatization program through the stock market. The first is of a legislative nature and the others are economic and financial in nature. 5. The current legal framework provides only two modalities for the privatization of public sector companies, namely: the public tender and the direct sale. There is no possibility of market privatization of shares which, in principle, should be made through a public bidding process in compliance with the rules set out in the Securities Code and in which the rules regarding the disclosure of information on the company to be privatized and the operation itself.

In order for a functional and efficient securities market to exist, investors must be exposed to an environment of security and legal certainty, materialized not only in the existence of legal instruments but also in practical mechanisms of risk management for the protection of their interests, Otherwise investors would choose to divest or not to invest their income on the market. Therefore, as an instrument of a favorable business environment, it is necessary to create tools that protect investors against financial fraud and the reckless management of investor assets. These instruments must transcend the mere legal consecration of rules of conduct, since it is essential to promote their effective and concrete application through enforcement mechanisms and this plays a fundamental role for the recovery or maintenance of investor confidence in the financial system and Institutions. Enforcement should not only be viewed from a supervisory perspective, it is not a finished concept, its meaning and scope is under construction and it includes the regulatory, supervisory and sanctioning powers as well as the use of the compliace function. The concept of enforcement must also introduce the element of financial education and this is based fundamentally on three pillars: information, education and guidance. With the information, it is intended to provide investors with specific evidence and knowledge so that they are aware of opportunities, alternatives and consequences a Since 2014, the Capital Markets Commission (hereinafter CMC) has started to develop a structured financial literacy program in the areas of dissemination of the importance of the securities market and its role; Insertion of financial content and capital market into the regular system of education; Dissemination and popularization of the main financial concepts and the capital market; Approximation to the financially illiterate population; And the diagnosis and monitoring of the level of financial education of the Angolan population.

A regulação tem sido apresentada como uma das facetas do enforcement protecção do investidor no mercado de valores mobiliários, por isso neste ensaio vamos de que modo a regulação pode funcionar como um mecanismo concreto de protecção do investidor, para o efeito vamos analisar as questões ligadas ao processo regulatório. Mas antes será necessário mergulhar na história para daí retira as premissas da regulação financeira; caracterizar o conceito de regulação para daí explorar os objectivos da regulação. Feito este caminho peripatético, olharemos para a realidade angolana para discutir sobre o papel do Estado na actual constituição angolana, enquanto ente regulador da economia. Depois nos debruçaremos sobre a construção da regulação no mercado de valores mobiliário e sobre o modelo de regulação adoptado pela Comissão do mercado de capitais.

neste ensaio, dedicamo-nos à análise das questões relacionadas com o auditor externo de sociedade cotadas, no qual destacamos as questões realacionadas com a  sua importância enquanto gatekeepers no mercado de valores mobiliários, o seu regime jurídico que estabelece a disciplina da sua actuação (como os deveres de diligência, o dever de honestinadade e ética), bem como as questões relacionadas com a sua independência, com especial enfoque para os factores de ameaça e de reforço  para a  sua independência.
Na verdade, procura-se responder a questão de saber se a independência do auditor externo é uma realidade material, no sentido de ser exequível, ou, pelo contrário, revela-se como um conceito irrealista.