Consolidated Supervision of Financial Conglomerates: The Powers of the Banco Nacional de Angola and Regulatory Challenges

This dissertation analyses the legal framework for consolidated supervision of financial conglomerates in Angola, focusing on the powers of the National Bank of Angola and the regulatory challenges facing the national financial system. Financial conglomerates, characterized by the integrated provision of services across multiple financial sectors — banking, insurance, and capital markets — represent complex corporate structures that generate specific systemic risks, namely intra-group contagion risk, regulatory arbitrage, and information opacity. The research seeks to answer the central question of whether Angola has an adequate legal and institutional framework to ensure effective consolidated supervision of these groups. Through a legal-dogmatic methodology, complemented by comparative analysis of international experiences and review of specialized doctrine, the study examines the historical evolution of the Angolan financial system, the legal nature and powers of the BNA as macroprudential, microprudential, and resolution authority, as well as the role of the Superior Council of Financial Supervisors in cross-sectoral coordination. The research concludes that the Angolan institutional model, despite legislative advances introduced by Laws No. 14/21 and 24/21, does not ensure effective consolidated supervision of financial conglomerates, since the BNA’s competence is limited to institutions under its jurisdiction and the CSSF lacks executive powers. Given these gaps, the dissertation formulates two reform proposals: in the short term, approval of a specific complementary regime for supervision of financial conglomerates; in the medium term, progressive adoption of the Twin Peaks model, with integration of prudential supervision into the BNA and creation of an independent conduct authority, a solution we consider most appropriate to ensure financial stability and prevent systemic risks.

Keywords: Consolidated supervision; Financial conglomerates; National Bank of Angola; Financial regulation; Angolan financial system.