Cape Verde Financial Intermediaries License_Guideline

Cape Verde Financial Intermediaries License

The Law No. 53 / V / 98 of May 11, provides the legal framework for the provision of Financial Intermediaries Services in Cape Verde.

Permitted Activities

As per the Act, a Financial Intermediary means brokerage activities in securities or simply intermediation activities which include:

  1. The investors prospecting for the subscription, purchase, sale or exchange of securities or to perform other operations on these, and well as the prospecting customers for any intermediary services in securities.
  2. The provision of advisory services on investments in securities.
  3. The placement within the primary market securities issued by an entity.
  4. The provision of services related to the organization, registration or obtaining authorized information for launch and execution of public offerings transaction.
  5. The receipt of investors’ orders for subscription or transaction liários mobi- values, and its implementation by the financial intermediary that receives, when authorized to operate in the stock exchange or other market that orders are intended, or otherwise, through other intermediary legally authorized to do so.
  6. The performance by an authorized financial intermediary to trade on the stock market or other secondary markets, buying and selling of securities on their own.
  7. The opening and operation of deposit accounts titrated securities or log book entry securities, as well as the provision of services relating to the rights attaching to the

    same values.

  8. Management of securities portfolios belonging to third parties, in view as- hold both the management of these values ​​and in particular the exercise of rights attached to them, such as conducting any operations on them.
  9. The establishment and administration of securities and real estate investment funds.
  10. The exercise of depositary functions of the securities that integrate the funds referred to in the previous paragraph.

Legal Requirements



Element Requirement(s)
Entity Requirements The entity making the application is an Cape Verde company;

Company includes:

  1. A company,
  2. Limited partnerships,
  3. Co-operative
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The investment dealer will need at least one shareholder.
  • Corporate shareholding is allowed and 100% foreign ownership is permitted.
Compliance Officer The Licensee must establish and maintain an appropriate and effective compliance function within the firm which operates independently of all operational and business line functions and senior or supervisory management.
Local Office The applicant must have premises acceptable to the Auditor General of the Securities Market. The premises should be able to facilitate confidential interaction between the applicant and its clients, and provide for safe and confidential storage of documents.
Auditor The Licensee must have an international Auditor or Outsource depending with the Company demands.
Insurance The applicant must have indemnity insurance coverage or a fidelity bond acceptable to the Auditor General of the Securities Market.
Minimum Capital Requirements The Applicant must have the prescribed minimum paid-up capital and is able to meet the prescribed minimum net liquid capital requirement in cash or readily marketable securities.

The prescribed minimum paid-up capital is 50 million escudos (Approximately USD 500,000)

Ongoing Obligations

  1. Notify the Auditor General of the Securities Market during the month of April each year and as far as they are aware, identity, amount and percentage of the shares and the corresponding voting rights of shareholders in them who hold more than 10% of capital.
  2. Licenses are to be renewed annually upon on payment by the applicant of the annual Fee.
  3. Filing of Audited Accounts: The licensee shall file its Yearly financial Report with the Auditor General of the Securities Market
  4. The Licensee must maintain appropriate policies of insurance for the purpose of indemnifying such licensee against any liability that may be incurred as a result of any act or omission by the licensee or any of its officers or employees in the conduct of the licensee’s securities business.

About Valsen Fiduciaries

Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

    1. Company formations and Administration
    2. Assistance with Bank Account opening
    3. Collective Investment Setup and Administration
    4. Intellectual Property Registrations and Maintenance.
    5. Trusts and Foundations setup and administration
    6. Online Payment Gateway Solutions
    7. Banking Licenses and PSP, E-Money, E- Wallet Licenses
    8. Yacht and aircraft registrations.
    9. Cryptocurrency Solutions (ICO, STO, Crypto Exchanges etc)

The Valsen Advantage

  • We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
  • Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
  • We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
  • We have a full in-house compliance support for all compliance requirements with the regulator and service providers

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