Paulo Câmara, Managing Partner of Sérvulo & Associados participate in a Seminar of Bank of Cape Verde on the Reform of the Financial System
SÉRVULO IN THE PRESS 02 Mar 2018 in Jornal Económico
Paulo Câmara, managing partner of SÉRVULO, was in the city of Praia to participate in a seminar of the Bank Cape Verde on the Reform of the Financial System.
In a interview with the Economico Cape Verde, he reviews the reforms underway in the country's financial system.
- How would you assess the current legislative changes in the banking and financial area? In your understanding, waht elements do you highlight and what impact will these reforms have on Cape Verde's economy and financial system?
A wide process of legislative changes regarding the banking system and the capital market of Cape Verde is undeway, a process that is advised by SÉRVULO. The processe focues on six new diplomas: given its size, involved a public consultation of all the stakeholders and a public presentation session on the projects, which gave priority to the pratical aspects of applying the different diplomas, from the point of view of their operator of the Cape Verdean financial system. The session was very attended and the interest of the insider trading prevention scheme and the guarateed investment fund scheme and proposes new degrees on crowfunding, social entrepreneurship and whistleblowing. This reform reflects a firm commitment of the Cape Verdean authorities to be in aligment with the most advanced models of European regulation and is as important signal for Cape Verde as an intertional financial center.These reforms are prepared in a time of renewd foreign investment in Cape Verde, namely in the area of tourism, and it is esimed that they will serve as stimulus for relevant opportunities in the development of the financial system.
- What are the challenges of Cape Verde in terms of banking supervision?
After an intense cycle of new regulation, which had as high point the Basic Law of the Financial System, the Law of Activities and Financial Institutions, the priorities of the banking supervision in Cape Verde are now looking to consolidate the reception of new legislative and regulatory frameworks. In terms of bank governance, a Corporate Governance Code for Financial Institutions was aproved last year, it's conformity on a comply or basis is now being evaluated.
- Cape Verde is implementing an ambicious privatization program. Do you think that the country will be able to carry out this program satisfactorily?
A broad program of privatizations of public enterprises was launched, and it is early to estimate theis impact. However, it is important the this period be used to invigorate Cape Verde's capital market.
- What does Cape Verde represent of SÉRVULO's international strategy?
Sérvulo & Associados has a strategy of deep connection to Cape Verde. We have been developing very important projects in the area of banking and capital market regulation and real estate for 10 years. They are sctruturing projects that will leave marks for the future generations and which are a source of deep pride for us. In addition, SÉRVULO has a partnership with a local office, led by Dr. Hélio Sanches. We see in Cape Verde a stable and secure country with mature public governance that serves as an example for Africa. We believe, in short, in the potencial of the country and in its continued growth.