Legal Update/ Mozambique: Securities and brokerage commissions rules

 

Financial intermediaries in Mozambique operating outside the stock exchange are subject to new rules on the payment of fees, according to official legal database Legis-PALOP+TL.

New legal demands, enacted this month, include the payment of purchase and sale fees for carrying out operations outside the stock exchange on any securities.

Fees include 0.75 per thousand of the value of the operation, in operations carried out on national and foreign public funds and equivalent securities; 1.05 per thousand of the transaction value, in transactions carried out on bonds; and 1.45 per thousand of the transaction value, in transactions carried out on any other securities.

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Payment of fees must be made to the Bank of Mozambique. Financial intermediaries legally authorized to carry out operations on the over-the-counter market must charge commissions freely determined by them for carrying out the operations, with each operation having to comply with a minimum value of 645.00 Meticais (about 10 USD) and a maximum of 4 per thousand of the transaction value.

Market operators are subject to charge brokerage commissions for carrying out stock exchange operations on behalf of clients, either in normal sessions or in special sessions, freely determined by them, with each operation having to comply with a minimum value of 325.00 Meticais (about 5 USD) and a maximum value of 2 per thousand of the transaction value.

When, in the same exchange session, the execution of the same order on the same security is split into the execution of more than one operation, the applicable minimum brokerage commission will be applied to the set of operations carried out. For each exchange order received but not executed, operators may charge, at the time of cancellation, revocation or expiry of the order, even if it is renewed, a commission with a maximum amount of 65.00 Meticais (about 1 USD).

 

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