Notice No. 3/GBM/2026, of 27 March, issued by the Bank of Mozambique (hereinafter, the "Notice"), establishes rules for the qualification of investors in the securities market, with the aim of strengthening investor protection and promoting greater transparency in the market.
The Notice applies to financial intermediaries within the scope of the securities market and defines the obligation to classify investors into two main categories (financial intermediaries must establish an internal policy, containing the elements identified in paragraph 1 of article 5 of the Notice, which allows the profile of each investor to be known):
- non-professional investors, who benefit from greater protection; and
- professional investors, who have the experience and ability to assess risks autonomously.
Classification as a professional investor depends on the fulfilment of at least two of the following criteria:
- Have carried out operations with an average frequency of 20 per quarter during the last four quarters;
- Have a portfolio of financial instruments, including term deposits, equal to or greater than 30,000,000.00 MT (thirty million Meticais);
- Perform or have performed functions in the financial sector, for at least 1 year in a position whose knowledge and experience is related to the services or operations in question.
Certain entities, such as credit institutions, financial companies, insurance companies, pension funds, large and medium-sized companies (as defined in the Commercial Code, approved by Decree-Law no. 1/2022, of 25 May), among others, are automatically considered professional investors.
For non-professional investors, the Notice establishes investment limits, including restrictions on complex or high-risk products (up to 10% of net annual income or net financial equity) and an annual limit of 2,000,000.00 MT (two million Meticais) on certain operations. The Notice also imposes strict duties on financial intermediaries vis-à-vis non-professional investors, including the provision of clear information, assessment of the investor's profile, transparency in costs and communication of the risks associated with investments.
In addition, protection mechanisms are strengthened, such as the segregation of investors' assets, prevention of conflicts of interest, record keeping and implementation of complaint procedures.
The Bank of Mozambique maintains supervisory functions and may apply sanctions, under the terms of the Securities Market Code and other applicable legislation, in case of non-compliance with the provisions of the Notice.
