1. The legal framework for the SWF should be sound and support its effective operation and the achievement of its stated objective(s).
1.1. The legal framework for the SWF should ensure legal soundness of the SWF and its transactions.
1.2. The key features of the SWF’s legal basis and structure, as well as the legal relationship between the SWF and other state bodies, should be publicly disclosed.
The Fundo Soberano de Angola (abbreviated hereafter to FSDEA), was officially established in 2011, and initially set under the name of Fundo Petrolífero or FP , through Presidential Decree 48/11 dated 9/3/2011 and is set up as a government agency that operates as a Sovereign Wealth Fund wholly owned by the Republic of Angola.
The FSDEA is hereby created pursuant to the provisions of the Law No. 26/10 of 28 December 2010, approving the State Budget for the year 2011.
The FSDEA is a legal person, equipped with a legal personality, with administrative, financial and property autonomy.
In 2013 the Presidential Decree No. 89/13, of 19 June, has changed the name of Oil Fund or FP for FSDEA and approved its organic status.
During 2013 through the Presidential Decrees Nº 107/108 and 108/13, both of 28 June, the Angolan Government approved the Investment Policy FSDEA and FSDEA of the Management Regulations, respectively.
The FSDEA shall be governed by the provisions of this law, by the Management Regulations and by other applicable legislation.
This law is a sufficient basis for demonstrating the provisions of previous items for all legal effects, including those of registration, with the competent departments obliged to carry out the actions necessary for regularising the situation, with an exemption from any taxes or fees and through a simple notice from the Chairman of the Board of Directors.