Financial authority plans to amend three laws

The Macau SAR government is aiming to amend three laws to regulate the financial sector, according to the Monetary Authority of Macao (AMCM).
In its reply to lawmaker Agnes Lam’s interpellation regarding the city’s financial system, AMCM disclosed that the SAR government expects to amend the current laws in the next two years and establish new laws for Macau’s financial sector.
As of today, the bureau has already completed drafting of the Macau Financial System Act and the Trust Law as well as the amendment of the law regarding investment fund management companies.
At this stage, the SAR government is working on linking Macau to the world and mainland China’s Central Securities Depository. To fulfil this goal, the financial authority has already initiated processes to establish laws related to bonds and stocks. The bureau is also amending the city’s financial system law to simplify the approval process for bond issuing. With these measures, the SAR government hopes to lay the foundation for Macau’s future stock market, connect with mainland China’s stock market, and to contribute to the state’s ambition for the globalization of the RMB. JZ