The lawmakers of the Second Standing Committee of the Legislative Assembly are concerned with the new financial rules that no longer require bonds issued to the public in Macau to obtain prior authorization from the Chief Executive (CE).
The fact was revealed yesterday by the president of the Committee, lawmaker Chan Chak Mo, in a press briefing after the committee meeting.
According to the new rules currently under discussion at the AL, it will be only required that the issuer be registered with the Monetary Authority of Macao (AMCM) to issue bonds. This is in contrast to the current law, which requires authorization from the CE.
Lawmakers are concerned that the rule could result in less supervision over the process from authorities and are asking the government to explain their reasoning in more detail.
A list of questions was developed by the committee and will now be sent to the government to be answered in an upcoming meeting. Chan said that the queries focus on several aspects such as the proposed financial management structure and elaboration of several definitions, such as the meaning of ‘General Manager,’ which the lawmakers regarded as broad. RM
