The Macau Monetary Authority (AMCM) reaffirmed in a statement yesterday that it is drafting a number of bills with the aim of promoting the development of the city’s modern finance industry.
Modern finance is one of the four new key industries of the Macau government’s ongoing “1+4” drive aiming to appropriately diversify Macau’s economy.
The Macau government’s 1+4 model aims to consolidate the development of the city’s tourism and leisure industry while putting special emphasis on promoting the development of four new key industries, namely 1) big health, 2) modern finance, 3) high-tech, and 4) conventions and exhibitions as well as culture and sport.
Yesterday’s statement acknowledged that as Macau still has a “relatively weak” financial legal foundation it is making it difficult for the city to develop its modern finance sector, a difficulty that the local government needs to overcome, the statement said.
In recent years, the statement underlined, the Macau Monetary Authority has been intensively working on the drafting of various bills concerning the city’s financial industry. The statement pointed out that three pieces of financial legislation have been enacted over recent years, namely a new law regulating the city’s finance leasing sector, an amended law regulating the city’s insurance sector, and the trust law. The three laws took effect in 2019, 2020 and 2022 respectively.
The statement pointed out that a new law regulating Macau’s money issuance took effect on September 1 this year, while a new law regulating the city’s financial system takes effect today.
The statement said that the government is slated to submit a bill regulating insurance agents to the legislature later this year. The statement said that the government will continue its work on drafting a securities bill as well as amendments to the current regulations on investment funds and fund management companies.
In addition, the statement said, the government will study possible amendments to the current regulations on the operations of private pension funds.
All government bills, i.e., draft laws, need to be submitted to the legislature for debate and vote.
