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18 April 2019
Since 2018, much has happened in Macau's legal-financial sector. In summation:
In 2018 and 2019 the legislature approved the following laws to reinforce Macau's economic stability and international fiscal cooperation:
Further, the government put forth for discussion the following draft laws to stimulate diversification in the economy and encourage the development of the financial leasing industry:
The above draft laws were approved by the legislature on 21 March 2019.
In the past year, Macau has welcomed numerous newcomers to the banking and financial sector with the following executive orders:
Among the newcomers, one stands out: financial institution Chongwa (Macao) Financial Asset Exchange Co Ltd (MOX), which is reputed to be the first entity authorised in Macau to perform debt securities registration, custody, settlement and clearing services.
The debut financial products listed by MOX were a Hong Kong dollar-denominated bond of Luso International Banking Limited and a Macanese pataca-denominated bond of Bank of China Limited, Macau Branch.
With Macau's government and legislature growing more resolute, further diversification and progress in the banking and financial sector are anticipated in 2019 and 2020. Additional measures are expected to develop the Guangdong-Hong Kong-Macao Greater Bay Area, particularly to overcome the challenges presented by today's cross-border financial activities.
For further information on this topic please contact Pedro Cortés or Calvin Tinlop Chui at Rato, Ling, Lei & Cortés Advogados by telephone (+853 2856 2322) or email (firstname.lastname@example.org or email@example.com). The Rato, Ling, Lei & Cortés Advogados website can be accessed at www.lektou.com.
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