Macau Funds of Funds License_Guideline
Macau Funds of Funds License
The Decree-Law no. 83/99/M of 22 of November, provides the legal framework for the provision of the investment funds in Macau. The regulatory of Macau Investments Funds is the Macau Monetary and Foreign Exchange Authority (AMCM).
Investment funds can be open-end or close-end funds.
Funds of funds are open-end SIF.
- Resources of funds of funds shall be invested in participation units in other funds.
The assets of a fund of funds shall not be invested in:
- Participation units of other funds of funds;
- More than 20% of their total assets Funds of funds may not invest in a single fund;
- More than 30% of assets of funds of funds may not be invested in funds administered by a single fund manager.
The entity making the application can be a private or public company which include:
|Director’s Requirements||The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.|
|External Auditor||The licensee must have an external auditor who must be acceptable to AMCM.|
Depository of the assets of the investment fund must be an institution registered with AMCM and includes:
- The fund manager must draw up and keep updated, in its essential aspects and related to each investment fund, an informative prospectus and keep it available for consultation by interested people on its premises and in the offices of the depository and in the premises of the other organizations involved in placing and marketing the investment fund.
- Investment funds annual accounts shall be closed each year on the 31st of December.
- The annual report and accounts shall be submitted to an external auditor acceptable to AMCM for its report, and this auditor must indicate its opinion of the fund manager’s assessment of the securities included in the investment fund’s assets
- Fund managers must publish a quarterly report in the Official Gazette indicating the composition of each fund’s investments, their respective total value and the number of participation in circulation, taking the last day of the month immediately preceding as the reference date.
Fund managers shall send to AMCM, 10 working days ahead of the date to de publication or disclosure:
- A copy of the monthly balance sheets indicating their status and that of the funds they manage;
- A copy of the year’s closing report and accounts;
- A copy of the informative prospectus and respective amendments.
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