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.

Permitted Activities

Funds of funds are open-end SIF.

  1. Resources of funds of funds shall be invested in participation units in other funds.
  2. The assets of a fund of funds shall not be invested in:

    1. Participation units of other funds of funds;
    2. More than 20% of their total assets Funds of funds may not invest in a single fund;
    3. More than 30% of assets of funds of funds may not be invested in funds administered by a single fund manager.

Legal Requirements

Sr.

No

Element Requirement(s)
Entity Requirements The entity making the application can be a private or public company which include:

  1. Limited Liability Company by quotas
  2. Limited Liability Company by shares
Director’s Requirements The licensee will need at least 2 (two) natural person Fit and Proper Directors of any jurisdiction.
Shareholder requirements
  • The investment fund licensee will need at least two shareholders.
External Auditor The licensee must have an external auditor who must be acceptable to AMCM.
Depository Depository of the assets of the investment fund must be an institution registered with AMCM and includes:

  1. Credit institutions authorised to operate in the Territory with a paid up capital and reserves not less than 150 million patacas
  2. A subsidiary of a credit institution with a paid up capital and reserves not less than 10 million patacas, not being, in this case, the institution withholder of the majority of capital give it up without prior authorization from AMCM.
Fund Manager
  • A fund manager can be a bank, finance company, management company or other organisation legally authorised to administer one or more investment funds.
  • The staff of fund managers in charge of managing operations must have enough experience, being used as reference the exercise of those functions during a period of 5 years in an institution submitted to supervision and considered suitable by AMCM.

Ongoing Obligations

  1. 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.
  2. Investment funds annual accounts shall be closed each year on the 31st of December.
  3. 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
  4. 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.
  5. Fund managers shall send to AMCM, 10 working days ahead of the date to de publication or disclosure:

    1. A copy of the monthly balance sheets indicating their status and that of the funds they manage;
    2. A copy of the year’s closing report and accounts;
    3. A copy of the informative prospectus and respective amendments.

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Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.

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