Macau Securities Investment Funds (SIF) License Guideline
Macau Securities Investment Funds (SIF) 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.
A Securities investment fund (SIF) is an investment fund consisting fundamentally of securities or other equivalent assets. The assets of a SIF shall consist of:
- Securities officially listed on a stock exchange or other regulated market that operates on a regular basis, as identified in the management regulations;
- Recently issued securities so long as the issuing conditions include proof or the commitment that a request will be submitted for listing or dealing on a stock exchange or market referred to in sub-paragraph a);
The following assets located in the Territory:
- Bank deposits;
- Public treasure bonds;
- Mortgage debentures;
- Shares and bonds from companies hold fully or in majority by the government of a country of or a territory;
- Shares and bonds of companies incorporated in the Territory;
- Participation units in other investment funds;
- Transferable certificates of deposit;
- Placements in the local interbank market;
- Other instruments representing debt, that are transferable and negotiable, which are liquid and whose value can be assessed precisely at any time.
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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