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.
About Valsen Fiduciaries
Valsen Fiduciaries is a licensed independent global service provider of a broad range of fiduciary, administrative, legal, corporate secretarial and support services.
- Company formations and Administration
- Assistance with Bank Account opening
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The Valsen Advantage
- We will advise you on the optimal legal structure for your requirements, size, expectations and circumstances. We have extensive knowledge of a wide range of securities dealer licenses in all major jurisdictions.
- Valsen will assist to complete every form for each process in the best way we know how (Based on our many years’ experience with various regulators and service providers across the world)
- We are very hands on in the post filing period checking with re regulator and service providers and updating you regularly. Any queries raised by the regulators and service providers during processing will be quickly synthesized by us and we shall craft the right responses to move the process forward fast.
- We have a full in-house compliance support for all compliance requirements with the regulator and service providers
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