Macau (MNA) – As the proposed bill to regulate financial leasing companies suggests that at least one of the company’s administration members reside in Macau, authorities told the 2nd standing committee of the Legislative Assembly (AL) currently evaluating the bill that staying in the city for working days only would suffice.
“There is no definition for this. According to the government if that administrator stays in Macau overnight from Monday to Friday but leaves the city on the weekends, holidays or travel assignments it will still be considered as being residing in the city,” committee chairman Chan Chak Mo said after the meeting.
The law indicates that at least one member of the administration with the ‘qualities and experience required for its functions’ shall reside in Macau so as to be reachable by the Monetary Authority of Macao (AMCM) for the regular oversight of the company’s operations.
“This member will still have to have a local legal work permit from a financial leasing company authorised to operate in Macau,” he added.
Some of the committee legislators proposed the administrator should have to reside in Macau for at least 183 days per year, while others considered that staying in the city between Monday and Friday was still not enough.
The government vowed to study these opinions, with legislator Chan saying there will still be two committee meetings to discuss the bill, with the government saying it will provide an amended version of the law after the AL break, starting August 15
