The Monetary Authority of Macau (AMCM) has signed a cooperation agreement with the China Securities Regulatory Commission (CSRC) in terms of providing support for supervision, information exchange, and training.
Part of the State Council of the People’s Republic of China, the China Securities Regulatory Commission is the main regulator of the securities industry in the country.
‘Bearing in mind the increasingly intense relationship established between the financial markets of the Macau SAR and Mainland China, the signing of this memorandum allows to strengthen the cooperation of both parties in the area of securities, in order to maintain the stable and regular functioning of financial markets in both jurisdictions,’ the AMCM indicated.
After signing the agreement, Secretary for Economy and Finance, Lei Wai Nong, considered that he believes the establishment of a mechanism for cross-border regulatory cooperation between the two jurisdictions in securities would contribute to the development of the modern financial industry in Macau, and more specifically to the continuous development of a local bonds market.
In recent years Chinese authorities have indicated they would assist the Macau SAR in developing its local financial sector as part of plans for assisting in the diversification of the local economy.
This development included the establishment of an RMB denominated securities market in Macau, promoting mainland enterprises to issue bonds in Macau and expanding RMB financial services and products innovation, development of financial leasing, and the construction of Portuguese national RMB clearing centre.
At the end of June, the People’s Bank of China, the Macau Monetary Authority and the Hong Kong Monetary Authority jointly announced the “Wealth Management Connect” pilot business, which allows individual investors from Guangdong, Hong Kong and Macau to invest in the financial products of banks in the region