FUNDOS (1 de janeiro 2026)

dez25 As Macao steps into 2026, the city is rolling out two landmark legal reforms that promise to reshape its financial landscape. Designed to align the city with international standards and attract global capital, the reforms mark one of the most significant overhauls of Macao’s financial regulation in decades Words by Tony Lai Photography by As Macao ushers in 2026, the city is not only turning a page on the calendar but also turning a corner in terms of its development. Two landmark legal reforms, the new Investment Funds Law and a revised Fiscal Code, come into effect in January, reflecting the city’s determination to align with international financial standards and attract capital from both domestic and international markets. The goal is clear: to position Macao not just as a tourism and entertainment hub, but as a credible player in the global finance and business landscape. The Investment Funds Law (Law No. 11/2025), which replaces the Decree-Law No. 83/99/M enacted in 1999, si...

 dez25 Bruno Almeida and Daniel de Senna Fernandes of Riquito Advogados begin a series of insights based on the ‘watershed moment’ of Law 11/2025 coming into effect, highlighting private funds’ operational flexibility and regulatory framework As Macau modernises its financial sector, foundational finance-related legal frameworks have undergone significant yet understated reforms. While the changes appear minor at first glance, they hold transformative potential. A prime example is the unequivocal introduction of private funds. Background For nearly 25 years, Macau’s fund regulatory framework (rooted in Decree-Law 83/99/M) recognised only public investment funds. The incoming Law 11/2025 (the Investment Funds Law), effective January 1 2026, fundamentally transforms this landscape by introducing the first comprehensive private fund regime in Macau’s regulatory history. This development positions Macau as an emerging destination for institutional-grade wealth management and alternativ...

 24/11/25 Monetary authority engages 10 companies in investment fund drive By   Aries Un Macau’s monetary authority is currently in talks with 10 institutions over investment fund pursuits in the territory, with promotional work expected to stretch into the first half of 2026. Macau introduced a new law on investment funds in July 2025, setting the stage for this burgeoning industry to develop. According to Simon Vong Sin Man, acting chairman of the Monetary Authority of Macao (AMCM), the authority has already taken a proactive approach in engaging potential investment management companies. Responding to lawmaker Kevin Ho King Lun’s questions about the current status on Monday, the official said that a “final number and timeline” would depend on interaction between both sides. For the foreseeable future, the government will continue promotions, seminars, and exchange sessions in its push for the industry’s development. Macau is currently embracing a transition to a hub of mode...

 no25 Em consonância com as Linhas de Ação Governativa para 2025, a  Autoridade Monetária de Macau  (AMCM) está a acelerar a modernização do ecossistema financeiro, apostando na expansão do mercado obrigacionista e na atualização do regime dos fundos de investimento. O organismo sublinha que estas iniciativas têm como objetivo apoiar a transformação do setor e estimular o desenvolvimento de novos segmentos financeiros. No mercado obrigacionista, a interligação entre a Central de Depósito de Valores Mobiliários de Macau e a Central Moneymarkets Unit de Hong Kong, operacional desde janeiro, permitiu aumentar a participação de investidores internacionais. A emissão recente de obrigações soberanas e de títulos de governos locais de Guangdong e Shenzhen, incluindo obrigações verdes e azuis, contribuiu para diversificar produtos e elevar a atratividade do mercado. Até outubro, Macau contabilizou mais de mil emissões obrigacionistas, num valor acumulado superior a mil mil milhõe...

 out25 The law provides for a range of fund structures — contractual, corporate (including variable capital corporations), partnership-based — and introduces mechanisms such as umbrella funds, master-feeder arrangements, and fund-of-funds. It also establishes governance obligations for fund managers, custodians, and other service providers, enhancing investor protection and operational transparency. These reforms bring Macau in line with international standards and lay the groundwork for a credible fund market. From an economic policy standpoint, investment funds are essential instruments for capital mobilisation and its efficient deployment. They facilitate the aggregation of savings and their allocation into productive sectors, thereby supporting innovation, infrastructure development, and long-term growth. In the context of Macau’s diversification strategy, a well-functioning fund market could serve as a key enabler. Macau’s economy remains heavily concentrated on gaming and tou...

 out25 MBtv Debates – More guidelines, incentives in pipeline for Macau’s fund industry: AMCM By   Tony Lai Macau’s financial regulator is preparing a series of new guidelines and tax incentives to support the city’s Investment Funds Law, which comes into effect on 1 January 2026, aiming to build a competitive ecosystem for the local fund industry. The remarks were made by Amy Ho, Banking Supervision Department senior officer at the Monetary Authority of Macau (AMCM), during a panel discussion on Wednesday evening jointly held by  Macau Business magazine  and the Rui Cunha Foundation. The MBtv Debates session, titled  “Macau’s New Investment Funds Law: Prospects, Opportunities, and Challenges,”  also brought together legal and industry operators  to evaluate the city’s next steps. In addition to AMCM’s Amy Ho, the panel included Bernardo Alves, chairman and chief investment officer at A&P Investment Fund Management Company Limited; Calvin Tinlop Ch...