Macau Trust Law Law No. 15/2022 on December 1, 2022.

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To provide a legal foundation for financial institutions to carry out wealth management business involving trust arrangement, the Macau SAR Government enacted Law No. 15/2022 (the Trust Law), which came into force on December 1, 2022. This Law sets out the general system and fundamental principles of the trust arrangement in Macao, and outlines the rules for the concept of trust, its constitution, trust property, the requirements and obligations of trustees, and the protection of beneficiaries.

The enactment of the Law represents a significant breakthrough for Macao's legal system. The Law provides a legal foundation for the long-term development of wealth management business, and will help faciliate Macao financial institutions to develop competitive financial services and wealth management products. Besides, it can attract more overseas clients, particularly high-net-worth ones, to choose managing their assets in Macao, thereby fostering the development of Macao's modern financial services.

To conjunction with the promulgation of the Law, the Monetary Authority of Macao (AMCM) issues the "Guideline on the Fulfilment of Duties by Trustees" in May 2024. The Guideline sets forth regulatory requirements related to corporate governance, business conduct, and management practices for financial institutions acting as trustees, so as to assist them in fulfilling their obligations as trustees and strengthening the protection of settlors and beneficiaries. In addition, to enhance local legal practitioners’ understanding and application of the Law, the AMCM and the Legal and Judicial Training Centre (CFJJ) jointly organized a training course on “Trust’s basic knowledge, practices and application” in October 2023; and a seminar on “Law, regulation and relevant implementation related to trust business” for Macao's judicial officers in October 2024. The above aims to deepen the industry’s understanding of the Law and related operational practices, thereby promoting the development of trust business.

Lastly, we understand that the industry has been exploring the Trust Law and planning for the application of trust arrangement in their wealth management business; and there will be financial institition offering such financial service to its clients involving trust arrangement.

 

Yours sincerely,

Monetary Authority of Macao

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