1. What is the capital markets infrastructure in your jurisdiction (eg, trading venues, central counterparties, central securities depositaries (CSDs)?
Currently, the main capital markets infrastructure in Macau comprises:
- Chongwa (Macao) Financial Asset Exchange Co, Ltd (MOX) – a platform for listing bonds and other securities in Macau; and
- Macao Central Securities Depository and Clearing Limited (MCSD), which mainly provides securities registration, clearing, settlement, depository and related services.
2 What are the main exchanges and other trading venues in your jurisdiction? What are the key differences between those various trading venues?
Currently, the only exchange in Macau is MOX.
3 What kinds of securities does your jurisdiction provide for (eg, electronic securities)?
Although by law physical certificates are allowed, currently only electronic certificates are provided.
4 Is it mandatory to deposit securities with a (local) CSD (eg, for listing)?
According to the Guideline on Bond Registration and Settlement, all bonds issued in Macau are subject to centralised registration, custody and settlement at the MCSD.
This notwithstanding, it is common in Macau for investors to deal in over-the-counter debt securities acquired through locally authorised financial institutions and which are not subject to deposit with the MCSD.
5 Are there rules in place governing crypto-assets and crypto-infrastructure (eg, crypto-exchanges, local crypto-money)?
There is no regulatory framework in place regarding crypto-assets/crypto-infrastructure.
The position of the Monetary Authority of Macau (AMCM) is that cryptocurrencies are 'virtual commodities' and are neither legal tender nor financial instruments; therefore, they are not subject to the AMCM's supervision.
Nevertheless, and considering the AMCM's view that crypto-assets bear significant risks, all local financial institutions have been barred by the AMCM from participating in any transactions related to crypto-assets (eg, wire transfers to crypto-exchanges; cryptocurrency purchases with local credit cards).
6 Are special rules in place for crowdfunding products?
Currently there are no rules in place for crowdfunding.
7 What kinds of databases are available on instruments issued and traded in your jurisdiction, and how can they be accessed?
Instruments issued and traded in Macau are available on MOX's website at www.cmox.mo/wcm/macao_en/html/index.html. It is also possible to obtain information regarding bonds issued in Macau on the MCSD's website at www.mcsd.com.mo/en/information.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.