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International Monetary Fund

and Circular 169/B/2002- DSB on internal controls establishes the responsibilities of the Board and senior management with respect to corporate governance. The AMCM closely monitors compliance and during onsite examinations reviews the organizational structure, accounting policies and internal processes. Article 49 gives the AMCM authority to remove directors. The AMCM also reviews internal audits performed by head office of foreign banks, meets with head office staff, and requires head office audit to visit Macao SAR annually. Assessment Compliant

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund

by the Legislative Assembly and the terms of removal should be spelt out and published. The term of appointment should be extended to, say, five years. The AMCM should be able to set its overall budget, without government approval. The AMCM should have the final decision making authority in implementing corrective or remedial action to assure timely and effective bank resolution. High To be in compliance with international accepted principles for effective supervision, the Insurance Ordinance and Decree-Laws (the Charter) should be amended to give the AMCM

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.
International Monetary Fund. Asia and Pacific Dept

major legislative changes and an overhaul of the administrative structure of the Macao SAR Government. Currently, the FSA is under review for any necessary revisions to cope with the continuous healthy development of the financial market and the relevant international supervisory standards. In the review, areas in relation to the final decision-making authority in granting and revocation of licenses, and implementing corrective or remedial actions to assure timely and effective bank resolution will be considered. 2. Give AMCM authority over key regulatory and

International Monetary Fund. Asia and Pacific Dept

decision on staff recruitment (though increases in headcounts are subject to approval), placement and promotion on its own. Since the FSA is now under review, the AMCM will take this opportunity to relay the independence concern raised by the IMF to the Macao SAR Government again. 2. Give AMCM authority over key regulatory and supervisory decision affecting the insurance system, including the licensing approval process, the regulation of tariffs and sanctions. Background and authorities’ views . The Macao Insurance Ordinance (Decree Law No. 27/97/M) and the

International Monetary Fund. Asia and Pacific Dept
This 2019 Article IV Consultation highlights that while more moderate than in the past, gaming and tourism revenue in Macao Special Administrative Region picked up as the economy returned to expansion since mid-2016. Progress with diversification towards mass-gaming and nongaming tourism, together with the continued China gaming monopoly, are expected to deliver growth of around 4 percent in the medium term. Risks are tilted to the downside, mainly emanating from Mainland China. Prudent macroeconomic policies and high reserves provide strong buffers against shocks. In addition to supporting diversification, fulfilling social needs, and maintaining macroeconomic stability, the policies priorities explained in the report will reduce external imbalances. The report also discusses that the current housing macroprudential stance and related fiscal measures appear broadly appropriate. A broader set of policies are advised to support housing affordability, where continued efforts to boost housing supply will be key.
International Monetary Fund. Asia and Pacific Dept
KEY MESSAGES Setting. Discussions took place for the first time since the handover of Macao SAR from Portugal to China in 1999. Prudent macroeconomic management has underpinned rapid development in the territory, which is now the world’s largest gaming center. As a small, open and tourism-dependent economy, Macao SAR is currently also benefiting from loose global monetary conditions and a Mainland-related boom. Outlook and risks. Growth should stay strong over the next few years at 8–10 percent buoyed by gaming exports and investment, with inflation remaining around 5–5½ percent. However, the economy is vulnerable to external shocks, in particular a slowdown in tourism, due to shocks in the Mainland or Hong Kong SAR or other setbacks to the global recovery. The buoyant property market could also correct if demand fundamentals shift or interest rates rise abruptly with the withdrawal of unconventional monetary policy abroad. Macroeconomic policies. The policy stance is appropriate, with scope for further tightening of macroprudential policies should property prices continue to rise sharply. If downside risks materialize, targeted fiscal stimulus should be used to buttress growth. In the event of a severe property downturn, some countervailing measures could be cautiously unwound. The currency board is the best arrangement for Macao SAR. Financial stability. Important progress has been made in strengthening financial stability in line with the 2011 FSAP recommendations. Prudential measures should focus on managing potential credit and liquidity risks from a gaming slowdown and the property sector, as well as spillovers from shocks in the Mainland and Hong Kong SAR. Longer term challenges. Looking further ahead, Macao SAR’s public finances face a moderation in gaming revenues juxtaposed against spending needs from population aging. A sovereign wealth fund to manage part of the territory’s fiscal reserves and medium-term budgeting could therefore be useful. As the gaming sector matures, economic diversification toward other services will be key for stable growth.