Macau Business Law

Investors mulling CTM suits for trading loss

2012-02-15T16:49:00.000+08:00

MACAU DAILY TIMES - Investors mulling CTM suits for trading loss.

Casino restrictions could slash taxi license price

2012-02-05T22:23:00.000+08:00

MACAU DAILY TIMES - Casino restrictions could slash taxi license price.

Newsletter of the International Business Law master program at the University of Macau now available

2012-01-23T21:41:00.000+08:00

The second issue of the newsletter of the International Business Law master program at the University of Macau is now available.

Macau: the 19th freest economy in the world

2012-01-12T23:14:00.001+08:00

Is this a compliment? Discuss.
Macao SAR Holds Its Position as the 19th Freest Economy in the World - IPIM.

Macau must do more on tax evasion: EU

2012-01-09T19:08:00.001+08:00

MACAU DAILY TIMES - Macau must do more on tax evasion: EU.

More real estate development in Coloane

2012-01-05T17:23:00.002+08:00

Within a few years the north side of Coloane will be fully built.
Gov’t goes ahead with land deal in Seac Pai Van « Macau Business.

MSAR lacks focus on Lusophone link

2011-11-15T11:32:00.000+08:00

MACAU DAILY TIMES - MSAR lacks focus on Lusophone link: "the territory can do more to make the most of the Lusophone link".

Imported labour law: More exceptions on six-month ban

2011-11-13T22:05:00.001+08:00

MACAU DAILY TIMES - Imported labour law: More exceptions on six-month ban.

Gov’t grants Coloane plots to holders of old land deeds

2011-11-07T18:00:00.001+08:00

MACAU DAILY TIMES - Gov’t grants Coloane plots to holders of old land deeds.

Government slams financial secrecy report

2011-10-18T18:42:00.001+08:00

MACAU DAILY TIMES - Government slams financial secrecy report.

HK maid case with no effect in MSAR: lawyer

2011-10-04T16:28:00.001+08:00

MACAU DAILY TIMES - HK maid case with no effect in MSAR: lawyer.

Residents ignore smoking ban law

2011-09-11T22:15:00.001+08:00

MACAU DAILY TIMES - Residents ignore smoking ban law.

Domestic Helpers Fight for Residency in Hong Kong

2011-09-05T09:22:00.000+08:00

Domestic Helpers Fight for Residency in Hong Kong - WSJ.com.

The real estate law: comments

2011-09-04T09:41:00.004+08:00

Comments on the draft law by Frederico Rato and Pedro Cortés, of law firm Rato Ling Vong Lei & Cortés Advogados are available at International Law Office.com. Some of the points are further discussed in a piece in the MDT.

Gov’t takes back unused plots

2011-09-02T17:05:00.001+08:00

MACAU DAILY TIMES - Gov’t takes back unused plots.

Public antenna case ‘dents government authority’: TSI

2011-08-27T07:22:00.000+08:00

MACAU DAILY TIMES - Public antenna case ‘dents government authority’: TSI

Over 150 illegal inns shut during first year

2011-08-19T03:40:00.000+08:00

MACAU DAILY TIMES - Over 150 illegal inns shut during first year

Guidelines in August for mainland tours

2011-07-30T19:02:00.000+08:00

MACAU DAILY TIMES - Guidelines in August for mainland tours

EUobserver / EU moves to rein in ratings agencies

2011-07-18T16:44:00.000+08:00

EUobserver / EU moves to rein in ratings agencies

No commission caps for real estate agents

2011-07-15T02:12:00.000+08:00

MACAU DAILY TIMES - No commission caps for real estate agents

Europe moves to check influence of rating agencies

2011-07-08T07:16:00.000+08:00

Europe moves to check influence of rating agencies - CSMonitor.com

Sociedade para a montanha

2011-06-19T19:00:00.000+08:00

Jornal Tribuna de Macau

Macau and Australia share tax information

2011-06-15T20:26:00.000+08:00

MACAU DAILY TIMES - MSAR, Australia share tax information

Francis Tam: boost SME access to Hengqin

2011-06-02T16:18:00.001+08:00

MACAU DAILY TIMES - Francis Tam: boost SME access to Hengqin

Visions of Hengqin island

2011-05-27T15:23:00.000+08:00

Legal structure required for building management

2011-05-22T00:30:00.001+08:00

MACAU DAILY TIMES - Legal structure required for building management

‘It’s now appropriate to discuss minimum wage’

2011-05-10T11:13:00.001+08:00

MACAU DAILY TIMES - ‘It’s now appropriate to discuss minimum wage’

Gov’t establishes new rules for airlines

2011-05-08T03:08:00.001+08:00

MACAU DAILY TIMES - Gov’t establishes new rules for airlines

What is happening in the Macau airport?

2011-05-01T13:54:00.002+08:00

Complex developments are taking place in the Macau airport: first CAM fires ADA; and then looks to buy it.
(PF) (MB-1) (MDT) (MB-2)

Agentes imobiliários

2011-04-28T20:40:00.001+08:00

Discute-se a questão de saber se a lei deverá impôr limites às comissões recebidas pelos agentes imobiliários.

Jornal Tribuna de Macau

Apple sues Samsung for 'copying' the iPhone and iPad

2011-04-19T16:33:00.000+08:00

Apple sues Samsung for 'copying' the iPhone and iPad -- Engadget

Minimum wage in Macau ‘should be a priority’

2011-04-19T13:08:00.000+08:00

MACAU DAILY TIMES - Minimum wage in Macau ‘should be a priority’

Credit rating agencies

2011-04-17T18:26:00.001+08:00

The damage done by credit rating agencies has now been clearly exposed in a US Senate investigation, which advances the following proposals:

Recommendations on Inflated Credit Ratings

Rank Credit Rating Agencies by Accuracy. The SEC should use its regulatory authority to rank the Nationally Recognized Statistical Rating Organizations in terms of performance, in particular the accuracy of their ratings.
Help Investors Hold CRAs Accountable. The SEC should use its regulatory authority to facilitate the ability of investors to hold credit rating agencies accountable in civil lawsuits for inflated credit ratings, when a credit rating agency knowingly or recklessly fails to conduct a reasonable investigation of the rated security.
Strengthen CRA Operations. The SEC should use its inspection, examination, and regulatory authority to ensure credit rating agencies institute internal controls, credit rating methodologies, and employee conflict of interest safeguards that advance rating accuracy.
Ensure CRAs Recognize Risk. The SEC should use its inspection, examination, and regulatory authority to ensure credit rating agencies assign higher risk to financial instruments whose performance cannot be reliably predicted due to their novelty or complexity, or that rely on assets from parties with a record for issuing poor quality assets.
5. Strengthen Disclosure. The SEC should exercise its authority under the new Section 78o-7(s) of Title 15 to ensure that the credit rating agencies complete the required new ratings forms by the end of the year and that the new forms provide comprehensible, consistent, and useful ratings information to investors, including by testing the proposed forms with actual investors.
Reduce Ratings Reliance. Federal regulators should reduce the federal government’s reliance on privately issued credit ratings.

Lawmakers plea for control of real estate commissions

2011-04-17T12:57:00.001+08:00

MACAU DAILY TIMES - Lawmakers plea for control of real estate commissions

Property management arbitration

2011-04-05T10:19:00.005+08:00

There are many property management problems in Macau. The newly created arbitration center may help. Another necessary measure is an improvement of the current law.

MDT, JTM

O silo da Nam Van e parvoeirada

2011-04-01T19:06:00.000+08:00

«O silo da Nam Van e a parvoeirada» é um artigo de Albano Martins, publicado no Jornal Tribuna de Macau de 1 de Abril de 2011, que aborda a proposta de (re)distribuição dos lugares de estacionamento através de sorteio.

No strike and no trade unions

2011-03-30T21:13:00.003+08:00

There is no right to strike and there are no trade unions in Macau. These matters, despite being stated in article 27 of the Macau Basic Law, have not yet been regulated.
PF

Project approval rate over 90 percent

2011-03-23T19:48:00.000+08:00

MACAU DAILY TIMES - Project approval rate over 90 percent

Judge Rejects Google’s Deal to Digitize Books

2011-03-23T19:32:00.003+08:00

Judge Rejects Google’s Deal to Digitize Books - NYTimes.com
The full text of the decision is available here (pdf).

Apple Claims Amazon Improperly Using ‘App Store’ Trademark - Bloomberg

2011-03-22T23:50:00.002+08:00

Apple is suing Amazon over 'App Store'. Is this a generic term that describes a store that sells computer applications?
Apple Claims Amazon Improperly Using ‘App Store’ Trademark - Bloomberg

Telecomunicações

2011-03-19T11:52:00.000+08:00

A necessidade de proteccão dos consumidores no sector das telecomunicações é uma problemática de crescente importância em virtude da utilização exponencial de todo o tipo de aparelhos de transmissão de dados, em especial aparelhos portáteis. Eis um bom exemplo.

Firmas de advogados DSL e PLMJ em acordo de cooperação

2011-03-17T23:18:00.003+08:00

A firma de advogados DSL, de Macau, e a PLMJ, de Portugal, assinaram um acordo de cooperação.

Jornal Tribuna de Macau

Association of Banks: Macau could become an offshore financial hub

2011-03-09T22:06:00.001+08:00

MACAU DAILY TIMES - Association of Banks: Macau could become an offshore financial hub

Nova City building management litigation

2011-03-03T20:11:00.003+08:00

There is litigation regarding condominium administration in Taipa.
MACAU DAILY TIMES - Shun Tak sues Nova City residents

England: Average broadband speeds 'less than half those advertised'

2011-03-02T19:47:00.001+08:00

Here's an important area where consumer protection is needed.

Average broadband speeds 'less than half those advertised', says Ofcom | Technology | guardian.co.uk

O Banco Delta Ásia e a supervisão bancária

2011-02-28T17:19:00.002+08:00

A imprensa dá conta de um acórdão sobre o processo intentado pelo Banco Delta Ásia contra o Governo na sequência da «corrida» ao banco em 2005.
Delta Ásia e Governo sem desfecho final « Ponto Final

Prepayment consumption may be legislated

2011-02-26T12:39:00.000+08:00

MACAU DAILY TIMES - Prepayment consumption may be legislated

Unfinished property sale to face tougher rules

2011-02-24T23:20:00.001+08:00

MACAU DAILY TIMES - Unfinished property sale to face tougher rules

Real estate agents - new law is coming

2011-02-18T22:13:00.004+08:00

We are one step closer to having regulation of real estate agents (1) (2).

All You Need to Know About Why Things Fell Apart: Michael Lewis - Bloomberg

2011-02-16T21:44:00.002+08:00

Michael Lewis is clearly in great form. Make sure you read this important column: All You Need to Know About Why Things Fell Apart: Michael Lewis - Bloomberg.

Litigation regarding the light rail transit project

2011-02-01T11:31:00.003+08:00

Bombardier files injunction, Gov’t halts LRT contract
(2)

Una sentencia declara nula la obligación de Ryanair de imprimir la tarjeta de embarque o pagar 40 euros

2011-01-16T21:34:00.002+08:00

Leia aqui. Ou aqui. Uma decisão justa e adequada. Há certas companhias aéreas que abusam da paciência (e dos direitos) dos passageiros. Há que melhorar a protecção do consumidor.

The use of English language in Macau

2011-01-03T06:02:00.000+08:00

Read here a piece of the Macau Daily Post on this matter, which quotes statements of the director of the Law Reform Office. I have always been of the view that while English is not an official language in Macau and there is no reason why it should be, still there ought to be some promotion and translation of the laws of Macau in English, the lingua franca of business, namely due to the needs of investors and also bearing in mind the various communities that make up the multicultural fabric of Macau.

Feliz Natal / Merry Christmas !

2010-12-25T18:47:00.000+08:00

Lei de terras e planeamento urbano

2010-11-30T23:18:00.001+08:00

Leia no Ponto Final algumas posições ventiladas pelo Dr. Duarte Santos num seminário que teve lugar na Universidade de Macau. (1)

Theme park in the Cotai will go ahead

2010-11-11T20:53:00.004+08:00

The construction of a large theme park in the Cotai has been announced. It shall not have gaming facilities. (1)

Border with Zhuhai to be open 24 hours

2010-11-10T15:38:00.005+08:00

It has been reported that the border of Macau with Zhuhai, from the Cotai to Hengqin island, is to be open 24 hours a day at some point in the future. The added ease of travel for tourists and residents of Macau clearly may have a number of important implications. Another matter mentioned is the possibility of Macau-registered cars to drive to the island. (1)

English translation of the Macau Civil Code - version 8 is now available

2010-11-06T13:05:00.011+08:00

I am pleased to announce the release on SSRN of a new version of my partial English translation of the Macau Civil Code: working version 8, of 4 November 2010, 77 pages. This is a project that has been ongoing for many years, going back to the predecessor of the current Civil Code (the Portuguese Civil Code of 1966), and was triggered by the need to provide an English translation of key parts of the law to students at the University of Macau, a task that I have started in 1993. It is clear that it has broader interest, namely for researchers and practitioners. I have to say that this translation is a very part-time task and therefore will likely continue evolving relatively slowly, possibly for many more years, given the magnitude of the task. The new version 8 includes added provisions on a number of areas of Book I, the general part. As always, comments and suggestions are welcome, as well as requests for translation of specific provisions that are not yet there. I have received donations of translations of specific articles that happened to be available, which I rewrite to match the overall terminology and style used. The text can be downloaded free of charge from SSRN by following this link. The text is listed on SSRN's Top Ten all time download list for Corporate Law: Practitioner eJournal (Forthcoming). As quite many provisions have the same wording of the Portuguese Civil Code of 1966, as amended, it will be of interest for the purpose of studying Portuguese civil law; however, the provisions have different numbering: check the table of correspondence available at the website of IOM (click here).

University of Macau: academic positions now open

2010-11-02T22:41:00.008+08:00

The University of Macau is now seeking to hire professors for various Faculties, including for the Faculty of Law, in the field of private law. See the UM's website for full details: click on 'job vacancy'.

University of Macau - master in Law in English language in International Business Law

2010-11-02T21:06:00.004+08:00

The University of Macau is now accepting applications to take part in the master in law programs, including the master in English language in International Business Law. The classes of the program shall start in September 2011. The normal application period runs January 2011; however, the current practice is to allow late applications, unless the maximum number of participants has already been reached. In general, academic issues are discussed in the webpage of the program, while formal and administrative matters (such as the tuition fees) are stated in the webpages of the UM's Registry, the reading of which is recommended. Interested parties should contact theRegistry in order to clarify what documents and formalities are involved. The admission regulations and online application are available at the Registry's page. Applicants may apply for postgraduate studentships during the application period. As to academic matters, questions should be addressed to the program coordinator (myself).
Attending the program does require physical presence in Macau for the duration of the teaching periods; the sessions take place at night, starting at 19:00, although some sessions might also be held on Saturday mornings.
The program has formal official recognition from the Government of Macau, having been approved by Dispatch of the Secretary for Social Affairs and Culture no 46/2006, published in the Macau Official Bulletin.
The program lasts for two years. The first year is a curricular part it which the candidates attend compulsory subjects (60% of the class load) and optional subjects (40% of the class load). It should be stressed that the academics teaching teaching the program include professors of the University of Macau (sometimes supported by practitioners, so as to illustrate the practical dimensions of the law), a number of invited professors come from various countries especially to teach in the program. In the past years the program has had visiting professors coming from Germany, Nevada, California, Portugal, the United Kingdom, Spain and France. In this manner, the International Business Law program exposes the participants to different legal traditions and to diverse manners of organizing and applying the law, having a strong component of international and comparative law.
The research areas covered in the program are quite diverse. The topics on which theses have been defended or are currently being written include themes of international trade law, Macau gaming law, economic regulation, among many others. The list of dissertations can be seen online at the webpage of the program. There is effective supervision of the candidates: the professors are always available for counselling, advising and supporting the research. The library of the University of Macau offers excellent conditions for research, including access to all major international legal databases of legislation, case law and academic works, as well as a comprehensive and rapidly growing physical collection of monographies and periodicals, as a result of strong investment by the University. The library of the University of Macau also provides an excellent setting for research and has library support staff.
The International Business Law program has other features; namely, it makes it possible to write a dissertation in English in the field of gaming law.
It may also be added that in the current academic and professional environment, in which bachelor degrees are now of 4 years instead of 5 years as was previously the rule, it is increasingly necessary to be the holder of postgraduate training, namely as a means to show evidence of the capacity to develop a sustained and relatively complex argument and reasoning over legal topics and ability to conduct research independently and, of course, a certain specialization in one area of the law. For persons who are not native English speakers, the program is also evidence of good command of the language. As to perspectives of employment, it is well known that while Macau is a small region it is undergoing a rapid and sustained economic expansion over the last few years, which is expected to continue. This allows a certain optimism regarding the outcome of job searches for those who would like to seek employment locally. It is also possible to apply to pursue a PhD degree at the University of Macau after successfully defending the master dissertation; various former master candidates have in fact done so.
***

Propriedade intelectual em Macau

2010-10-27T20:56:00.001+08:00

A entrevista que o Dr. Gonçalo Cabral, assessor jurídico do Secretário para Economia e Finanças Francis Tam, concedeu ao jornal Ponto Final aborda uma série de questões de propriedade intelectual em Macau. A peça é assinada pela jornalista Sónia Nunes. (1)

Hengqin island planning

2010-10-24T15:50:00.002+08:00

Here's the general development plan for Hengqin island (source: Hengqin New Area Investment Guide, p. 12):

The overall plan is clarly very ambitious and includes all major components. More details should available at http://www.hengqin.gov.cn/ (but last time I tried the website was not responding).

15th Macau International Trade and Investment Fair

2010-10-22T18:39:00.002+08:00

The 15th Macau International Trade and Investment Fair is taking place until Sunday 24 October. This is a good opportunity to see the latest trends and issues in business in and around Macau. There are many interesting pavillions, such as those of Macau, various Chinese provinces and cities, Taiwan, Thailand, Malaysia, Japan, Germany, Portugal, African countries, Brazil, Mexico, and many others. The Zhuhai pavillion, for example, is quite impressive, and details many of the plans for Hengqin island for the coming years. For general information please visit http://www.mif.com.mo. There is also a very large section on small and medium enterprises, the fashion area, and a focus on creative industries.

Cooling and regulating the Macau property market

2010-09-29T10:00:00.001+08:00

A set of measures has been announced for this purpose, although some are not entirely new and had been mentioned for some months. More details to come later.
(1) (2)

Entrevista com o Prof. Doutor José de Oliveira Ascensão

2010-07-25T19:28:00.002+08:00

Veja aqui uma interessante entrevista com o Prof. Doutor José de Oliveira Ascensão, de Abril de 2010, no Brasil, com legendas em inglês, no âmbito de um Simpósio Internacional de Políticas Públicas para Acervos Digitais.

Law for the employment of non-resident workers - Law 21/2009

2010-06-26T11:18:00.004+08:00

I have recently noted that a booklet with the full English translation of the law for the employment of non-resident workers, Law 21/2009, is now available in free distribution around Macau. It has been published by the Labour Affairs Bureau in May and has 30 pages. The full text is available online here. I have glanced at the translation and the quality seems to be good. As always, caution should be exercised and it is advisable to cross-check the English translation with the two official languages.

The bridge

2010-06-25T12:09:00.002+08:00

Various reports have emerged about the state of the Sai Van bridge (1).

Real estate agents

2010-06-23T16:33:00.003+08:00

The Government is putting the finishing touches on a new law that shall regulate the activity of real estate agent. At the moment there is no public law regulation of this important and active sector and anyone can call herself or himself a professional of the real estate business. Under the new law there shall be a licensing system (1). It is not clear what exactly shall be the requirements that will apply and how hard or easy will it be to obtain a license. The matter will be closely followed here, given its obvious importance from a legal and regulatory perspective.

New and quite large land reclamations are on the horizon

2010-06-19T18:42:00.008+08:00

A consultation period has been opened regarding future land reclamations in Macau and Taipa, of around 350 hectares, to be executed over the next 5 years. As can be seen in the map, this is clearly a major project, involving very larges pieces of water/land. The general design of the projects should be completed during the first semester of 2011.
It has been mentioned that the new reclamations shall not be used for casinos.
For more information see the Government website here.
(1) (2) (3).

Sector imobiliário / property market

2010-06-15T17:51:00.005+08:00

O Governo criou um Grupo de Trabalho para a Promoção do Desenvolvimento Sustentável do Mercado Imobiliário, que se ocupará nomeadamente da preparação de vários projectos legislativos com vista a desenvolver a regulamentação do sector imobiliário (1). É sem dúvida uma iniciativa positiva; ficamos a aguardar as suas propostas. Foi prestada a seguinte informação sobre os seus trabalhos no imediato:
O Grupo de Trabalho deve apresentar ao Chefe do Executivo, até 30 de Setembro, um relatório preliminar que identifique um conjunto de soluções técnicas que contribuam para a concepção das políticas e medidas relativas a seguinte cinco matérias: (1) da actividade de mediação imobiliária; (2) da alienação de fracções autónomas de edifícios em construção; (3) do mercado de arrendamento; (4) da fiscalidade imobiliária e (5) da divulgação de informação sobre o mercado imobiliário que contribua para o seu desenvolvimento sustentável. E convidar os diversos sectores sociais a pronunciarem-se sobre o mesmo, com vista à elaboração de um relatório final, até 30 de Novembro do corrente ano.

The Government has created a Working Group to Promote the Real Estate Market’s Sustainable Development, which is namely tasked with preparing various bills intended to increase the regulation of the property market (1). This is clearly a positive development, and we look forward to the proposals that shall be put forward.

Gaming sector asks for ‘open sky’ policy

2010-06-11T21:39:00.000+08:00

The Macau Daily Times reports that the gaming sector asks for ‘open sky’ policy (1).

De novo o sector da aviação

2010-06-08T00:03:00.000+08:00

Importantes declarações de António Rato, dirigente da CAM, sobre o futuro do sector da aviação em Macau (1). Ficamos nomeadamente a saber do declínio muito rápido do transbordo entre Taiwan e o Interior, bem como da possibilidade de a Air Asia vir a assegurar algumas das rotas que eram exploradas pela Viva Macau.

Reading materials

2010-05-26T12:14:00.000+08:00

Jack Bunker, 'Joint ventures: MENA's win-win game (usually)', Westlaw Business Currents, 27 May 2010. (1)

Desocupação de terrenos

2010-05-22T15:07:00.005+08:00

O Governo está de parabéns pela forma determinada como tem vindo a agir no sentido de retomar a posse de terrenos que foram ocupados de forma ilegal, nomeadamente em Coloane.
[1]
Actualização em 11 de Junho: foi desocupado mais um terreno em Coloane, que será convertido num jardim público. Mais um importante serviço público.

Actualização em 23 de Junho: Sucedem-se as intervenções. Desta vez a actuação das autoridades incide sobre uma moradia de quatro andares de construção ilegal. Mais um importante serviço público (2).

Portugal - Alterações legislativas em matéria societária

2010-05-22T12:52:00.002+08:00

O Decreto-Lei n.º 49/2010, de 19 de Maio, consagra a admissibilidade de acções sem valor nominal, reforça o regime de exercício de certos direitos de accionistas de sociedades cotadas e transpõe a Directiva n.º 2007/36/CE, do Parlamento Europeu e do Conselho, de 11 de Julho, e parcialmente a Directiva n.º 2006/123/CE, do Parlamento Europeu e do Conselho, de 12 de Dezembro.
O diploma altera o Código das Sociedades Comerciais e o Código dos Valores Mobiliários.
Veja no Diário da República.

The economic recovery in Macau

2010-04-24T11:26:00.000+08:00

I can tell you that the economic recovery is well and truly underway. How do I know? Well, I haven't looked at the tourist arrivals, the gross gaming revenue figures or the GDP data. I just hear it. My personal economic index relates to sound. After many months of silence, the sound of flats being renovated around where I live is just staggering: it comes from all directions. So apparently many flats have been bought and are being renovated by the buyer, or are about to be sold and are being renovated by the seller. Whatever the case, it is a surround sound effect: the sound of hammers, drilling and countless assorted other tunes fills the air. The recovery is well underway...

Viva Macau lawsuit

2010-04-09T21:21:00.003+08:00

Viva Macau has reportedly sued the Government to claim compensation. [1] [2]

Bank deposits guarantee is to become permanent

2010-03-24T21:08:00.005+08:00

The Government announced that it is looking into extending the Government guarantee of bank deposits that was announced in 2008 during the height of the financial crisis, so as to make it permanent. [1] [2]

O sector da aviação em Macau

2010-03-11T22:12:00.000+08:00

Um artigo publicado hoje no JTM coloca o dedo numa ferida conhecida: o sector da aviação em Macau tem potencial mas precisa de um «abanão». [1]

Corruption in the private sector

2010-02-25T12:40:00.002+08:00

The new law on corruption in the private sector shall come into force in the next few days, adding another layer of criminal law issues and concerns to the conduction of standard business activities. All private entities need to make sure that their standard operating procedures are in full compliance with the new legal requirements.

FATF/GAFI - nova «lista negra» inclui dois países lusófonos

2010-02-21T11:57:00.006+08:00

O GAFI/FATF publicou em 18 de Fevereiro uma lista de países ou territórios que no seu entender não cooperam com os esforços internacionais de combate ao branqueamento de capitais e ao financiamento do terrorismo. A lista divide-se em três categorias.
O FATF recomenda a adopção de contramedidas em relação ao Irão, único país mencionado na secção mais grave.
Segue-se, em segundo lugar, um conjunto de países dotados de «deficiências» e que não adoptaram medidas para as remediar: estão neste caso, no entender do FATF, Angola, Coreia do Norte, Equador e Etiópia.
A lista inclui ainda países com problemas por remediar: Paquistão, Turquemenistão e São Tomé e Príncipe.
Verifica-se desta forma que a lista inclui dois países lusófonos.
Um segundo documento, da mesma data, identifica vários países ou territórios com deficiências mas que manifestaram ao mais alto nível político uma vontade no sentido de trabalhar para a sua resolução, através de um plano de acção: Antígua e Barbuda, Azerbaijão, Bolívia, Grécia, Indonésia, Quénia, Marrocos, Myanmar (Birmânia), Nepal, Nigéria, Paraguai, Qatar, Sri Lanka (Ceilão), Sudão, Síria, Trindade e Tobago, Tailândia, Turquia, Ucrânia e Iémene.
O Departamento do Tesouro dos Estados Unidos manifestou no mesmo dia o seu apoio a este exercício.
[1] [2] [3]

FCPA extraterritorial application

2010-02-17T13:02:00.001+08:00

The Foreign Corrupt Practices Act 1977 is a US law that has criminalized acts of corruption abroad. It is applied extraterritorially since the amendments of 1998, in the sense that it applies not just to US citizens and companies but also to foreign companies and citizens, if they are issuers of US securities or if they engage in acts in furtherance of a bribery scheme while in the US. Research is needed on how the FCPA may have an effect in Macau business. [1] [2] [3] [4]

University of Macau - master in Law in English language in International Business Law

2010-02-07T12:10:00.008+08:00

I would like to call the attention of the readers of this blog to the fact that the University of Macau is since 4 January 2010 accepting applications to take part in the master in law programs, including the master in English language in International Business Law, as informed by the UM's Registry.

The classes of the program shall start in September 2010. The normal application period runs until 31 March 2010; however, the current practice is to allow late applications, unless the maximum number of participants has already been reached. In general, academic issues are discussed in the webpage of the program, while formal and administrative matters (such as the tuition fees) are stated in the webpages of the UM's Registry, the reading of which is recommended. Interested parties should contact the Registry in order to clarify what documents and formalities are involved. The admission regulations and online application are available at the Registry's page. Applicants may apply for postgraduate studentships during the application period. As to academic matters, questions should be addressed to the program coordinator (myself).
Attending the program does require physical presence in Macau for the duration of the teaching periods; the sessions take place at night, starting at 19h00, although some sessions might also be held on Saturday mornings.
The program has formal official recognition from the Government of Macau, having been approved by Dispatch of the Secretary for Social Affairs and Culture no 46/2006, published in the Macau Official Bulletin.
The program lasts for two years. The first year is a curricular part it which the candidates attend compulsory subjects (60% of the class load) and optional subjects (40% of the class load). It should be stressed that the academics teaching teaching the program include professors of the University of Macau (sometimes supported by practitioners, so as to illustrate the practical dimensions of the law), a number of invited professors come from various countries especially to teach in the program. In the past years the program has had visiting professors coming from Germany, Nevada, California, Portugal, the United Kingdom, Spain and France. In this manner, the International Business Law program exposes the participants to different legal traditions and to diverse manners of organizing and applying the law, having a strong component of comparative law.
The research areas covered in the program are quite diverse. The topics on which theses have been defended or are currently being written include themes of international trade law, Macau gaming law, economic regulation, among many others. The list of dissertations can be seen online at the webpage of the program. There is effective supervision of the candidates: the professors are always available for counselling, advising and supporting the research. The library of the University of Macau offers excellent conditions for research, including access to all major international legal databases of legislation, case law and academic works, as well as a comprehensive and rapidly growing physical collection of monographies and periodicals, as a result of strong investment by the University. The library of the University of Macau also provides an excellent setting for research and has library support staff.
The International Business Law program has other features; namely, it makes it possible to write a dissertation in English in the field of gaming law.
It may also be added that in the current academic and professional environment, in which bachelor degrees are now of 4 years instead of 5 years as was previously the rule, it is increasingly necessary to be the holder of postgraduate training, namely as a means to show evidence of the capacity to develop a sustained and relatively complex argument and reasoning over legal topics and ability to conduct research independently and, of course, a certain specialization in one area of the law. For persons who are not native English speakers, the program is also evidence of good command of the language.
As to perspectives of employment, it is well known that while Macau is a small region it is undergoing a rapid and sustained economic expansion over the last few years, which is expected to continue. This allows a certain optimism regarding the outcome of job searches for those who would like to seek employment locally. It is also possible to apply to pursue a PhD degree at the University of Macau after successfully defending the master dissertation.

Macau Commercial Code: updated translation now available

2010-01-31T23:32:00.008+08:00

I am pleased to announce an update of the English translation of the 1999 Macau Commercial Code, which includes the amendments introduced by Law 16/2009 to Book I and Book II. The full text of the Code is online at SSRN. This is a draft version, subject to changes, corrections, etc. If there are any issues or problems with the translation please be so kind to let me know. You may also wish to check regularly for further updates.
This translation is a project that has been ongoing for many years, going back to the predecessor of the current Commercial Code (the Portuguese Commercial Code of 1888), and was initially (and continues to be) triggered by the need to provide an updated English translation of key parts of the law to the students of the University of Macau, a task that I have started in 1993. In 2003 a translation of the full Code was commissioned by the Government of Macau and published by Imprensa Oficial de Macau. The current release updates that translation with the current law, again due to the urgent need to support the teaching of commercial law matters at the University. A printed book version is not yet available.

Tratado de Direito Civil - Direito das Obrigações

2010-01-30T14:15:00.001+08:00

Foram publicados recentemente os dois primeiros tomos da Parte II do Tratado de Direito Civil Português, do Prof. Doutor António Menezes Cordeiro, da Faculdade de Direito da Universidade de Lisboa, que marcam a incursão do Tratado pelo terreno do Direito das Obrigações.
Com a ímpar clareza, precisão e concisão na escrita a que nos habituou, e com grande riqueza histórico-cultural e comparada no enquadramento dos institutos e das soluções jurídico-positivas, a obra é imprescindível para qualquer jurista de Macau, atentas desde logo as semelhanças entre o Código Civil português de 1966 e o Código Civil de Macau de 1999. [1] [2]

Is an overhaul of financial regulation on the cards or not?

2010-01-22T12:08:00.013+08:00

It is not yet extremely clear what will be the overall impact of the financial crisis in the regulation of banking and financial services, following the release of a consultation paper by the BIS.
The issue has a strong political component and the Obama administration has been facing stiff opposition from bankers, markets and players that seem to have a very short memory.
This sense of puzzlement was best encapsulated by Newsweek's special Davos Issues 2010 edition, which asked on the frontpage "Is that all?", with the subtitle "The great recession was supposed to change everything. What happened instead is far stranger".
It is also of key relevance to watch how the same issues play out in Europe, namely the limits on the size of banks.

Joseph Stiglitz's 'Freefall' is one of the best reading materials about the crisis, taking on board a number of perspectives and not just economics, and discussing both the short-term developments that preceded the crisis and also its long-term implications.
The US Treasury has a dedicated website on regulatory reform here.
On the domestic front, it would be interesting to hear the position of the Macau authorities on the need of regulatory reform in Macau, or lack of it.
[1] [2] [3] [4] [5] [6] [7] [8]
Update: see the interview of 2 March 2010 of Joseph Stiglitz with Charlie Rose here (36 minutes) which touches upon most of the major themes in the book.

Mestrado em Direito em língua inglesa na Faculdade de Direito da Universidade de Macau: «International Business Law»

2010-01-03T14:03:00.000+08:00

Gostaria de chamar a atenção para o facto de que a Universidade de Macau aceita a partir do dia 4 de Janeiro de 2010 candidaturas para os cursos de mestrado em Direito, nomeadamente o mestrado em «International Business Law», conforme informação dos serviços académicos («Registry»). As aulas terão início em Setembro. O período normal de candidaturas vai até ao dia 31 de Março de 2010; em todo o caso, a prática vai no sentido de admitir candidaturas fora de prazo, a menos que o número máximo de participantes já tenha sido atingido. Em geral, as questões académicas são esclarecidas na página do curso, ao passo que as questões formais e administrativas (nomeadamente: propinas) constam das páginas dos serviços académicos, cuja leitura atenta é recomendada: os interessados devem contactar os serviços académicos («Registry») da Universidade de Macau com vista a indagar da documentação e formalidades necessárias para a candidatura. Quanto as outras questões de índole académica, devem ser dirigidas ao coordenador do curso (eu próprio).
O curso exige a presença física em Macau e as aulas são em horário nocturno, normalmente durante os dias de semana. O curso foi aprovado pelo Governo de Macau através de Despacho do Secretário para os Assuntos Sociais e Cultura n.º 46/2006, publicado no Boletim Oficial de Macau. Há possibilidade de candidatura a bolsas de estudo. O curso de mestrado tem uma duração de dois anos. O primeiro ano é a parte curricular, na qual os candidatos devem frequentar disciplinas obrigatórias (60% da carga lectiva) e optativas (40%). É de notar que o corpo docente inclui quer professores da Universidade de Macau (por vezes coadjudados por operadores do Direito, com vista a dar a dimensão da prática jurídica), quer professores convidados, oriundos de vários países, que se deslocam a Macau especialmente para este efeito. O curso contou, em anos anteriores, com professores visitantes provenientes de universidades da Alemanha, Estados Unidos (California e Nevada), Portugal, Reino Unido, Espanha e França. Deste modo, o curso expõe os participantes a diversos modos de conceptualizar e aplicar o Direito, tendo uma inquestionável vertente comparada. As áreas de investigação tratadas no curso são várias. Os temas em que estão em preparação ou foram já defendidas dissertações cobrem áreas que vão do direito comercial internacional ao direito do jogo, passando por tópicos de direito patrimonial privado ou de direito administrativo da economia. A lista de dissertações defendidas ou em preparação pode ser consultada na página do curso. Há efectiva supervisão dos candidatos, com permanente abertura e disponibilidade dos professores para o encaminhamento da pesquisa. A Universidade de Macau oferece excelentes condições de investigação, incluindo o acesso a todas as principais bases de dados electrónicas de publicações académicas, legislação e jurisprudência, bem como uma colecção de monografias e periódicos extensa e em constante e rápido crescimento, como resultado de fortes investimentos da Universidade. A biblioteca da Universidade de Macau proporciona excelentes condições físicas para o trabalho de investigação e dispõe de pessoal bibliotecário de apoio. O curso tem ainda outras características específicas; nomeadamente, é a única sede onde é possível desenvolver investigação sobre o direito do jogo a nível de mestrado.
Resta acrescentar que no actual ambiente académico, em que a licenciatura em Direito passou a ter a duração de 4 anos, em vez dos habituais 5 anos, se torna cada vez mais necessário ser titular de um diploma que não a mera licenciatura.
Macau é um território pequeno mas em processo de rápida expansão económica, o que permite acalentar algum optimismo quanto às saídas profissionais locais dos que optem por permanecer em Macau após a conclusão do curso. Para o efeito, os professores do curso prestam todo o apoio possível, através da sua vasta rede de contactos.

Feliz Natal / Merry Christmas !

2009-12-24T13:01:00.000+08:00

Civil Code - English translation

2009-11-15T15:08:00.000+08:00

I am pleased to announce the release on SSRN of a new version of the English translation of the Macau Civil Code. This is a project that has been ongoing for a number of years and will likely continue for some more, given the magnitude of the task. The new release includes added provisions on powers of attorney, object of contracts, void and voidable contracts, among other matters. As always, comments and suggestions are welcome. For what it's worth, this translation is currently ranked second in one the various SSRN subcategories (International Law: Rule-Making & Rule Interpretation; International Courts) [1].
Update on 12 January 2010: the text is now ranked first in the SSRN subcategory mentioned.

Financial secrecy index

2009-11-01T12:28:00.000+08:00

Acaba de ser divulgado um «ranking» do carácter mais ou menos secreto ou opaco das operações financeiras conduzidas em vários sistemas financeiros, produzido por uma entidade com sede em Londres, a «Tax Justice Network».
A denúncia do segredo bancário e comercial tem geralmente na sua base a luta contra a evasão fiscal e contra actividades financeiras de índole criminosa (corrupção, branqueamento de capitais, crime organizado, financiamento do terrorismo, etc).
Iniciativas como esta são por vezes alimentadas por visões securitárias e punitivas, tendo por base um «pânico moral» (moral panic) com a criminalidade organizada e o terrorismo. Noutros casos, como o presente, avulta a denúncia (característica de certos partidos de esquerda, como em Portugal o Bloco) das virtualidades do sistema financeiro global, que alegadamente permitiria às grandes empresas fugir aos impostos com grande facilidade.
Segundo a tabela divulgada pela «Tax Justice Network» a jurisdição líder, ou seja, a mais «obscura» em todo o mundo, pode ser encontrada nada menos do que nos Estados Unidos: trata-se do Estado do Delaware.
Em segundo lugar surge o Luxemburgo, um Estado Membro da União Europeia. Segue-se a «usual suspect»: a Suíça. A City de Londres vem logo em quarto lugar.
Não deixa assim de ser curioso observar que os Estados Unidos e a União Europeia têm no seu seio aquelas que serão as jurisdições mais prevaricadoras.
Macau está classificado na posição 29, muito atrás de Singapura (8) e de Hong Kong (10).
Veja:
a) a tabela completa [1];
b) comentário do Guardian [2];
c) comentário do Financial Times [3].
Sobre Macau, como invariavelmente acontece neste tipo de exercícios, há várias deficiências na informação ou nos critérios apontados como fundamentando a classificação atribuída, que se baseia nos seguintes factores:

This weak opacity score arises because Macau:
1. Provides banking secrecy;
2. Does not put details of trusts on public record;
3. Does not comply sufficiently with international regulatory requirements;
4. Does not require that company accounts be available on public record;
5. Does not require that beneficial ownership of companies is recorded on public record;
6. Does not maintain company ownership details in official records;
7. Did respond to one of Tax Justice Network’s requests for information;
8. Does not participate in the European Union Savings Tax Directive;
9. Has few tax information agreements;
10. Does not have adequate access to banking information;
11. Allows company redomiciliation;
12. Does not allow protected cell companies.

Supomos que o Governo de Macau, através das entidades competentes, nomeadamente o GIF, a AMCM e a DSF, não deixará de considerar a possibilidade de chamar a atenção para os pontos menos acertados desta caracterização feita, caso entenda adequado.

Second amendment to the Commercial Code

2009-10-29T17:26:00.000+08:00

The Summer brought a relatively large number of amendments to the Macau Commercial Code, approved by Law no. 16/2009, of August 10. More information shall be provided in this blog in due course.

Novo blogue sobre direito dos negócios

2009-10-28T00:27:00.001+08:00

Este é um novo blogue sobre direito dos negócios de Macau. Destina-se à discussão séria e profissional de temas de direito civil e comercial. As língua de trabalho são a portuguesa e a inglesa. São bem-vindas quaisquer sugestões ou comentários bem como contributos substantivos de colegas interessados no debate técnico destes temas.

New blog about Macau business law

2009-10-28T00:13:00.000+08:00

This is a new blog for serious and professional discussions about Macau business law, especially civil and commercial law. The working languages are English and Portuguese.