Owing to Macau's current arbitration regime and the difficulties that it poses, foreign investors and partners typically choose other jurisdictions to resolve disputes. Therefore, the government has drafted a new arbitration bill which aims to promote Macau as a commercial arbitration centre between China and Portuguese-speaking countries and take full advantage of Macau's high number of bilingual professionals and its cultural and legal similarities to Portuguese-speaking countries.
The government recently introduced two new draft laws to increase financial leasing activities in Macau. Replacing legislation that has been in force for over 20 years and considered a necessary condition for developing financial activity in Macau, the new legal regime will reclassify financial leasing entities as 'non-depository institutions', make the supervision of these entities more flexible and allow for the creation of special financial vehicles in Macau.
Some critics have labelled Macau's functioning legal and financial framework as a legal impediment to financial innovation and change; however, it could be suggested that a number of recent actions – including the authorisation of one public company limited by shares to provide payment services in relation to bank cards and another to provide payment services via the Internet and mobile phones – may result in innovation in the industry as a result of the Financial System Act.
Following the end of Macau's gaming industry monopoly, dealer-operated electronic table games have assumed an important and decisive role in the Macau gaming market. Considering the development and increasing importance of this type of gaming product, the Macau Gaming Inspection and Coordination Bureau recently decided that it was necessary to advance a new set of technical standards.
Macau was previously bestowed with an offshore regime boasting a comprehensive list of 20 offshore activities. This initially attracted many businesses, but the allure was greatly reduced after the removal of 12 activities from the list. Just as many began to believe that offshore activity was over, Macau's mandate to become a commercial and trade cooperation service platform between China and Portuguese-speaking countries came into play.
The Legislative Assembly recently approved the legal framework for the exchange of fiscal information in order to align Macau with G20 and EU standards. Law 5/2017 expressly revokes Law 20/2009 and has standardised the exchange of fiscal information within the countries which are parties to the international conventions and treaties to which Macau is also a party. The law therefore aims to avoid double taxation and tax evasion.