The Macau Insurance Industry Professionals Association ("MIIPA") held the "Financial System Act Forum" at City University of Macau on 28th November 2023. The "Financial System Act" takes effective on 1st November 2023, and the forum discussed the impact of its implementation on the entire financial industry. The main purposes of implementing this Act include: optimize the financial system to cope with the development of the financial industry; improve regulatory requirements and strengthen integration with international regulatory standards; optimize and simplify administravtive procedures; increase penalties for illegal financial activities, etc.

The forum had four themes and speakers are Ms. Daniela Guerreiro, Associate - MdME Lawyers, Mr. David Lai, Senior Manager, Compliance, FWD Life Insurance Company (Macau) Limited, Ms. Cally Kuan, President of the General Assembly of Macau Society of Registered Accountants, and Mr. Calvin Tinlop Chui, President of the Board of Directors of the Macau Financial Law Association.

The forum invited Mr. Jose Matias, Mr. Carlos Coelho, Mr. David Lai, Ms. Cally Kuan and Mr. Calvin Tinlop Chui to discuss the main objectives of implementation of this Act, including: optimize regulatory procedures, especially that the supervised entities are now extended from the existing Macao licensed entities to all the entities of the group to which they belong; introduction of sandbox system, allowing qualified entities that do not have a financial entity license to carry out FinTech projects under controllable risk parameters; improvement of corporate governance will help optimizing the operatin environment of the local financial industry, creating a solid foundation for the development of Macao's financial industy and criminalizing illegal financial activities, promoting the healthy development of Macao's financial industry, and attracting different investors to invest in Macao.