If you are a manufacturer, yes, you can have/make new MG's, but they can only be transfered to a dealer with a "Demo" letter from a local governmental agency.
If you are a dealer, you can have "Pre-samples" which basically means imported (or re-imported) between '68 and '86. Sometimes you will see them called "Pre-May" (i.e. May of 1986). These items can be retained by the dealer for his personal use after he gives up his C-3 license. He can only transfer them to another dealer, never sell them to a civilian. These are typically $5500 Factory MP-5's for example.
Dealers can have "Post-samples"--made or imported after '86, but must have a letter from a local gov.org agency requesting a demo of that item. Dealers usually have a good rapport with their local LEO's to get the letters they want. Even if the police department really doesn't want a full auto AK, the dealer can get and hold on to one if he gets the demo letter. If he gives up his license, he must transfer these to another dealer or have them destroyed. These are the factory $800 M-16's and $1200 MP-5's.
Civilians can only own "Transferrable" MG's--made domestically before '86 or imported before '68. They have to pay the ATF a $200 transfer tax to get the gun (a one time tax on each transfer). Civilian ownership is made on a Form 4 (tax paid transfer). Dealer ownership is made on a Form 3 (dealer to dealer transfer, tax free for someone who has paid their Special Occupational Tax--"SOT", a $500/annual fee to cover all their transfers). The AK-47's, MP-5's, etc. you see as transferable are actually imported as a semi-auto (before 1986) and were converted (manufactured as a machine gun) by a Class 2 manufacturer before the May '86 cutoff. Sears (Registered DIAS and HK Sears) were all made before the '86 ban also. They are the registered item, so installing them in a semi-auto is not manufacturing a machine gun (the "machine gun conversion part" was already registered). You are also exempt from the Assault Weapon ban, barrel length requirement, etc as long as the sear is in the gun. Take it out, all the evil features must come off. These guns are the $8000 MP-5's and $6000 M-16's.
AFARR