Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/10

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE

(3) A revocation of the designation of a designated system effected under this section shall not operate so as to affect any settlement of a transfer order effected through the system prior to the revocation taking effect. Division 2—Obligations of designated systems 6. Obligation to inform Monetary Authority of name and address, etc.

(1) Every person who, at the time of designation of a clearing and settlement system under this Ordinance, is a system operator or settlement institution of the system shall, within 6 days of the designation, inform the Monetary Authority in writing of—
 * (a) his name, his place of business, a postal address and an electronic mail address;
 * (b) the aspects of the management or operations of the system for which he is responsible; and
 * (c) in addition, where the person is a corporation, the names and particulars of the directors and shareholders of the corporation and the name and particulars of the chief executive (if any) of the corporation.

(2) Where, subsequent to the designation of a clearing and settlement system, there is any change to the particulars given or required to be given to the Monetary Authority under subsection (1) in respect of the system, every person to whom such change relates shall within 6 days of the change taking effect inform the Monetary Authority in writing of the change.

7. Requirements applying to designated systems

(1) Every system operator and settlement institution of a designated system shall ensure that the following requirements are complied with in relation to the system, namely—
 * (a) that the operations of the system are conducted in a safe and efficient manner calculated to minimize the likelihood of any disruption to the functioning of the system;
 * (b) that there are in place operating rules that—
 * (i) comply with the requirements specified in subsection (2) and with any prescribed requirements relating to the operating rules of a designated system; and