Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/12

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE

Division 3—Matters pertaining to functions and powers of Monetary Authority 9. Functions of Monetary Authority

(1) It shall be the function of the Monetary Authority under this Ordinance to monitor compliance with the obligations imposed under this Ordinance in relation to designated systems, and to promote the general safety and efficiency of designated systems.

(2) Without limiting the generality of subsection (1), it shall be the function of the Monetary Authority—
 * (a) to take reasonable steps to satisfy himself that every designated system is operated in a safe and efficient manner;
 * (b) to promote and encourage proper standards of operation and sound and prudent practices amongst designated systems;
 * (c) whenever appropriate, to co-operate with and assist recognized financial services supervisory authorities of Hong Kong or of any place outside Hong Kong in maintaining and promoting safety and efficiency in the operations of designated systems; and
 * (d) to consider and propose reforms of the law relating to clearing and settlement systems and the operations of designated systems.

(3) The Monetary Authority may appoint persons as advisers or consultants to assist him in the performance of his functions under this Ordinance.

10. Power of Chief Executive to give directions

(1) After consulting the Monetary Authority, the Chief Executive may, on being satisfied that it is in the public interest to do so, give the Monetary Authority such written directions as he thinks fit as to the performance of any function of the Monetary Authority under this Ordinance.

(2) The Monetary Authority shall comply with any direction given under subsection (1).

(3) If a direction is given under subsection (1), a requirement in an Ordinance that the Monetary Authority shall—
 * (a) form any opinion;
 * (b) be satisfied as to any matter (including the existence of particular circumstances); or
 * (c) consult any person,

for the purpose of performing any function to which the direction relates, does not apply for any purpose connected with the performance of that function pursuant to or consequent upon the direction.