Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/13

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE

11. Power of Monetary Authority to exempt

(1) This section applies to a designated system that is established in a place outside Hong Kong and is under the supervision of an authority exercising functions in that place similar to the functions of the Monetary Authority under this Ordinance.

(2) Where the Monetary Authority is satisfied that the scope and nature of the supervision exercised in relation to any designated system to which this section applies by the authority in the place outside Hong Kong is sufficient to achieve any or all of the objectives of this Part in relation to the system, the Monetary Authority may exempt any person from any or all of the obligations imposed on the person under Divisions 2 and 3 of this Part, or from any obligation arising by virtue of the exercise of any power conferred under those Divisions, in relation to the system.

(3) In addition to any exemption granted under subsection (2) in relation to a designated system, the Monetary Authority may exempt the system operator or settlement institution of the designated system from the application of section 30 or 53, or may exempt the participants of the system from the application of section 31; and where such an exemption in relation to section 30, 31 or 53 is in effect, that section shall not apply in relation to the system operator, settlement institution or participants to whom the exemption applies.

(4) Where the Monetary Authority has granted (or has varied or withdrawn) an exemption under this section in any case, he shall publish in the Gazette notice of the particulars of that grant (or variation or withdrawal) of exemption.

12. Monetary Authority may request information or documents

(1) For the better carrying out of his functions under this Ordinance, the Monetary Authority may by notice in writing given to a system operator or settlement institution of a designated system request the system operator or settlement institution to give him such information or documents relating to the system as may be specified in the notice.

(2) A request made under subsection (1) may specify a period, being a period that is reasonable in the circumstances, within which the request shall be complied with.

(3) For the avoidance of doubt, the power conferred under subsection (1) to request information or documents relating to a designated system includes the power to request such information or documents as the Monetary Authority considers necessary to allow him to determine whether there is or has been compliance with the provisions of this Ordinance in relation to the