Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/14

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE

system and, accordingly, a request made under subsection (1) may specify the giving of information or documents on a periodic basis or at any time and regardless of whether the Monetary Authority has reason to suspect that there is, has been or may be any failure to comply with a provision of this Ordinance as regards the system.

13. Monetary Authority may give directions

(1) The Monetary Authority may by notice in writing given to a system operator or settlement institution of a designated system direct that person to take such action or do such act or thing as the Monetary Authority considers necessary for bringing the designated system into compliance with the requirements set out in section 7(1)(a), (b), (c) or (d).

(2) A direction given under subsection (1)—
 * (a) shall specify the action to be taken or the act or thing to be done;
 * (b) shall include a statement of the respect in which the Monetary Authority considers the designated system not to be in compliance with a requirement set out in section 7(1)(a), (b), (c) or (d); and
 * (c) may specify a period, being a period that is reasonable in the circumstances, within which the direction shall be complied with.

14. Monetary Authority may impose operating rules

(1) Without affecting the generality of section 13, the Monetary Authority may by notice in writing given to a system operator or settlement institution of a designated system direct that the operating rules of the system be amended in such manner as the Monetary Authority considers necessary to bring the operating rules into compliance with section 7(1)(b).

(2) A direction given under subsection (1)—
 * (a) shall specify the amendment to be effected;
 * (b) shall include a statement of the respect in which the Monetary Authority considers the operating rules of the system not to be in compliance with section 7(1)(b); and
 * (c) may specify a period, being a period that is reasonable in the circumstances, within which the amendment shall be effected, and may require that within a further period of 3 days a copy of the relevant part of the operating rules as so amended shall be provided to the Monetary Authority as confirmation of compliance with the direction.

(3) Without affecting the generality of subsection (1), a direction under that subsection to amend a designated system’s operating rules may include a direction to amend those rules by—