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CLEARING AND SETTLEMENT SYSTEMS ORDINANCE

(3) A person who, without reasonable excuse, fails to comply with a request made under section 52(1) commits an offence and is liable on conviction upon indictment to a fine of $200,000 and to imprisonment for 1 year.

(4) A person who, without reasonable excuse, contravenes section 53(4) commits an offence and is liable on conviction upon indictment to a fine of $400,000 and to imprisonment for 2 years.

45. Giving false information to Monetary Authority

A person who, in giving information to the Monetary Authority in pursuance of an obligation under Part 2 or section 31—
 * (a) gives information that is false or misleading in a material particular; and
 * (b) knows or ought to know that the information being given is false or misleading,

commits an offence and is liable on conviction upon indictment to a fine of $400,000 and to imprisonment for 2 years.

46. Misrepresentation in respect of designated system

(1) A person shall not describe or otherwise make any representation in respect of a clearing and settlement system that is not a designated system in terms that indicate, or that could reasonably be construed as indicating, that the system is a designated system.

(2) It is a defence for a person charged with an offence under subsection (1) to prove that he reasonably believed that the system was a designated system.

(3) A person shall not describe or otherwise make any representation in respect of a clearing and settlement system in respect of which a certificate of finality is not in effect in terms that indicate, or that could reasonably be construed as indicating, that a certificate of finality is in effect in respect of the system.

(4) It is a defence for a person charged with an offence under subsection (3) to prove that he reasonably believed that a certificate of finality was in effect in respect of the system.

(5) Subsections (1) and (3) do not apply in relation to any description or representation contained in information submitted to the Monetary Authority under this Ordinance.