Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/40

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE


 * (b) in addition, where the system operator or settlement institution of a designated system is a corporation, any officer of the corporation.

52. Power of Monetary Authority to require information to be given

(1) Where there are reasonable grounds for believing that a clearing and settlement system exists, but the Monetary Authority is unable on the basis of the information before him to determine whether the system is eligible to be designated or, if eligible to be, should be designated under this Ordinance, the Monetary Authority may by notice in writing request any person who is or whom he reasonably believes to be a system operator or settlement institution of the system or a participant in the system, to give the Monetary Authority such information or documents regarding the system as the Monetary Authority considers may assist him in making that determination.

(2) A request under subsection (1)—
 * (a) shall specify the information or documents to be given; and
 * (b) may specify a period, being a period that is reasonable in the circumstances, within which the information or documents shall be given.

(3) This section applies to and in relation to—
 * (a) a clearing and settlement system that is established in a place outside Hong Kong;
 * (b) an individual who is outside Hong Kong; or
 * (c) a corporation that is incorporated in a place outside Hong Kong,

as it applies to and in relation to such a clearing and settlement system that is established in Hong Kong, such an individual who is in Hong Kong, or such a corporation that is incorporated in Hong Kong.

53. Requirement to give information relating to default

(1) Where any action has been taken under the default arrangements of a designated system in respect of a participant in the system, the Monetary Authority may, by notice in writing given to the system operator or settlement institution of the system, direct the system operator or settlement institution to give to any person who has responsibility for any matter arising out of or connected with the default of the participant (“nominated official”) such