Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 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.