Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 17

Suspension or revocation of certificate of finality

(1) The Monetary Authority may at any time by notice in writing, with effect
from a date and time specified in the notice, suspend or revoke a certificate
of finality in respect of a designated system if he is of the opinion that, as
regards that system—

   (a)  any one or more of the criteria specified in section 16(1)(a) or (b)
        are no longer met; or

   (b)  there has been any contravention of section 6(2), 7(3), 12, 13, 14, 45
        or 53(4).

(2) Before suspending or revoking a certificate of finality under this section
the Monetary Authority shall—

   (a)  notify in writing the system operator and settlement institution of
        his intention to suspend or revoke the certificate of finality and the
        grounds on which the suspension or revocation is to be made; and

   (b)  allow such period as is specified in the notice, being a period of not
        less than 14 days, within which the system operator or settlement
        institution may be heard or may make representations as to why the
        certificate of finality should not be suspended or revoked.

(3) The Monetary Authority shall publish in the Gazette notice of any
suspension or revocation of a certificate of finality effected under this
section.