Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 49

Power of Monetary Authority to make regulations

PART 6

MISCELLANEOUS

(1) The Monetary Authority may, after consultation with the Financial
Secretary and with the system operators and settlement institutions of
designated systems, make regulations for the better carrying out of the
purposes of this Ordinance.

(2) In particular, regulations made under subsection (1) may provide for all
or any of the following—

   (a)  measures to be put in place within a designated system for the
        purposes of monitoring and enforcing compliance with the operating
        rules of the system and the provisions of this Ordinance;

   (b)  measures in relation to the availability to a designated system of
        financial resources;

   (c)  matters to be provided for under the operating rules of a designated
        system, including matters conducive to the better safety and
        efficiency of the system;

   (d)  any other matter necessary or desirable for the better safety and
        efficiency of operation and financial soundness of designated systems;

   (e)  any matter that shall or may be prescribed under this Ordinance.

(3) Regulations made for the purpose of this section—

   (a)  may be of general or special application and may apply only in
        specified circumstances;

   (b)  may make different provisions for different circumstances and provide
        for different cases or classes of cases; and

   (c)  may provide for the exercise of discretion in such cases as may be
        specified in those regulations.