Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 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.