Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 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 information as the nominated official may request relating
to that default or to any matter arising out of or connected with that
default.

(2) A notice given under subsection (1) shall specify the nominated official
and the participant to whom the direction relates.

(3) A request for information made by a nominated official shall be in writing
and shall state—

   (a)  the information requested; and

   (b)  a period, being a period that is reasonable in the circumstances,
        within which the information shall be given.

(4) A system operator or settlement institution to whom a request is made in
accordance with subsection (3) shall comply with the request by giving the
information to the nominated official within the period specified.