Hong Kong Ordinances

CLEARING AND SETTLEMENT SYSTEMS ORDINANCE - SECT 9

Functions of Monetary Authority

Division 3—Matters pertaining to functions and powers of Monetary Authority

(1) It shall be the function of the Monetary Authority under this Ordinance to
monitor compliance with the obligations imposed under this Ordinance in
relation to designated systems, and to promote the general safety and
efficiency of designated systems.

(2) Without limiting the generality of subsection (1), it shall be the
function of the Monetary Authority—

   (a)  to take reasonable steps to satisfy himself that every designated
        system is operated in a safe and efficient manner;

   (b)  to promote and encourage proper standards of operation and sound and
        prudent practices amongst designated systems;

   (c)  whenever appropriate, to co-operate with and assist recognized
        financial services supervisory authorities of Hong Kong or of any
        place outside Hong Kong in maintaining and promoting safety and
        efficiency in the operations of designated systems; and

   (d)  to consider and propose reforms of the law relating to clearing and
        settlement systems and the operations of designated systems.

(3) The Monetary Authority may appoint persons as advisers or consultants to
assist him in the performance of his functions under this Ordinance.