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Chapter:

584 PDFTitle:CLEARING AND SETTLEMENT SYSTEMS ORDINANCEGazette Number:L.N. 145 of 2004
Section:14Heading:Monetary Authority may impose operating rulesVersion Date:04/11/2004

(1) Without affecting the generality of section 13, the Monetary Authority may by notice in writing given to a system operator or settlement institution of a designated system direct that the operating rules of the system be amended in such manner as the Monetary Authority considers necessary to bring the operating rules into compliance with section 7(1)(b).
(2) A direction given under subsection (1)¡X

        (a) shall specify the amendment to be effected;
        (b) shall include a statement of the respect in which the Monetary Authority considers the operating rules of the system not to be in compliance with section 7(1)(b); and
        (c) may specify a period, being a period that is reasonable in the circumstances, within which the amendment shall be effected, and may require that within a further period of 3 days a copy of the relevant part of the operating rules as so amended shall be provided to the Monetary Authority as confirmation of compliance with the direction.
(3) Without affecting the generality of subsection (1), a direction under that subsection to amend a designated system¡¦s operating rules may include a direction to amend those rules by¡X
        (a) adding a rule specified in the direction;
        (b) amending a particular rule in the manner specified in the direction; or
        (c) deleting a rule specified in the direction.
(4) Before giving a direction under subsection (1), the Monetary Authority shall consult the Financial Secretary and the system operator or settlement institution to whom the direction relates.
(5) If there is any failure to comply with a direction given under this section, the Monetary Authority may by notice published in the Gazette declare that the operating rules of the designated system shall be amended in the manner specified in the direction, and the operating rules of the system shall as from the time of publication of such have effect as if they had been so amended.