Page:Clearing and Settlement Systems Ordinance (Cap. 584).pdf/37

PART 6
Miscellaneous

49. Power of Monetary Authority to make regulations

(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.

50. Confidentiality

(1) Except in so far as is necessary for the performance of any function under this Ordinance or for carrying into effect any provision of this Ordinance, every person to whom this subsection applies—

(a) shall preserve and aid in preserving secrecy with regard to all matters relating to the affairs of any person that come to his knowledge in the performance of any function under this Ordinance;

(b) shall not communicate any such matter to any person other than the person to whom such matter relates; and