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  • CSD-6.2 CSD-6.2 Power of CBB to Issue Directions

    • CSD-6.2.1

      The CBB may issue directions by notice in writing either of a general or specific nature to a licensed clearing house or licensed central depository, and the licensed clearing house or licensed central depository shall comply with such directions, if the CBB considers it necessary or expedient:

      (a) For ensuring the safe and efficient clearing and settlement of transactions through review of system mechanisms and establishment of operating standards;
      (b) For ensuring the integrity and stability of the capital markets or the financial system;
      (c) In the interests of the public or a section of the public, or for the protection of investors;
      (d) For the effective administration of the CBB Law and regulations; or
      (e) For ensuring compliance with any condition or restriction as may be imposed by the CBB.
      Amended: April 2016

    • CSD-6.2.2

      For the avoidance of doubt, a direction issued under Paragraph CSD-6.2.1 shall be deemed not to be subsidiary legislation, but any non-compliance with a directive shall be regarded as non-compliant with the rules of the CBB.

      Amended: April 2016