s 81R Power of Authority to issue directions
81R.—(1) The Authority may issue directions, whether of a general or specific nature, by written notice, to an approved clearing house or a recognised clearing house, or a class of approved clearing houses or class of recognised clearing houses, if the Authority thinks it necessary or expedient —(a) for ensuring the safe and efficient operation of any clearing facility operated by the approved clearing house or recognised clearing house, or of clearing facilities operated by approved clearing houses or recognised clearing houses of the class or by approved clearing houses or recognised clearing houses, in general;[Act 12 of 2024 wef 30/08/2024] (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 this Act; or (e) for ensuring compliance with any condition or restriction that the Authority may impose under section 51(4) or (5), 58(2), 70(5), (10) or (11), 71(11) or (12), 81AA(4), (9) or (10), 81AC(11) or (12) or 81SB(1) or (2), or such other obligations or requirements under this Act or as the Authority may prescribe.[34/2012] [Act 12 of 2024 wef 30/08/2024] [Act 12 of 2024 wef 24/01/2025] (2) An approved clearing house or a recognised clearing house must comply with every direction issued to it under subsection (1).[34/2012] (3) Any approved clearing house or recognised clearing house which, without reasonable excuse, contravenes a direction issued to it under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $150,000 and, in the case of a continuing offence, to a further fine not exceeding $15,000 for every day or part of a day during which the offence continues after conviction.[34/2012] (4) It is not necessary to publish any direction issued under subsection (1) in the Gazette.[34/2012]