In the US offshore industry the requirement is to close within 45 seconds including the system response time (consider in case of pneumatics). This is a rule applied by the Department of Interior Minerals Management Service is covered by API RP 14C Recommended Practice for
Analysis, Design, Installation, and Testing of Basic Surface Safety Systems for Offshore Production Platforms, Appendix C - Support Systems C.2.1.4. "The time it takes for any safety device (e.g. PSH, BSL, ESD station, etc.) to effect component or platform shutdown should not exceed 45 seconds."