| 2.—(1) For the purposes of subsection (1) of section 19B of the Act, where any fee, charge, cash-bid or financial penalty referred to in that subsection is not paid in full by the due date for payment, the licensee shall pay interest on the amount outstanding at a rate of 4.5%‑point above the 3‑month compounded SORA for the period mentioned in paragraph (2). [S 182/2023 wef 01/04/2023] | (2) The interest referred to in paragraph (1) shall be levied from the date the payment is due up to and including the date the payment is made. |
(3) In paragraph (1) —“3-month compounded SORA”, in relation to a period, means —| (a) | if the period or a part of the period falls within the 6‑month period beginning on 1 April of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public; | | (b) | if the period or a part of the period falls within the 6‑month period beginning on 1 October of a calendar year, then, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public; |
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| “Singapore Overnight Rate Average” or “SORA” means the volume‑weighted average rate of borrowing transactions in the unsecured overnight interbank Singapore dollar cash market in Singapore between 8 a.m. and 6.15 p.m., as determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public. |
[S 182/2023 wef 01/04/2023] |
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