Singapore legislation
Section 74A
Section 74A
Power to refund, reduce, etc., financial penalty
Amended by1/2020
The Authority may, of its own motion, review any financial penalty imposed on a bank under section 38(7) or 39(7) or on a merchant bank under section 38(7) as applied by section 55ZG(1), and decide —
(a)
not to impose the financial penalty;
(b)
to reduce the financial penalty payable; or
(c)
where any financial penalty has been paid, to refund the whole or part of the amount paid.