Singapore legislation
Section 123M
Section 123M
Annual fees payable by exempt benchmark administrator
(1)
Every exempt benchmark administrator must pay to the Authority such annual fee as may be prescribed by regulations made under section 123ZZA, in such manner as the Authority may specify.
(2)
Subject to subsection (3), the Authority may, where it considers appropriate, refund or remit the whole or part of any annual fee paid to it.
(3)
The Authority need not refund any annual fee paid if —
the exemption is revoked during the period in which the annual fee relates;
the exempt benchmark administrator ceases to carry on a business of administering a designated benchmark during the period to which the annual fee relates; or
a prohibition order has been made against the exempt benchmark administrator under section 123ZZC.
(4)
Where an exempt benchmark administrator fails to pay the annual fee by the date on which such fee is due, the Authority may impose a late payment fee of an amount prescribed by regulations made under section 123ZZA for every day or part of a day that the payment is late and both fees are recoverable by the Authority as a judgment debt.