Singapore legislation
Clause 17
Clause 17
New section 99A
The principal Act is amended by inserting, immediately after section 99, the following section:“Annual fees payable by exempt person and its representative99A.—
Every exempt person and every representative of an exempt person shall pay to the Authority such annual fee in respect of each regulated activity as may be prescribed and in such manner as may be specified by the Authority.(2) Any annual fee paid by an exempt person or a representative of an exempt person to the Authority in respect of any regulated activity shall not be refunded or remitted if —
in the case of the exempt person —
its exemption is withdrawn; or
it fails or ceases to carry on business in that regulated activity,during the period to which the annual fee relates; and
in the case of a representative of the exempt person —
his exemption is withdrawn; or
he fails or ceases to act as a representative in respect of that regulated activity,during the period to which the annual fee relates.(3) Subject to subsection (2), the Authority may, where it considers appropriate, refund or remit the whole or part of any annual fee paid or payable to it.”.