Regulation 2

if the period or a part of the period falls within the 6-month period beginning on 1 April of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —

on its Internet website at https://www.mas.gov.sg; or

where the website is unavailable to the public, in any other form that is readily accessible by the public,on either of the following days:

if 1 March of that calendar year is a business day — that day;

if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or

if the period or a part of the period falls within the 6-month period beginning on 1 October of a calendar year, then, for the period or the part (as the case may be) — the compounded average of the SORA values for a 3-month period computed by the Monetary Authority of Singapore using the prescribed methodology, and published —

on its Internet website at https://www.mas.gov.sg; or

where the website is unavailable to the public, in any other form that is readily accessible by the public,on either of the following days:

if 1 September of that calendar year is a business day — that day;

if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;“air navigation services” means services provided to air traffic during all phases of operations to ensure their safe and efficient movement, and includes —

air traffic control services, including air traffic control service for arriving or departing controlled flights, for controlled flights in controlled areas or for traffic within any manoeuvring area and other aerodrome traffic;

air traffic advisory services provided within advisory airspace to ensure separation, in so far as practical, between aircraft which are operating on flight plans in accordance with Instrument Flight Rules;

flight information services;

alerting services provided to notify appropriate organisations regarding aircraft in need of search and rescue aid, and to assist such organisations as may be required;

meteorological services for air navigation;

search and rescue services; and

aeronautical information services for the provision of aeronautical information and data necessary for the safety, regularity and efficiency of air navigation;“airport licensee” means the holder of an airport licence for an airport;“bank holiday” means a day declared by the Monetary Authority of Singapore to be a bank holiday under section 60(1) of the Banking Act 1970;“business day” means any day other than a Saturday, Sunday, public holiday or bank holiday;“prescribed methodology” means the methodology set out in the document called “Compounded Singapore Overnight Rate Average Index (“SORA Index”), Compounded SORA and MAS Floating Rate Notes (“MAS FRN”): A User Guide” dated 16 March 2021;[Deleted by S 356/2023 wef 10/06/2023]“service charge” means any charge payable under this Order;“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 published by the Monetary Authority of Singapore —

on its Internet website at https://www.mas.gov.sg; or

where the website is unavailable to the public, in any other form that is readily accessible by the public.