Subsidiary Legislation · As enacted
Info-communications Media Development Authority (Interest on Late Payment of Financial Penalties) Regulations 2026
Official textFrom Singapore Statutes Online, unchanged
reg 1Citation and commencement
These Regulations are the Info-communications Media Development Authority (Interest on Late Payment of Financial Penalties) Regulations 2026 and come into operation on 2 October 2026.
reg 2Definitions
In these Regulations —“3-month compounded SORA”, in relation to a period, means —
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; (iv)if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;“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, as may be amended from time to time;“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.
“3-month compounded SORA”, in relation to a period, means —
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; (iv)if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;
“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, as may be amended from time to time;
“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.
reg 3Interest on late payment of financial penalties
For the purpose of section 79A(1) of the Act, the prescribed rate of interest on any unpaid amount of any financial penalty mentioned in that provision (called in this regulation the outstanding sum) is 4.5 percentage points above the 3‑month compounded SORA.
The interest mentioned in paragraph (1) is payable starting on the date after the outstanding sum is due up to and including the date the outstanding sum is paid.
Subregulation 1
For the purpose of section 79A(1) of the Act, the prescribed rate of interest on any unpaid amount of any financial penalty mentioned in that provision (called in this regulation the outstanding sum) is 4.5 percentage points above the 3‑month compounded SORA.
Subregulation 2
The interest mentioned in paragraph (1) is payable starting on the date after the outstanding sum is due up to and including the date the outstanding sum is paid.