Info-communications Media Development Authority (Interest on Late Payment of Financial Penalties) Regulations 2026 · As enacted
2. Definitions
Official textFrom Singapore Statutes Online, unchanged
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.