Regulation 1
Citation and commencement
These Regulations are the Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 and come into operation on 1 April 2018.
/akn/sg/act/sub_leg/2001/PUA-S167-2018
Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018
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- Type
- Subsidiary Legislation
- Status
- In force
- Enacted
- 2001
- Sections
- 2
Quick answer
About this subsidiary legislation
Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation PUA-S167-2018 2001, currently marked in force and first recorded in 2001.
Regulation 2
Interest for late payment of financial penalty
Amended byS 908/2023 wef 01/01/2024S 908/2023 wef 01/01/2024
Subregulation 1
Amended byS 908/2023 wef 01/01/2024
For the purposes of section 41(9) of the Act, the prescribed rate of interest on any outstanding sum (as defined in that provision) is 4.5%-point above the 3-month compounded SORA for the period mentioned in paragraph (2).
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.
Subregulation 3
Amended byS 908/2023 wef 01/01/2024
In this regulation —
Definition
“3‑month compounded SORA”, in relation to a period, means —
(a)
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 the following day at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public:
(i)
if 1 March of that calendar year is a business day — that day;
(ii)
if 1 March of that calendar year is not a business day — the last business day in February of that calendar year; or
(b)
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 using the prescribed methodology, and published on the following day at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public:
(i)
if 1 September of that calendar year is a business day — that day; (ii)if 1 September of that calendar year is not a business day — the last business day in August of that calendar year;
Definition
“business day” means any day other than a Saturday, Sunday or public holiday;
Definition
“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;
Definition
“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 determined and published by the Monetary Authority of Singapore on its website at http://www.mas.gov.sg or (where the website is unavailable to the public) in one or more other forms that are readily accessible by the public.
Common questions
- What is Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018?
- Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation PUA-S167-2018 2001, currently marked in force and first recorded in 2001.
- Is Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 still in force?
- Yes — Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 is currently in force.
- When did Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 take effect?
- Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 was first recorded in 2001.
- How many regulations does Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 have?
- Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 contains 2 regulations.
- Where can I read the official version of Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018?
- The official text of Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018 is published at sso.agc.gov.sg.