Singapore legislation
Regulation 2
of Public Utilities (Prescribed Interest Rate for Late Financial Penalty) Regulations 2018
Regulation 2
Interest for late payment of financial penalty
Subregulation 1
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
In this regulation —
Definition
“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 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:
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 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:
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.