Singapore legislation
Regulation 13
of Shared Mobility Enterprises (Control and Licensing) Regulations 2020
Regulation 13
Interest on late payments
Subregulation 1
For the purposes of section 42(1) of the Act, interest on any outstanding amount of fee or penalty mentioned in that section accrues at the rate of 4.5 percentage points above the 3‑month compounded SORA on the outstanding amount for the period —
starting the first day that fee or penalty or part of it is in arrears; and
ending the day that fee or penalty or part of it in arrears is paid in full to the LTA.
Subregulation 2
In paragraph (1) —
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, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 March of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at https://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; 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, in relation to the period or the part (as the case may be) — the compounded average of the SORA values for the 3‑month period immediately before 1 September of the same calendar year, as determined and published by the Monetary Authority of Singapore on its website at https://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;
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 https://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.