Singapore legislation
Regulation 7
of Central Provident Fund (Financial Penalties) Regulations 2016
Regulation 7
Financial penalty for contravening regulation 3(2)(d) if notice of imposition of financial penalty given before written authorisation, etc., submitted
Subregulation 1
This regulation applies where —
an approved provider contravenes regulation 3(2)(d) (called in this regulation the current contravention);
written authorisation or written confirmation is required under regulation 3(2)(d) in relation to a withdrawal application submitted by the approved provider; and
the Board gives notice to the approved provider in accordance with regulation 9(3) of the decision to impose a financial penalty for the contravention, before such authorisation or confirmation is given to the Board.
Subregulation 2
Subject to paragraph (4), the financial penalty that may be imposed on an approved provider for the current contravention is the amount specified in the second column of the Second Schedule, corresponding to the number of times (specified in the first column of that Schedule) that a financial penalty under this regulation has been imposed on the approved provider in the relevant period of the current contravention (except any financial penalty that has been withdrawn by the Board, reversed under regulation 11(5)(a) or invalidated under the law).
Subregulation 3
In paragraph (2) and the Second Schedule, “relevant period” means, where the Board has given notice to the approved provider in accordance with regulation 9(3) of the Board’s decision to impose a financial penalty for the current contravention in a calendar year —
the period in that calendar year, immediately before the Board gives the notice; and
the 2 calendar years immediately before the calendar year mentioned in sub‑paragraph (a).
Subregulation 4
The total amount of financial penalties that may be imposed under this regulation on an approved provider for all contraventions mentioned in paragraph (1) assigned with the same current penalty year must not exceed $10,000.