Singapore legislation
Regulation 8
of Central Provident Fund (Financial Penalties) Regulations 2016
Regulation 8
Financial penalty for contravening regulation 3(2)(e)
Subregulation 1
Subject to paragraph (2), the financial penalty that may be imposed on an approved provider for each contravention of regulation 3(2)(e) is the amount specified in the second column of the Third Schedule, corresponding to the number of previous penalty years of the contravention specified in the first column of that Schedule.
Subregulation 2
Instead of imposing the financial penalty of the amount prescribed in paragraph (1), the Board may impose a financial penalty of a lower amount based on the promptness with which the approved provider submits the report mentioned in regulation 3(2)(e), if —
the Board has not already given notice to the approved provider in accordance with regulation 9(3) of the Board’s decision to impose a financial penalty for the contravention; and
the approved provider submits the report to the Board, but only after the time specified by the Board mentioned in regulation 3(2)(e).
Subregulation 3
The total amount of financial penalties that may be imposed on an approved provider for all contraventions of regulation 3(2)(e) assigned with the same current penalty year must not exceed the amount specified in the third column of the Third Schedule, corresponding to the number of previous penalty years of those contraventions specified in the first column of that Schedule.