Singapore legislation
Regulation 44
of Central Provident Fund (Investment Schemes) Regulations 2000
Regulation 44
Contravention of section 58A of Act or breach of Regulations
Subregulation 1
If a member contravenes section 58A(1) of the Act or commits a breach of any provision in these Regulations, or if for any purpose connected with these Regulations a member makes a false representation or furnishes any false information, the Board may —
require the member to refund to the member’s ordinary account or special account all moneys withdrawn by the member under these Regulations together with the whole or such part (as the Board may determine) of any interest that would have been payable on the moneys if the withdrawal had not been made;
require the member to sell or dispose of the securities purchased or acquired by the member under these Regulations and refund the proceeds thereof to the member’s ordinary account or special account together with the whole or such part (as the Board may determine) of the interest that would have been payable on the moneys withdrawn by the member under these Regulations for the purchase or acquisition of those securities, if the withdrawal had not been made; or
prohibit the member from making any withdrawal under these Regulations for a period of one year, or such longer period as the Board may determine, from the date of the contravention of section 58A of the Act, or the commission of the breach, making of the false representation or furnishing of the false information, as the case may be.
Subregulation 2
In addition to exercising the powers referred to in paragraph (1), the Board may, if a member contravenes section 58A(1) of the Act —
where the contravention is connected with a purchase or an acquisition of securities under these Regulations, require the member to refund to the member’s ordinary account or special account an amount equal to any positive difference between —
the sum withdrawn by the member under these Regulations for the purchase or acquisition; and
the sum which, but for the contravention, the member would have been permitted to withdraw under these Regulations,together with the whole or such part (as the Board may determine) of any interest that would have been payable on the amount if the amount had not been withdrawn; or
where the contravention is connected with a sale or disposal of securities under these Regulations, require the member to transfer to the member’s CPF Investment Account, ordinary account or special account (called in this sub‑paragraph the relevant account) an amount equal to any positive difference between —
the sum which, but for the contravention, the member would have been required to transfer to the relevant account upon the sale or disposal; and
the sum transferred by the member to the relevant account upon the sale or disposal,together with the whole or such part (as the Board may determine) of any interest that would have been payable on the amount if the amount had been transferred to the relevant account upon the sale or disposal.