5. Late application fee

Notwithstanding regulations 3 and 4, where an application for the grant of a trust business licence under the Act is made, by any company or person referred to in those regulations, on any date between 1st May 2006 and 1st June 2006 (both dates inclusive), the Monetary Authority of Singapore may impose, on such company or person, as the case may be, a late application fee not exceeding $100 for every day or part thereof from 1st May 2006 until the application is made, subject to a maximum of $3,000.