Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 |
Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2024 |
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Citation and commencement |
1. This Order is the Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2024 and comes into operation on 1 January 2025. |
Definitions |
2. In this Order —
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Financial penalty |
3. For the purposes of section 8(4) of the Act, the prescribed formula for the financial penalty (F) that a DI Scheme member is liable to pay for every day or part of a day that the DI Scheme member fails to comply with the asset maintenance requirement, is —
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Revocation |
4. Revoke the Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2011 (G.N. No. S 236/2011). |
Permanent Secretary, Prime Minister’s Office, Singapore. |
[PPD 06/2005/PAD-19/20241213; AG/LEGIS/SL/77B/2020/8] |