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No. S 219

Competition Act

(CHAPTER 50B)

Competition (Financial Penalties) (Amendment) Order 2010

In exercise of the powers conferred by section 69(4) and (6) of the Competition Act, the Minister for Trade and Industry hereby makes the following Order:

Citation and commencement

1. This Order may be cited as the Competition (Financial Penalties) (Amendment) Order 2010 and shall come into operation on 19th April 2010.

Amendment of paragraph 2

2. Paragraph 2 of the Competition (Financial Penalties) Order 2007 (G.N. No. S 372/2007) is amended by deleting the full-stop at the end of the definition of “business year” and substituting a semi-colon, and by inserting immediately thereafter the following definition:

“ “financial penalty” means a financial penalty imposed by the Commission under section 69(2)(d) of the Act.”.

New paragraphs 4 and 5

3. The Competition (Financial Penalties) Order 2007 is amended by inserting, immediately after paragraph 3, the following paragraphs:

“Payment of financial penalty by instalments

4. Where a person on whom a financial penalty has been imposed is allowed by the Commission, on or after 19th April 2010, to pay the financial penalty by instalments, the amount of each such instalment shall be calculated in accordance with the formula:

where —

A	is the duration of the instalment plan in years or a fraction of a year (for example, A = 2 if the duration of the instalment plan is 2 years, and 0.5 if the duration of the instalment plan is 6 months);

B	is the amount of the financial penalty imposed; and

C	is the number of instalments allowed under the instalment plan.

Interest on late payment of financial penalty

5.—(1) Subject to sub-paragraph (3), where a person on whom a financial penalty has been imposed fails to pay in full the financial penalty or any instalment thereof by the date on which its payment is due, that person shall be liable to pay to the Commission interest, calculated on a monthly basis, on the outstanding amount of the financial penalty or instalment (as the case may be), at the rate of 6% for so long as such outstanding amount of the financial penalty or instalment remains unpaid.

(2) For the purposes of sub-paragraph (1), any part of a month during which any outstanding amount of a financial penalty or an instalment thereof remains unpaid shall be treated as a full month.

(3) In respect of any financial penalty that was imposed before 19th April 2010, interest shall be payable in accordance with sub-paragraph (1) only as from that date on the amount of the financial penalty or any instalment thereof that is outstanding on or after that date.”.

Made this 12th day of April 2010.

OW FOONG PHENG

Second Permanent Secretary,
Ministry of Trade and Industry,
Singapore.

[MTI/074/03-2-008PT V3; AG/LLRD/SL/50B/2010/1 Vol. 1]