Competition (Financial Penalties) Order 2007

No. S 372

Competition Act

(Chapter 50B)

Competition (Financial Penalties) Order 2007

In exercise of the powers conferred by section 69(4) 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) Order 2007 and shall come into operation on 11th July 2007.

Definitions

2. In this Order —

“applicable turnover” means the turnover of an undertaking for a business year determined in accordance with the Schedule, and where a business year does not equal 12 months, the applicable turnover shall be the amount which bears the same proportion to the applicable turnover during that business year as 12 months does to that period;

“business year” means a period of more than 6 months in respect of which an undertaking publishes accounts or, if no such accounts have been published for the period, prepares accounts.

Determination of turnover for calculation of financial penalties

3.—(1) The turnover of an undertaking for the purposes of section 69(4) of the Act is the applicable turnover for the business year preceding the date on which the decision of the Commission is taken or, if figures are not available for that business year, the business year immediately preceding it.

(2) Where, in the application of sub-paragraph (1), there is any period in respect of which there is no preceding business year, then the applicable turnover shall be the turnover for that period.

Made this 11th day of July 2007.

PETER ONG

Permanent Secretary,
Ministry of Trade and Industry,
Singapore.

[MTI 74/3-2-8 V3; AG/LEG/SL/50B/2005/9 Vol. 1]

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