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No. S 514

Central Provident Fund Act

(Chapter 36)

Central Provident Fund (Investment Schemes) (Amendment) Regulations 2007

In exercise of the powers conferred by section 77(1)(n) of the Central Provident Fund Act, the Minister for Manpower, after consulting with the Central Provident Fund Board, hereby makes the following Regulations:

Citation and commencement

1. These Regulations may be cited as the Central Provident Fund (Investment Schemes) (Amendment) Regulations 2007 and shall come into operation on 1st October 2007.

Deletion and substitution of regulation 44

2. Regulation 44 of the Central Provident Fund (Investment Schemes) Regulations (Rg 9) is deleted and the following regulation substituted therefor:

“Contravention of section 58A of Act or breach of Regulations

44.—(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 —

(a)	require the member to refund to his ordinary account or special account all moneys withdrawn by him under these Regulations together with any interest that would have accrued thereto if the withdrawal had not been made;
(b)	require the member to sell or dispose of the securities purchased or acquired by him under these Regulations and refund the proceeds thereof to his ordinary account or special account together with any interest that would have accrued thereto if the withdrawal had not been made; or
(c)	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.

(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 —

(a)

where the contravention is connected with a purchase or an acquisition of securities under these Regulations, require the member to refund to his ordinary account or special account an amount equal to any positive difference between —

(i)	the sum withdrawn by him under these Regulations for the purchase or acquisition; and
(ii)	the sum which, but for the contravention, he would have been permitted to withdraw under these Regulations,

together with any interest that would have accrued thereto if the amount had not been withdrawn; or

(b)

where the contravention is connected with a sale or disposal of securities under these Regulations, require the member to transfer to his CPF Investment Account, ordinary account or special account (referred to in this sub-paragraph as the relevant account) an amount equal to any positive difference between —

(i)	the sum which, but for the contravention, he would have been required to transfer to the relevant account upon the sale or disposal; and
(ii)	the sum transferred by him to the relevant account upon the sale or disposal,

together with any interest that would have accrued thereto if the amount had been transferred to the relevant account upon the sale or disposal.”.

[G.N. No. S 723/2006]

Made this 27th day of September 2007.

LEO YIP

Permanent Secretary,
Ministry of Manpower,
Singapore.

[MMS 7/68 V51; AG/LEG/SL/36/2005/33 Vol. 1]

(To be presented to Parliament under section 78(2) of the Central Provident Fund Act).