Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 |
Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2011 |
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Citation and commencement |
1. This Order may be cited as the Deposit Insurance and Policy Owners’ Protection Schemes (Financial Penalty) Order 2011 and shall come into operation on 1st May 2011. |
Financial penalty |
2. For the purposes of section 8(4) of the Act, the financial penalty payable by a DI Scheme member who fails to comply with any asset maintenance requirement of the Authority under section 8(1) of the Act, for any day or part thereof of each failure, shall be determined in accordance with the following formula:
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Permanent Secretary (Special Duties), Prime Minister’s Office, Singapore. |
[PPD06/2005; AG/LLRD/SL/77B/2011/2 Vol. 1] |