Government Securities (Financial Penalty) Notification 2010

No. S 506

Government Securities Act

(Chapter 121A)

Government Securities (Financial Penalty) Notification 2010

In exercise of the powers conferred by section 29D(3) of the Government Securities Act, the Minister for Finance hereby makes the following Notification:

Citation and commencement

1. This Notification may be cited as the Government Securities (Financial Penalty) Notification 2010 and shall come into operation on 13th September 2010.

Financial penalty for failure to comply with direction given before 1st January 2014

2. For the purposes of section 29D(3) of the Act, the financial penalty payable by any primary dealer, who fails to comply with a direction given before 1st January 2014 by the Authority under section 29C(1) of the Act to apply to take up its minimum share of Government securities in an invitation by public notice issued by the Authority under section 30(1) of the Act, shall be the amount calculated in accordance with the following formula, or $1,000, whichever is the higher, for every day or part thereof of such failure:

where A

is the amount of Government securities which the primary dealer fails to apply to take up; and

is the 5th percentile of the bid yields submitted by all applicants who applied on a competitive basis, for that particular issue of Government securities and which were successful in their application.

[S 785/2013 wef 01/01/2014]

Financial penalty for failure to comply with direction given on or after 1st January 2014

3. For the purposes of section 29D(3) of the Act, the financial penalty payable by any primary dealer, who fails to comply with any direction given on or after 1st January 2014 by the Authority under section 29C(1) of the Act, shall be $1,000 per day or part thereof of such failure.

[S 785/2013 wef 01/01/2014]

Made this 8th day of September 2010.

PETER ONG

Permanent Secretary,
Ministry of Finance,
Singapore.

[MID MM 078-05 Vol. 5; AG/LLRD/SL/121A/2010/1 Vol. 1]

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