Statute Details
- Title: Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020
- Full Title: N/A
- Act Code: VCCA2018-S26-2020
- Type: sl
- Commencement Date: N/A
- Parts: N/A
- Key Sections: Section 2: In these Regulations —; Section 3: The fees specified in the third column of the First Schedule are payable in respect of the mat; Section 4: Where a person fails to comply with the time delimited by the Act for the filing or lodgment of a do
- Related Legislation: Corporate Regulatory Authority Act, Timeline Authorising Act, Variable Capital Companies Act 2018, Variable Capital Companies Act 2018
What Is This Legislation About?
The Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020 is a piece of subsidiary legislation enacted under the authority of the Variable Capital Companies Act 2018. It establishes the fees and late lodgment penalties applicable to various transactions and filings related to variable capital companies (VCCs) in Singapore.
The purpose of this legislation is to provide a clear and comprehensive framework for the fees and penalties that VCCs and their stakeholders must pay when interacting with the Registrar of VCCs. This helps to ensure the proper administration and enforcement of the Variable Capital Companies Act 2018 by the Accounting and Corporate Regulatory Authority (ACRA).
What Are the Key Provisions?
The key provisions of the Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020 are as follows:
Fees (Section 3)
Section 3 specifies the fees that are payable for various transactions and filings related to VCCs. This includes fees for filing or lodging documents, making applications or submissions, and accessing records maintained by the Registrar. The specific fees are set out in the First Schedule to the Regulations.
The Registrar is empowered to refuse to process a transaction if the prescribed fee is not paid. This ensures compliance with the fee requirements.
Late Lodgment Penalties (Section 4)
Section 4 imposes penalties for the late filing or lodgment of documents required under the Variable Capital Companies Act 2018. These penalties are in addition to the prescribed fees for the relevant filings.
The specific late lodgment penalties are set out in the Second Schedule to the Regulations. The penalties vary depending on the type of document and the length of the delay in filing or lodgment.
Manner of Payment (Section 5)
Section 5 specifies that fees and penalties must generally be paid using the electronic transaction system established by ACRA. However, the Registrar may permit payment by other means if necessary.
Waiver (Section 6)
Section 6 gives the Registrar the discretion to waive, refund or remit any fees or penalties, either wholly or in part, for any reason. However, fees paid for withdrawn applications or appeals are not refundable.
How Is This Legislation Structured?
The Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020 is a relatively short piece of legislation, consisting of 6 sections and 2 schedules.
The key sections are:
- Section 2: Definitions of key terms used in the Regulations, such as "electronic transaction system" and "transaction".
- Section 3: Provisions relating to the fees payable for various VCC-related transactions.
- Section 4: Provisions relating to late lodgment penalties.
- Section 5: Requirements for the manner of payment of fees and penalties.
- Section 6: The Registrar's power to waive, refund or remit fees and penalties.
The two schedules to the Regulations provide the specific details on the applicable fees (First Schedule) and late lodgment penalties (Second Schedule).
Who Does This Legislation Apply To?
The Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020 apply to any person who needs to interact with the Registrar of VCCs in Singapore. This includes VCCs themselves, as well as their directors, officers, shareholders, and other stakeholders.
The Regulations impose obligations on these persons to pay the prescribed fees and late lodgment penalties when filing documents, making applications, or accessing records maintained by the Registrar. Failure to comply with these requirements can result in the Registrar refusing to process the relevant transaction.
Why Is This Legislation Important?
The Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020 play a crucial role in the effective administration and enforcement of the Variable Capital Companies Act 2018. By establishing a clear and comprehensive framework for the fees and penalties applicable to VCC-related transactions, the Regulations help to ensure the proper functioning of the VCC regime in Singapore.
The fees and penalties serve several important purposes:
- Revenue generation: The fees collected help to fund the operations of ACRA in regulating and overseeing the VCC framework.
- Compliance incentive: The late lodgment penalties incentivize VCCs and their stakeholders to comply with the timely filing and lodgment requirements under the Variable Capital Companies Act 2018.
- Deterrence: The threat of fees and penalties discourages non-compliance and helps to maintain the integrity of the VCC regime.
Overall, the Regulations contribute to the robust and efficient administration of the VCC framework, which is an important part of Singapore's efforts to develop its fund management and financial services industries.
Related Legislation
- Corporate Regulatory Authority Act
- Timeline Authorising Act
- Variable Capital Companies Act 2018
Source Documents
This article provides an overview of the Variable Capital Companies (Fees and Late Lodgment Penalties) Regulations 2020 for legal research and educational purposes. It does not constitute legal advice. Readers should consult the official text for authoritative provisions.