Section 116 — Recovery, refund and remission of levies and late payment fees, etc.

(1)The levy imposed on a person under section 113(3), (5) or (6), and any late payment fee imposed on the person under section 114(3), are both recoverable as a debt due from that person to the trustee of the resolution fund concerned.

(2)The amount of levy that a market infrastructure is required to collect from its participants under section 115(2), and any late payment fee imposed on the market infrastructure under section 115(4), are both recoverable as a debt due from the market infrastructure to the trustee of the resolution fund concerned.

(3)Where the trustee of a resolution fund has commenced any legal proceedings in a court in Singapore to recover any levy or late payment fee from a person, the trustee is entitled to claim costs on a full indemnity basis from that person.

(4)All levies and late payment fees collected or recovered are to be paid into the resolution fund concerned.

(5)Where a levy payer has paid an amount of levy that is in excess of the amount imposed on the levy payer under a notice under section 114, the trustee of the resolution fund concerned must make a withdrawal from the fund to refund the excess amount to the levy payer.

(6)In any particular case other than the one to which subsection (5) applies, the trustee of a resolution fund may, with the approval of the Minister —

(a)make a withdrawal from the resolution fund to refund in whole or in part any levy paid by a levy payer; or

(b)remit in whole or in part any levy payable by a levy payer.