Kerry Sin Yoong Ming
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 Fresh Forumer
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SRO and Waiver of Fees - 2006/06/28 13:03
We were recently discussing the waiver of fees in our Firm where upon scrutiny of the SRO, there is no mention of waiver.
Waiver of fees is, instead, found vide Circular No. 62/2004 which states that "the SRO prohibits the giving of discount. Hence any waiver that in effect amounts to a discount is prohibited."
In the Oxford (2nd Ed):
Waive : refrain from insisting on or using (a right, claim, etc); while Discount : a deduction from a bill or amount due given, or reduce or detract.
This means that if fees are waived in the entirety, i.e. no fees collected (which means we are not deducting from a bill or reducing the effect but not collecting in total, i.e. "free" defined as "not subject to, or available without charge, costing nothing etc", we are technically not violating the SRO? This is a question which begs answers as we were unable to procure any answers from the relevant body [read "BC"].
On inquiry, we were told to refer to Circular 62/2004 which prohibits Waiver.
Our point is this, if the SRO does indeed intend to prohibit "Waiver", why wasn't this spelled out in text?
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