S.L. 330.18 Art. 9Application of administrative penalties and measures by the Authority.

When applying the administrative penalties and measures referred to in regulation 8(2), the Authority shall take into account all relevant circumstances including, where appropriate:

(a) the gravity and duration of the infringement;

(b) the degree of responsibility of the person responsible for the infringement;

(c) the impact of the infringement on the interests of retail investors;

(d) the cooperative behaviour of the person responsible for the infringement;

(e) any previous infringements by the person responsible for the infringement; and

(g) measures taken after the infringement by the person responsible for the infringement to prevent its repetition.