Article 79 - Policy in relation to penalties
Regulatory Authority must prepare and publish a statement of its policy with respect to:
(A) the imposition of financial penalties under Article 59; and
(B) the amount of penalties under Article 59.
Regulatory Authority's policy in determining the amount of a financial penalty must include a requirement to have regard to:
(A) the seriousness of the contravention in question in relation to the nature of the requirement contravened;
(B) the extent to which that contravention was deliberate or reckless;
(C) whether the
Person on whom the penalty is to be imposed is an individual; and
(D) the effect on third parties, clients or customers and the best interests of the
Regulatory Authority may at any time alter or replace a statement issued under this Article.
(4) If a statement published under this Article is altered or replaced, the
Regulatory Authority must publish the altered or replacement statement.