S.L. 370.25 Art. 9Effective application of penalties and exercise of powers toimposepenalties by the competent authority.

When determining the type of administrative penalties or other administrative measures and the level of administrative pecuniary penalties to be imposed on investment firms in terms of these regulations, the competent authority shall take into account all relevant circumstances including, where appropriate:

(a) the gravity and the duration of the breach;

(b) the degree of responsibility of the natural or legal person responsible for the breach;

(c) the financial strength of the natural or legal person responsible for the breach, as indicated, for example, by the total turnover of a legal person or the annual income of a natural person;

(d) the importance of profits gained or loses avoided by the natural or legal person responsible for the breach, insofar as they can be determined;

(e) the losses for third parties caused by the breach, insofar as they can be determined;

(f) the level of co-operation of the natural or legal person responsible for the breach with the competent authority;

(g) previous breaches by the natural or legal person responsible for the breach;

(h) any potential systemic consequence of the breach.