Article 25
The competent authorities shall apply the administrative sanctions and measures referred to in Article 24(2) taking into account all relevant circumstances including, where appropriate: (a) the gravity and the duration of the infringement; (b) the degree of responsibility of the person responsible for the infringement; (c) the impact of the infringement on retail investors' interests; (d) the cooperative behaviour of the person responsible for the infringement; (e) any previous infringements by the person responsible for the infringement; (f) measures taken after the infringement by the person responsible for the infringement to prevent its repetition.