s 312J Statement of policy
(1) Each appropriate regulator must prepare and issue a statement of its policy with respect to— (a) the imposition of penalties under sections 312F and 312FA and prohibitions under section 312FA , ... (b) the amount of penalties under those sections ; and (c) the period for which prohibitions under section 312FA are to have effect . (2) An appropriate regulator's policy in determining what the amount of a penalty should be , or what the period for which a prohibition is to have effect should be, must include having regard to— (a) the seriousness of the contravention in question in relation to the nature of the requirement concerned, ... (b) the extent to which that contravention was deliberate or reckless ; and (c) whether the person against whom action is to be taken is an individual . (3) An appropriate regulator may at any time alter or replace a statement issued by it under this section. (4) If a statement issued by an appropriate regulator under this section is altered or replaced, the regulator must issue the altered or replacement statement. (5) In exercising, or deciding whether to exercise, its power under section 312F or 312FA in the case of any particular contravention, an appropriate regulator must have regard to any statement of policy published by it under this section and in force at a time when the contravention in question occurred. (6) A statement issued by an appropriate regulator under this section must be published by the regulator in the way appearing to the regulator to be best calculated to bring it to the attention of the public. (7) An appropriate regulator may charge a reasonable fee for providing a person with a copy of the statement. (8) An appropriate regulator must, without delay, give the Treasury a copy of any statement which it publishes under this section.