reg 83 The Commissioners: disciplinary measures (procedure)
(1) When determining the type of sanction, and level of any penalty, to be imposed on a person (“P”) under regulation 76 or 78, the Commissioners must take into account all relevant circumstances, including where appropriate— (a) the gravity and the duration of the contravention or failure; (b) the degree of responsibility of P; (c) the financial strength of P; (d) the amount of profits gained or losses avoided by P; (e) the losses for third parties caused by the contravention or failure; (f) the level of co-operation of P with the Commissioners; (g) previous contraventions or failures by P; and (h) any potential systemic consequences of the contravention or failure. (1A) Before imposing a sanction on P under regulation 76, 77 or 78, the Commissioners must check whether P has any criminal convictions that may be relevant to the determination referred to in paragraph (1). (2) Where the Commissioners decide to impose a penalty or publish a statement under regulation 76, or impose a prohibition under regulation 78, the Commissioners must give P a notice in accordance with paragraph (3). (3) A notice must be given of— (a) the Commissioners' decision— (i) to impose a penalty, and the amount of the penalty; (ii) to publish a statement, and the terms of the statement; (iii) to impose a prohibition, and the terms of the prohibition; (b) the Commissioners' reasons for imposing a penalty, publishing a statement or imposing a prohibition; (c) the right to a review under regulation 94; and (d) the right to appeal under regulation 99. (4) A notice about a penalty must— (a) state the manner in which and the period within which, the penalty is to be paid; (b) give details of the way in which the penalty may be recovered if it is not paid by the date stated in the notice.