Financial Markets Act (Cap. 345), article 39E

39E. In the case of administrativ e penalties or measures imposed by the competent authority in accordance with the provisions of this Act, the competent authority sha ll take into account all releva nt circumstances, including where appropriate: (a) the gravity and the duration of the breach; (b) the degree of responsibility of the natural person or legal entity responsible; (c) the financial strength of the natural person or legal entity responsible, for example as indicated by the total turnover of the legal entity responsible or the annual income of the natural person responsible; (d) the importance of any profits gained or losses avoided by the natural person or legal entity responsible, in so far as they can be determined; (e) any losses sustained by third parties as a result of the breach, in so far as they can be determined; (f) the level of co-operation of the natural person or the legal entity responsible with the competent authority; (g) previous breaches by the natural person or legal entity responsible; (h) the impact of th e breach on retail investors’ interests; (i) measures taken subsequent to the breach by the person responsible for the breach to prevent its repe tition: Provided that this article shall not apply to administrative penalties and administrative measures imposed in terms of artic le