Entire Section

  • Step 3: Mitigating and aggravating factors

    • RPP 6-5-7

      The DFSA may increase or decrease the amount of the financial penalty arrived at after Step 2 (excluding any amount to be disgorged as set out in Step 1), to take into account factors which aggravate or mitigate the contravention. Any such adjustments will be made by way of a percentage adjustment to the figure determined at Step 2.

      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
      Amended (Made 21st August 2014). August 2014 Edition

    • RPP 6-5-8

      The following list of factors may have the effect of aggravating or mitigating the contravention:

      (a) the conduct of the firm in bringing (or failing to bring) quickly, effectively and completely the contravention to the DFSA's attention (or the attention of other regulatory authorities, where relevant);
      (b) the degree of cooperation the firm showed during the investigation of the contravention by the DFSA, or any other regulatory authority allowed to share information with the DFSA;
      (c) where the firm's senior management were aware of the contravention or of the potential for a contravention, whether they took any steps to stop the contravention, and when these steps were taken;
      (d) the nature, timeliness and adequacy of the firm's responses to any supervisory interventions by the DFSA and any remedial actions proposed or required by DFSA's supervisors;
      (e) whether the firm has arranged its resources in such a way as to allow or avoid disgorgement and/or payment of a financial penalty;
      (f) whether the firm had previously been told about the DFSA's concerns in relation to the issue, either by means of a private warning or in supervisory correspondence;
      (g) whether the firm had previously undertaken not to perform a particular act or engage in particular behaviour;
      (h) whether the firm concerned has complied with any requirements or rulings of another regulatory authority relating to the contravention;
      (i) the previous disciplinary record and general compliance history of the firm;
      (j) action taken against the firm by other domestic or international regulatory authorities that is relevant to the contravention in question;
      (k) whether DFSA guidance or other published materials had al raised relevant concerns, and the nature and accessibility of such materials;
      (l) whether the DFSA publicly called for an improvement in standards in relation to the behaviour constituting the contravention or similar behaviour before or during the occurrence of the contravention; and
      (m) the treatment, if any, of a whistleblower involved in disclosing the contravention.
      Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
      Amended (Made 21st August 2014). August 2014 Edition

    • RPP 6-5-11 [Deleted]

      Deleted (Made 21st August 2014). August 2014 Edition