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 EditionRPP 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 theDFSA'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 theDFSA , or any other regulatory authority allowed to share information with theDFSA ;(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 theDFSA and any remedial actions proposed or required byDFSA'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 theDFSA'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) whetherDFSA guidance or other published materials had al raised relevant concerns, and the nature and accessibility of such materials;(l) whether theDFSA 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 EditionRPP 6-5-11 [Deleted]
Deleted (Made 21st August 2014). August 2014 Edition