RPP 6-2-1

When determining a penalty, the DFSA will consider all relevant facts and circumstances. Set out below is a list of factors that may be relevant for this purpose. The list is not exhaustive: not all of these factors may be applicable in a particular case, and there may be other factors, not listed, that are relevant. The factors include:

(a) the DFSA's objectives;
(b) the deterrent effect of the penalty on:
(i) Persons that have committed or may commit the contraventions; and
(ii) other Persons that have committed or may commit similar contraventions;
(c) the nature, seriousness and impact of the contravention, including whether the contravention was deliberate or reckless;
(d) if the contravention involved a number of Persons, the degree of involvement and specific role of each Person;
(e) the benefit gained (whether direct or indirect, pecuniary or non-pecuniary) or loss avoided as a result of the contravention;
(f) the conduct of the Person after the contravention;
(g) the difficulty in detecting and investigating the contravention that is the subject of the penalty;
(h) whether the Person committed the contravention in such a way as to avoid or reduce the risk that the contravention would be discovered. A Person's incentive to commit a contravention may be greater where the contravention is, by its nature, harder to detect. The DFSA may impose a more significant penalty where it considers that a Person committed a contravention in such a way as to avoid or reduce the risk that the contravention would be discovered;
(i) the disciplinary record and compliance history of the Person on whom the penalty is imposed;
(j) whether the Person acted in accordance with DFSA guidance and other published materials. The DFSA will not take action against a Person for behaviour that it considers to be in line with guidance or other materials published by the DFSA in support of its Rulebook and Sourcebook which were current at the time of the behaviour in question;
(k) action taken by the DFSA in previous similar cases; and
(l) action taken by other domestic or international regulatory authorities. Where other regulatory authorities propose to take action in respect of the contravention which is under consideration by the DFSA, or one similar to it, the DFSA will consider whether the other authority's action would be adequate to address the DFSA's concerns, or whether it would be appropriate for the DFSA to take its own action.
Derived from Notice of Updates (Made 20th December 2012). December 2012 Edition
Amended (Made 21st August 2014). August 2014 Edition