27.—(1) The Authority must prepare and issue a statement of its policy with respect to the imposition of penalties under regulation 26 and the determination of their amount.
(2) The Authority's policy in determining what the amount of the penalty should be must include having regard to—
(a)the seriousness of the failure in question in relation to the nature of the requirement not complied with;
(b)the behaviour of the person, including—
(i)the extent to which the behaviour was deliberate or reckless;
(ii)whether the person believed, on reasonable grounds, that the behaviour did not fall within regulation 26(1)(a) or (b);
(iii)whether the person took all reasonable precautions and exercised due diligence to avoid behaving in a way which fell within regulation 26(1)(a) or (b); and
(c)whether the person on whom the penalty is to be imposed is an individual.
(3) A statement issued under this regulation must include an indication of the circumstances in which the Authority is expected to regard a person (“FP”) as—
(a)having a reasonable belief that FP's behaviour did not amount to a failure to comply with a REMIT requirement or a requirement imposed by or under regulation 8; or
(b)having taken reasonable precautions and exercised due diligence to avoid failing to comply with a REMIT requirement or a requirement imposed by or under regulation 8.
(4) The Authority may at any time alter or replace a statement issued under this regulation.
(5) If a statement issued under this regulation is altered or replaced, the Authority must issue the altered or replacement statement.
(6) In exercising, or deciding whether to exercise, its power under regulation 26 in the case of any particular behaviour, the Authority must have regard to any statement published under this regulation and in force at the time when the behaviour concerned occurred.
(7) A statement issued under this regulation must be published by the Authority in the way appearing to the Authority to be best calculated to bring it to the attention of the public.
(8) The Authority must, without delay, give the Secretary of State a copy of any statement which it publishes under this regulation.