83.—(1) When determining the type of sanction, and level of any penalty, to be imposed on a person (“P”) under regulation 76 or 78, the Commissioners must take into account all relevant circumstances, including where appropriate—
(a)the gravity and the duration of the contravention or failure;
(b)the degree of responsibility of P;
(c)the financial strength of P;
(d)the amount of profits gained or losses avoided by P;
(e)the losses for third parties caused by the contravention or failure;
(f)the level of co-operation of P with the Commissioners;
(g)previous contraventions or failures by P; and
(h)any potential systemic consequences of the contravention or failure.
(2) Where the Commissioners decide to impose a penalty or publish a statement under regulation 76, or impose a prohibition under regulation 78, the Commissioners must give P a notice in accordance with paragraph (3).
(3) A notice must be given of—
(a)the Commissioners’ decision—
(i)to impose a penalty, and the amount of the penalty;
(ii)to publish a statement, and the terms of the statement;
(iii)to impose a prohibition, and the terms of the prohibition;
(b)the Commissioners’ reasons for imposing a penalty, publishing a statement or imposing a prohibition;
(c)the right to a review under regulation 94; and
(d)the right to appeal under regulation 99.
(4) A notice about a penalty must—
(a)state the manner in which and the period within which, the penalty is to be paid;
(b)give details of the way in which the penalty may be recovered if it is not paid by the date stated in the notice.