6.2.1

When determining a penalty, we will consider all relevant facts and circumstances, including the factors listed below that may be relevant for this purpose:

(a) our 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, duration and impact of the contravention, including:
(i) whether the contravention was deliberate or reckless;
(ii) the duration and frequency of the contravention;
(iii) whether the contravention reveals serious or systemic weaknesses of the management systems or internal controls relating to all or part of a person's business;
(iv) the impact (actual or potential) of the contravention on the orderliness of markets, including whether confidence in those markets has been damaged or put at risk;
(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, including:
(i) how quickly, effectively and completely the person brought the contravention to our attention;
(ii) the degree of cooperation the person showed during the investigation of the contravention;
(iii) any remedial steps the person has taken in respect of the contravention;
(iv) the likelihood that the same type of contravention (whether on the part of the person or others) will recur if no action is taken;
(v) the nature and extent of any false or inaccurate information given by the person and whether the information appears to have been given in an attempt to knowingly mislead us;
(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;
(i) the disciplinary record and compliance history of the person on whom the penalty is imposed, including whether we have taken any previous disciplinary action against the person;
(j) where the person reasonably believed that their behaviour did not amount to a contravention and whether they undertook reasonable precautions and diligence to avoid committing such a contravention;
(k) whether the person acted in accordance with our guidance and other published materials;
(l) action taken by us in previous similar cases; and
(m) 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 us, or one similar to it, we will consider whether the other authority's action would be adequate to address our concerns, or whether it would be appropriate for us to take our own action.