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Seriousness

4.10 The Registration Authority has regard to the seriousness of the contravention in relation to the nature of the requirement contravened. In considering the seriousness of the contravention, the following list of factors may be relevant:
a. the duration and frequency of, and the period that has elapsed since, the contravention;
b. if the person is (or was) a licensed person – whether the contravention happened because:
i. of weak corporate governance arrangements;
ii. of absent or weak policies and procedures regarding relevant licence conditions and/or requirements; or
iii. inadequate resources (including staffing);
c. if the person is (or was) a licensed person and the firm’s shareholders, officers or senior management were aware of the contravention – whether they took any steps to stop or prevent the contravention, the adequacy of any steps and when the steps were taken;
d. the effect or potential effect of the contravention on the following:
i. the integrity, transparency and efficiency of the ADGM; and
ii. confidence in the ADGM by participants and potential participants of the ADGM; and
iii. the reputation of the ADGM;
e. any loss or risk of loss caused to clients, customers and other affected people;
f. whether the contravention had an effect on particularly vulnerable people, whether intentionally or otherwise;
g. the scope for any potential financial crime to be caused or facilitated by the contravention; and
h. whether publically available guidance or published materials raised concerns about the conduct constituting the contravention.