[192N Imposition of penalties under section 192K: statement of policy]
[192N Imposition of penalties under section 192K: statement of policy]

[(1)     Each regulator must prepare and issue a statement of policy with respect to—

(a)     the imposition of penalties under section 192K, and

(b)     the amount of penalties under that section.

(2)     A regulator's policy in determining what the amount of a penalty should be must include having regard to—

(a)     the seriousness of the contravention,

(b)     the extent to which the contravention was deliberate or reckless, and