[(1) Each appropriate regulator must prepare and issue a statement of its policy with respect to—
(a) the imposition of penalties under [sections 312F and 312FA and prohibitions under section 312FA], . . .
(b) the amount of penalties under [those sections][; and
(c) the period for which prohibitions under section 312FA are to have effect].
(2) An appropriate regulator's policy in determining what the amount of a penalty should be[, or what the period for which a prohibition is to have effect should be,] must include having regard to—
(a) the seriousness of the contravention in question in relation to the nature
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