[312J Statement of policy]

[312J  Statement of policy]

[(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

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