[63C Statement of policy]
[63C Statement of policy]

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

(a)     the imposition of penalties under section 63A; and

(b)     the amount of penalties under that section.

(2)     [Each regulator's] policy in determining whether a penalty should be imposed, and what the amount of a penalty should be, must include having regard to—

(a)     the conduct of the person on whom the penalty is to be imposed;

(b)     the extent to which the person could reasonably be expected to have known that a controlled function was performed without approval;