Quantum of penalty guidance: consider disproportionate gain, investor loss and repetition when determining regulatory sanctions. Adjudication of quantum of penalty must consider three primary factors: the quantifiable disproportionate gain or unfair advantage from the default; the loss caused to an investor or group of investors due to the default; and the repetitive nature of the default. An accompanying explanation mandates that an adjudicating officer's power to assess penalty quantum under the related penalty provisions be exercised in accordance with these factors, ensuring consistent application of these criteria.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Quantum of penalty guidance: consider disproportionate gain, investor loss and repetition when determining regulatory sanctions.
Adjudication of quantum of penalty must consider three primary factors: the quantifiable disproportionate gain or unfair advantage from the default; the loss caused to an investor or group of investors due to the default; and the repetitive nature of the default. An accompanying explanation mandates that an adjudicating officer's power to assess penalty quantum under the related penalty provisions be exercised in accordance with these factors, ensuring consistent application of these criteria.
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