The competent authorities shall apply the administrative sanctions and measures referred to in Article 24(2) taking into account all relevant circumstances including, where appropriate:

(a)

the gravity and the duration of the infringement;

(b)

the degree of responsibility of the person responsible for the infringement;

(c)

the impact of the infringement on retail investors' interests;

(d)

the cooperative behaviour of the person responsible for the infringement;

(e)

any previous infringements by the person responsible for the infringement;

(f)

measures taken after the infringement by the person responsible for the infringement to prevent its repetition.