Article 25

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:

1. the gravity and the duration of the infringement;
2. the degree of responsibility of the person responsible for the infringement;
3. the impact of the infringement on retail investors' interests;
4. the cooperative behaviour of the person responsible for the infringement;
5. any previous infringements by the person responsible for the infringement;
6. measures taken after the infringement by the person responsible for the infringement to prevent its repetition.