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:
(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.