Companies Act 2014 section 934D

Relevant circumstances to be considered in imposing relevant sanctions on specified person

Section 934D sets out the circumstances that the Supervisory Authority (IAASA) must take into account when deciding what sanctions to impose on a person or firm found to have committed a relevant contravention under section 934.

• The Authority must weigh the seriousness and duration of the contravention and the degree of responsibility of the person or firm involved.
• Financial strength is a relevant factor — meaning total turnover for a firm, or annual income for an individual.
• Any profits gained or losses avoided as a result of the contravention must be considered, so far as they can be determined.
• The level of cooperation with the Authority and any previous contraventions by the same person or firm are also taken into account.