Determining the measure

However, the AFM always conducts a thorough investigation before deciding to impose a measure. Although the AFM never imposes a fine based on receiving a single signal, a signal may nonetheless prompt us to launch an investigation. If, upon completion of this investigation, we establish that an offence has been committed against one or several laws and/or regulations, we will take appropriate measures.

In considering which measures to impose, we will take account of all relevant circumstances related to the case and weigh up the interests involved. These may include:

• the degree to which consumers were adversely affected by the offence and, where this is established, whether they have been compensated by the offender voluntarily
• how long the offence has continued
• the extent to which the offender cooperated with the investigation
• the culpability of the offence
• the offender’s financial capacity
• whether the offence involves repetition
• the degree of culpability of the offence
• the extent to which the offender has benefited from the offence
• whether the offender has ceased to commit the offence of their own volition
• the economic impact of the supervisory measure on the offender
• whether the offence has caused market disruption
• whether the offence has damaged confidence in the market

This list is not exhaustive and the weighing of the stated factors may vary from case to case.