(1) The PRA must prepare and issue a statement of policy with respect to -
(a) the taking of measures, including directions, under section 192T;
(b) the imposition of penalties under section 192Y;
(c) the amount of penalties under that section.
(2) The PRA's policy in determining what the amount of a penalty should be must include having regard to -
(a) the seriousness of the contravention;
(b) the extent to which the contravention was deliberate or reckless; and
(c) whether the person on whom the penalty is to be imposed is an individual.
(3) The PRA may at any time alter or replace a statement issued under this section.
(4) If a statement issued under this section is altered or replaced, the PRA must issue the altered or replacement statement.
(5) In imposing, or deciding whether to impose a penalty under section 192Y(2) in the case of any particular contravention, the PRA must have regard to any statement of policy published under this section and in force at a time when the contrav
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