(1) The amount of a financial penalty imposed as an administrative sanction on a licensee under this Chapter shall not exceed €20,000,000, or if greater, 10 per cent of the turnover of the licensee in the financial year preceding the date of the decision as to contravention or in any year in which the act or acts occasioning the administrative sanction occurred.

(2) Regard shall be had to the following matters in determining the amount of the financial penalty to be imposed:

(a) the nature, gravity and duration of the contravention;

(b) the degree of harm to particular people, to consumers or to the public caused as a result of the contravention;

(c) the extent of any failure by the licensee to co-operate with the Authority, an authorised officer or an adjudication officer in the performance of their functions under this Part in so far as it relates to the contravention concerned, provided that acknowledgement of a contravention shall not, of itself, constitute grounds for reduction of the financial penalty;