SECTION 106.1. Guidelines for the Assessment of Administrative Fines

For the purpose of determining the amount of an administrative fine assessed against a person or company under The Securities Act, §23-1, the Securities Commissioner shall consider the following factors:

(1) the seriousness, nature, circumstances, extent, and persistence of the conduct constituting the violation;

(2) the harm to other persons resulting either directly or indirectly from the violation;

(3) cooperation by the person or company in any inquiry conducted by the State Securities Board concerning the violation, efforts to prevent future occurrences of the violation, and efforts to mitigate the harm caused by the violation, including any restitution made to other persons injured by the acts of the person or company;

(4) the history of previous violations by the person or company;

(5) the need to deter the person, company or others from committing such violations in the future; and

(6) such other matters as justice may require.

Source Note: The provisions of this §106.1 adopted to be effective September 22, 1995, 20 TexReg 7187