The Authority shall prepare and publish a statement of policy with respect to the imposition of penalties and the determination of their amount.
In deciding whether to impose a penalty, and in determining the amount of any penalty, in respect of a contravention or failure the Authority shall have regard to its statement of policy most recently published at the time when the contravention or failure occurred.
The Authority may revise its statement of policy and where it does so shall publish the revised statement.
Publication under this section shall be in such manner as the Authority considers appropriate for the purpose of bringing the matters contained in the statement of policy to the attention of persons likely to be affected by them.
The Authority shall undertake such consultation as it considers appropriate when preparing or revising its statement of policy.