152 In the view of this Tribunal, the question in each case where a disciplinary offence is found against an affected person, is what disciplinary outcome is appropriate in respect of that finding. Thus, on the face of it, separate and distinct penalties in respect of each offence would ordinarily, logically, be expected. However, in some cases, because a number of offences might relate to the same dealing or transaction, or otherwise overlap, the appropriate penalty in respect of some offences might be imposed having regard to the penalty imposed in respect of what might be considered in the circumstances of the case, the lead or primary offence. The Tribunal is entitled, in an appropriate case, to have regard to the extent to which particular findings relate to a common transaction. The Tribunal is also entitled, in its discretion, to regard whether the effect of the penalties, in aggregate, is proportionate to the extent of wrongdoing or misconduct identified by the offences. In these senses, a "global" penalty may be seen as relevant, but only at the end of the penalty assessment process. In the Tribunal's view, to approach the question of penalty where there are a number of findings on the basis of what seems to be the appropriate "global" order without first considering the discrete possible penalties, would constitute a failure to exercise the power to impose a penalty in the correct manner.