Rules Relating To Review of National Futures Association Decisions in Disciplinary, Membership Denial, Registration and Member Responsibility Actions

Résumé

The Commodity Futures Trading Commission ("Commission" or "CFTC") proposes to amend its rules relating to the scope of Commission review of National Futures Association ("NFA") decisions in disciplinary, membership denial, registration and member responsibility actions. First, the Commission proposes to make a technical amendment to add the NFA's Hearing Committee to the list of committees covered by that section. This will conform Rule 171.1(b)(4) to changes in NFA's committee structure since part 171 was first adopted in October 1990. Secondly, the Commission proposes to add a new provision to exclude from Commission review any appeal concerning NFA suspension of a member for failing to pay a settlement or arbitration award ("award suspension cases"), unless there are extraordinary circumstances that would otherwise warrant Commission review.