§ 171.34. Standards of review.
363 words·~2 min read·
/us/cfr/t17/s§ 171.34·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Disciplinary actions. In reviewing a final decision of the National Futures Association in a disciplinary action, the Commission shall affirm the order of the National Futures Association, unless the Commission finds that:
(1)The proceedings were not conducted in a manner consistent with fundamental fairness;
(2)The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
(3)The weight of the evidence does not support the findings of the National Futures Association concerning the relevant acts or practices engaged in or omitted;
(4)The determination that the acts or practices engaged in or omitted violated rules of the National Futures Association does not rest on a reasonable interpretation of the rules at issue;
(5)The National Futures Association's application of its rules is not consistent with the purposes of the Act;
(6)The National Futures Association's choice of sanction is excessive or oppressive in light of the violations found having due regard for the public interest.
(b)Membership denial actions. In reviewing a final decision of the National Futures Association in a membership denial action, the Commission shall affirm the order of the National Futures Association, unless the Commission finds that:
(1)The proceedings were not conducted in a manner consistent with fundamental fairness;
(2)The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
(3)The weight of the evidence does not support the findings made or adopted in the final decision;
(4)The conclusion of the National Futures Association is not consistent with the purposes of the Act.
(c)Registration actions. In reviewing a decision of the National Futures Association in a registration action, the Commission shall affirm the order of the National Futures Association unless the Commission finds that:
(1)The proceedings were not conducted in a manner consistent with fundamental fairness;
(2)The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
(3)The weight of the evidence does not support the findings made or adopted in the final decision;
(4)The conclusion of the National Futures Association is not consistent with the purposes of the Act.