[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2006]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR171.31]

[Page 605-606]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 171_RULES RELATING TO REVIEW OF NATIONAL FUTURES ASSOCIATION 
DECISIONS IN DISCIPLINARY, MEMBERSHIP DENIAL, REGISTRATION AND MEMBER 
RESPONSIBILITY ACTIONS--Table of Contents
 
    Subpart C_Commission Review of Final Decisions in Disciplinary, 
               Membership Denial and Registration Actions
 
Sec.  171.31  Commission review in the absence of an appeal.

    (a) Request by Commission staff. At any time prior to the effective 
date of a final decision of the National Futures Association in a 
disciplinary, membership denial or registration action, the Division of 
Enforcement, the Division of Clearing and Intermediary Oversight or the 
Division of Market Oversight may file and serve a memorandum requesting 
the Commission to institute review of the National Futures Association 
proceeding. The filing of such a memorandum shall stay the effective 
date of the decision at issue for twenty days.
    (b) Response by the National Futures Association. The National 
Futures Association may file a response to the memorandum of the 
Commission staff within fifteen days of the service of the memorandum.
    (c) Commission determination of staff request. To preserve the 
status quo while it determines whether review is apropriate, the 
Commission may extend the stay of the effective date of the decision at 
issue for an additional 30 days. If the Commission decides to take 
review, the effective date of the decision at issue shall be stayed 
pending the decision of the Commission, unless otherwise ordered. The 
Commission shall by order establish the procedure for submission of both 
the record of the proceeding and the briefs of the parties to the 
proceeding.
    (d) Commission review on its own motion. At any time prior to the 
effective date of a final decision of the National Futures Association 
in a disciplinary,

[[Page 606]]

membership denial or registration action, the Commission may take review 
of a decision by issuing an appropriate order. If the Commission 
determines that it is appropriate to take review on its own motion, it 
shall by order establish the procedure for submission of both the record 
of the proceeding and the briefs of the parties.

[55 FR 41068, Oct. 9, 1990, as amended at 67 FR 62353, Oct. 7, 2002]