[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: 17CFR8.14]

[Page 216]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 8_EXCHANGE PROCEDURES FOR DISCIPLINARY, SUMMARY, AND MEMBERSHIP 
DENIAL ACTIONS--Table of Contents
 
                    Subpart B_Disciplinary Procedure
 
Sec.  8.14  Admission or failure to deny charges.

    (a) The rules of an exchange may provide that if the respondent 
admits or fails to deny any of the charges the disciplinary committee 
may find that the rule violation alleged in the notice of charges for 
which the respondent admitted or failed to deny any of the charges has 
been committed. If the exchange rules so provide, then:
    (1) The disciplinary committee shall impose a penalty no greater 
than the predetermined penalty, if any, stated in the notice of charges 
for the corresponding violation found to have been committed.
    (2) If no predetermined penalty was stated, the disciplinary 
committee shall impose a penalty for each violation found to have been 
committed.
    (b) The disciplinary committee shall promptly notify the respondent 
in writing of any penalty to be imposed pursuant to paragraph (a) of 
this section and shall advise him that he may request a hearing on such 
penalty within a reasonable period of time, which shall be stated in the 
notice, but that except for good cause shown no hearing shall be 
permitted on a penalty imposed pursuant to subparagraph (a)(1) of this 
section.
    (c) The rules of an exchange may provide that if a respondent fails 
to request a hearing within the period of time stated in the notice he 
shall be deemed to have accepted the penalty.

(Approved by the Office of Management and Budget under control number 
3038-0022)

[43 FR 41950, Sept. 19, 1978, as amended at 46 FR 63036, Dec. 30, 1981]