[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: 17CFR8.19]

[Page 218]
 
              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.  8.19  Appeal.

    The rules of an exchange may permit a respondent to appeal promptly 
an adverse decision of a disciplinary committee in all or in certain 
classes of cases. Such rules may require a respondent's notice of appeal 
to be in writing and to specify the findings, conclusions, and/or 
penalty to which objection is taken. If the rules of an exchange permit 
appeal, they shall provide for the following:
    (a) The exchange shall establish a board of appeals which shall be 
authorized to hear appeals of respondents. In addition, the rules of an 
exchange may provide that the board of appeals may, on its own 
initiative, order review of a decision by the disciplinary committee 
within a reasonable period of time after the decision has been rendered.
    (b) No member of the board of appeals shall serve on an appeal or 
review panel if such member participated in any prior stage of the 
disciplinary proceeding or if he or any person or firm with which he is 
affiliated has a financial, personal, or other direct interest in the 
matter. The rules of an exchange may provide that the appeal or review 
proceeding may be conducted before all of the members of the board of 
appeals or a panel thereof. Except for good cause shown, the appeal or 
review shall be conducted solely on the record before the disciplinary 
committee, the written exceptions filed by the parties, and the oral or 
written arguments of the parties.
    (c) Promptly following the appeal or review proceeding, the board of 
appeals shall issue a written decision and shall provide a copy to the 
respondent. The decision shall include a statement of findings and 
conclusions with respect to each charge or penalty reviewed, including 
the specific rules which the respondent was found to have violated by 
the disciplinary committee, and a declaration of any penalty imposed and 
the effective date of such 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]