[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: 17CFR9.12]

[Page 225]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 9_RULES RELATING TO REVIEW OF EXCHANGE DISCIPLINARY, ACCESS DENIAL 
OR OTHER ADVERSE ACTIONS--Table of Contents
 
  Subpart B_Notice and Effective Date of Disciplinary Action or Access 
                              Denial Action
 
Sec.  9.12  Effective date of disciplinary or access denial action.

    (a) Effective date. Any disciplinary or access denial action taken 
by an exchange will not become effective until at least fifteen days 
after the written notice prescribed by Sec.  9.11 is delivered to the 
person disciplined or denied access; Provided, however, That the 
exchange may cause a disciplinary action to become effective prior to 
that time if:
    (1) As authorized by Sec.  8.25 of this chapter, the exchange 
reasonably believes, and so states in its written decision, that 
immediate action is necessary to protect the best interests of the 
marketplace; or
    (2) As authorized by Sec.  8.17(b) of this chapter, the exchange 
determines, and so states in its written decision, that the actions of a 
person who is within the exchange's jurisdiction have impeded the 
progress of a disciplinary hearing; or
    (3) As authorized by Sec.  8.27 of this chapter, the exchange 
determines that a person has violated exchange rules relating to decorum 
or attire, or timely submission of accurate records required for 
clearing or verifying each day's transactions or other similar 
activities; or
    (4) The person against whom the action is taken has consented to the 
penalty to be imposed and to the timing of its effectiveness.
    (b) Notice of early effective date. If the exchange determines in 
accordance with paragraph (a)(1) of this section that a disciplinary 
action will become effective prior to the expiration of fifteen days 
after written notice thereof, it must notify the person disciplined in 
writing, either personally or by telegram or other means of written 
telecommunication to the person's last known address, stating the 
reasons for the determination. The exchange must also by telegram or 
other means of written telecommunication immediately notify the 
Commission (Attention: Contracts Markets Section, Division of Market 
Oversight). Where notice is delivered by telegram or other means of 
written telecommunication, the time within which the person so notified 
may file a petition for stay pursuant to Sec.  9.24(a)(2) will be 
increased by one day.

[52 FR 25366, July 7, 1987; 52 FR 27286, July 20, 1987, as amended at 67 
FR 62352, Oct. 7, 2002]