[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: 17CFR9.33]

[Page 229-230]
 
              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 D_Commission Review of Disciplinary, Access Denial or Other 
                             Adverse Action
 
Sec.  9.33  Final decision by the Commission.

    (a) Opinion and order. Upon review, the Commission may affirm, 
modify, set aside, or remand for further proceedings, in whole or in 
part, the decision of the exchange. The Commission's decision will be 
contained in its opinion and order which will be based upon the record 
before it, including the record of the exchange proceeding, and any oral 
argument made in accordance with Sec.  9.32. Except as provided in 
paragraph (b) of this section, the opinion and order will constitute the 
final decision of the Commission, effective upon service on the parties. 
In the event the Commission is equally divided as to its decision, the 
Commission will affirm without opinion the decision of the exchange, 
which will constitute the Commission's final decision.
    (b) Order of summary affirmance. If the Commission finds that the 
result reached in the decision of the exchange is substantially correct 
and that none of the arguments on appeal made by the appellant raise 
important questions of law or policy, the Commission may, by appropriate 
order, summarily affirm the decision of the exchange without opinion, 
which will constitute the Commission's final decision. Unless the 
Commission expressly indicates otherwise in its order, an order of 
summary affirmance does not reflect a Commission determination to adopt 
the exchange final decision, including any rationale contained therein, 
as its opinion and order, and neither the exchange's final decision nor 
the Commission's order of summary affirmance will serve as a Commission 
precedent in other proceedings.
    (c) Standards of review. In reviewing an exchange disciplinary, 
access denial or other adverse action, the Commission will consider 
whether:
    (1) The exchange disciplinary, access denial or other adverse action 
was

[[Page 230]]

taken in accordance with the rules of the exchange;
    (2) Fundamental fairness was observed in the conduct of the 
proceeding resulting in the disciplinary, access denial or other adverse 
action;
    (3)(i) In the case of a disciplinary action, the record contains 
substantial evidence of a violation of the rules of the exchange, or 
(ii) in the case of an access denial or other adverse action, the record 
contains substantial evidence supporting the exchange action; and
    (4) The disciplinary, access denial or other adverse action 
otherwise accords with the Act and the rules, regulations and orders of 
the Commission thereunder.