[Code of Federal Regulations]
[Title 17, Volume 1]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR171.22]

[Page 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 
 
Subpart B_Notice and Effective Date of Final Decisions in Disciplinary, 
               Membership Denial and Registration Actions
 
Sec.  171.22  Effective date of final decisions in disciplinary, membership 

denial and registration actions.

    (a) General rule. A final decision of the National Futures 
Association in a disciplinary action, membership denial action or 
registration action shall be effective thirty days after service of the 
notice described in Sec.  171.21.
    (b) Petitions for stay pending review or for an emergency effective 
date--(1) Stay pending review. Within ten days of service of the notice 
described in Sec.  171.21, any aggrieved party may seek from the 
Commission a stay pending consideration of the merits of an appeal by 
filing and serving an appropriate petition. The mere filing of such a 
petition shall not stay the effective date of the decision. The burden 
of persuasion shall rest with the party seeking the stay. If the 
Commission does not grant the petition prior to the effective date of 
the decision under review, it shall be deemed denied. All petitions for 
stay must be accompanied by a notice of appeal.
    (2) Emergency effective date. Within ten days of service of the 
notice described in Sec.  171.21, the National Futures Association may 
seek from the Commission an order establishing an emergency effective 
date for the decision by filing and serving an appropriate petition. The 
mere filing of such a petition shall not alter the effective date of the 
decision. The burden of persuasion rests with the National Futures 
Association. If the Commission does not grant the petition by the date 
specified as the emergency effective date, it shall be deemed denied.
    (3) Contents of petition for stay and petition for an emergency 
effective date. A petition for stay or for an emergency effective date 
shall be in writing. Material factual allegations shall be supported by 
an affidavit or other sworn statement unless the parties stipulate that 
the material facts are not in dispute.
    (4) Response. Within five days of the service of the petition, a 
party may file in opposition to the petition. Material factual 
allegations shall be supported by an affidavit or other sworn statement 
unless the parties stipulate that the material facts are not in dispute.
    (c) Standards for determining petitions for a stay or an emergency 
effective date petition. In reviewing petitions filed under this 
seciton, the Comission shall consider:
    (1) The likelihood that a challenge to the merits of the decision 
will be successful; and
    (2) The likelihood that the denial of the petition would result in 
irreparable harm to the petitioner; and
    (3) The effect a grant of the petition would have on the opposing 
party; and
    (4) The effect a grant or denial of the petition would have on the 
public interest.
    (d) Expedited consideration. If, in its view, it is necessary to 
protect the petitioner's right to a meaningful determination of the 
issues raised in the petition, the Commission may act upon a petition 
for a stay or for an emergency effective date prior to its receipt of an 
opposing party's response. Any party aggrieved by such expedited 
consideration may seek reconsideration within seven days of service of 
the decision.