[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: 17CFR8.06]

[Page 215]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER I--COMMODITY FUTURES TRADING COMMISSION
 
PART 8_EXCHANGE PROCEDURES FOR DISCIPLINARY, SUMMARY, AND MEMBERSHIP DENIAL 
 
                    Subpart B_Disciplinary Procedure
 
Sec.  8.06  Investigations.

    (a) Each exchange shall establish and maintain a disciplinary 
procedure which requires the enforcement staff of the exchange to 
conduct investigations of possible rule violations within the 
disciplinary jurisdiction of the exchange. Such an investigation shall 
be commenced:
    (1) Upon the receipt of a request from the Commission, its Executive 
Director or his delegee, or
    (2) Upon the discovery or receipt of information by the exchange 
which, in the judgment of the enforcement staff, indicates a possible 
basis for finding that a violation has occurred or will occur.
    (b) Each enforcement staff investigation shall be completed within 
four months, unless there exists significant reason to extend it beyond 
such period. If for any reason the enforcement staff closes an 
investigation before determining whether a reasonable basis exists for 
finding that a violation has occurred, the staff shall fully set forth 
the reasons for so closing the investigation in its report.