C.F.R. » Title 17 » CHAPTER I—COMMODITY FUTURES TRADING COMMISSION › PART 171—RULES RELATING TO REVIEW OF NATIONAL FUTURES ASSOCIATION DECISIONS IN DISCIPLINARY, MEMBERSHIP DENIAL, REGISTRATION AND MEMBER RESPONSIBILITY ACTIONS › Subpart C—Commission Review of Final Decisions in Disciplinary, Membership Denial and Registration Actions

17 C.F.R. § 171.34

Standards of review

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(a) Disciplinary actions. In reviewing a final decision of the National Futures Association in a disciplinary action, the Commission shall affirm the order of the National Futures Association, unless the Commission finds that:

(1) The proceedings were not conducted in a manner consistent with fundamental fairness;

(2) The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;

(3) The weight of the evidence does not support the findings of the National Futures Association concerning the relevant acts or practices engaged in or omitted;

(4) The determination that the acts or practices engaged in or omitted violated rules of the National Futures Association does not rest on a reasonable interpretation of the rules at issue;

(5) The National Futures Association's application of its rules is not consistent with the purposes of the Act;

(6) The National Futures Association's choice of sanction is excessive or oppressive in light of the violations found having due regard for the public interest.

(b) Membership denial actions. In reviewing a final decision of the National Futures Association in a membership denial action, the Commission shall affirm the order of the National Futures Association, unless the Commission finds that:

(1) The proceedings were not conducted in a manner consistent with fundamental fairness;

(2) The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;

(3) The weight of the evidence does not support the findings made or adopted in the final decision;

(4) The conclusion of the National Futures Association is not consistent with the purposes of the Act.

(c) Registration actions. In reviewing a decision of the National Futures Association in a registration action, the Commission shall affirm the order of the National Futures Association unless the Commission finds that:

(1) The proceedings were not conducted in a manner consistent with fundamental fairness;

(2) The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;

(3) The weight of the evidence does not support the findings made or adopted in the final decision;

(4) The conclusion of the National Futures Association is not consistent with the purposes of the Act.

Notes of Decisions
Cited in 1 case, 2001–2001 · leading case: Mbh Commodity Advisors, Inc. & Jacob Bernstein v. Commodity Futures Trading Comm'n, 250 F.3d 1052 (7th Cir. 2001).
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Mbh Commodity Advisors, Inc. & Jacob Bernstein v. Commodity Futures Trading Comm'n, 250 F.3d 1052 (7th Cir. 2001). · cites it 4× “The CFTC summarily affirmed the NFA decision, adopting the NFA’s findings and conclusions after applying a weight of the evidence standard of review as dictated by 17 C.F.R. § 171.34 . Bernstein and MBH now appeal to this court.”
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