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Tue, 2 Jan 2018 — Amendments to NFA Registration Bylaw 1301. An explanation of the amendments can be found in the November 17, 2017 rule submission letter.
Tue, 2 Jan 2018 — Addition of NFA Interpretive Notice 9072. An explanation of the Interpretive Notice can be found in the May 25, 2017 rule submission letter.
Part 500. Proceedings to Deny, Condition, Suspend and Revoke Registration
RULE 506. HEARING PROCEDURES.
[Adopted effective April 4, 1988. Effective dates of amendments: December 10, 1993 and August 1, 1994.]
(a) When a hearing is held before the Membership Committee or a designated Subcommittee, a record of the hearing shall be kept. At such hearing, the applicant or registrant may be represented by counsel, submit evidence, call and examine witnesses, examine the evidence upon which the Membership Committee or a designated Subcommittee made a determination as well as any documentary evidence which NFA intends to present at the hearing and, at the discretion of the Membership Committee or a designated Subcommittee, present oral or written argument.
(b) Upon notice of the time and place of an oral hearing, the parties may elect to participate by telephone. To effect such an election, a party shall file a notice with NFA's Legal Docketing Department and serve a copy on all opposing parties within 15 days of the date such notice is served. The filing of an election to participate by telephone will be deemed a waiver of the party's right to a full oral hearing on the parties' material disputes of fact. The Membership Committee or a designated Subcommittee shall order a telephonic hearing only if all parties to the proceeding elect such a procedure. Such telephonic hearing shall be held in accordance with the procedures set forth in the order. Following the telephonic hearing, the Membership Committee or a designated Subcommittee shall issue a written decision in accordance with the standards set forth in paragraphs (a) and (b) of Rule 507.