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Compliance Rules

Part 3 - Compliance Procedures


[Effective date amendments: December 8, 1987; March 15, 1994 and August 31, 2020.]

After the hearing or other consideration of the matter, the Hearing Panel shall render a written decision, based upon the weight of the evidence, containing:

(a) the charges or a summary of the charges;

(b) the Answer, if any, or a summary of the Answer;

(c) a brief summary of the evidence produced at the hearing, or, where appropriate, incorporation by reference of the Complaint;

(d) a statement of findings and conclusions as to each allegation, including a statement setting forth: each act or practice the Respondent was found to have committed or omitted, is committing or omitting, or is about to commit or omit; each NFA requirement that such act or practice violated, is violating, or is about to violate; and whether the act or practice is deemed to constitute conduct inconsistent with just and equitable principles of trade;

(e) a declaration of any penalty imposed (See Rule 3-14) and the penalty's effective date; and

(f) a statement that the Respondent may appeal an adverse decision to the Appeals Committee by filing a written notice of appeal with NFA within 15 days after the date of the decision.

The decision shall be dated and promptly furnished to the Respondent and the Appeals Committee and shall be final upon expiration of time for appeal or review of the decision. (See Rule 3-13.)