Scheme Nickname:
Private Agency Review
This adjudication scheme covers matters heard directly by the Commission upon review of adverse actions by private entities regulating commodities markets. These are:
(a) disciplinary or other adverse action by an exchange under section 8(c) the Commodity Exchange Act (see 17 CFR part 9); and
(b) disciplinary actions, membership denial, and other adverse actions by the National Futures Association under sections 17(h), 17(i), and 17(i) of the CEA (see 17 CFR part 171).
Comments/Notes on Adjudication Structure:
As defined for purposes of this study, the Commission acts as the hearing-level adjudicator on adverse actions by exchanges and NFA because these entities are private actors. However, in practical effect, the Commission sits as an appellate body reviewing exchange/NFA decisions. Consequently, the procedures used in this scheme are more akin to those of an appellate body (i.e., no discovery, briefing only) than a hearing-level body.
Types of Adjudication:
Type B
Other Comments:
Interested parties may, upon motion and at Commission discretion, participate in proceedings. Interested parties include those "with a direct and substantival interest in the outcome of the proceeding" (17 CFR 9.25) and who might by "adversely affected or aggrieved" by the outcome (17 CFR 171.27).
Agency representatives (Division of Market Oversight/Division of Clearing and Intermediary Oversight) may file briefs as amicus curiae (17 CFR 9.26, 171.28).
Verified by Agency:
Not verified
Is this a Major Adjudication:
No