Page:United States Statutes at Large Volume 100 Part 5.djvu/85

 PUBLIC LAW 99-641—NOV. 10, 1986

100 STAT. 3559

for the presentation of supporting reasons to affirm, modify, or set aside the sanction imposed by the association)— "(A) if the Commission finds that— "(i) the member or person associated with a member has engaged in the acts or practices, or has omitted the acts, that the association has found the member or person to have engaged in or omitted; "(ii) the acts or practices, or omissions to act, are in violation of the rules of the association specified in the determination of the association; and "(iii) such rules are, and were applied in a manner, consistent with the purposes of this Act, the Commission, by order, shall so declare and, as appropriate, afHrm the sanction imposed by the association, modify the ^ sanction in accordsmce with paragraph (2), or remand the case ^ < to the association for further proceedings; or "(B) if the Commission does not make any such finding, the Commission, by order, shall set aside the sanction imposed by the association and, if appropriate, remand the case to the association for further proceedings. "(2) If, after a proceeding under paragraph (1), the Commission finds that any penalty imposed on a member or person associated with a member is excessive or oppressive, having due regard for the public interest, the Commission, by order, shall cancel, reduce, or require the remission of the penalty. "(3) In a proceeding to review the denial of membership in a registered futures association or the barring of any person from being associated with a member, after appropriate notice and opportunity for a hearing (which hearing may consist solely of consideration of the record before the association and opportunity for the presentation of supporting reasons to affirm, modify, or set aside the action of the association)-— "(A) if the Commission Hnds that— "(i) the specific grounds on which the denial or bar is based exist in fact; "(ii) the denial or bar is in accordance with the rules of ' the association; and "(iii) such rules are, and were applied in a manner, ,, consistent with the purposes of this Act, ^v-t. the Commission, by order, shall so declare and, as appropriate, affirm or modify the action of the association, or remand the case to the association for further proceedings; or "(B) if the Commission does not make any such finding, the ' Commission, by order, shall set aside the action of the association and require the association to admit the applicant to membership or permit the person to be associated with a « «. member, or, as appropriate, remand the case to the association ' " for further proceedings. "(4) Any person (other than a registered futures association) aggrieved by a final order of the Commission entered under this subsection may file a petition for review with a United States court of appeals in the same manner as provided in section 6(b).". Ante, p. 3557. SEC. 108. RULE REVIEW PROCEDURES.

Section 17(j) of the Commodity Exchange Act (7 U.S.C. 21(j)) is amended by striking out the third sentence.

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