§ 171.34 Standards of review.

(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.