---
kind: "section"
citation: "17 C.F.R. § 171.34"
title: "17"
number: "171.34"
heading: "Standards of review."
url: "https://uscodex.org/cfr/17/171.34"
---

# §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.**

## Notes

### Authority

Authority: 7 U.S.C. 4a, 12a and 21, unless otherwise noted.

### Source

Source: 55 FR 41068, Oct. 9, 1990, unless otherwise noted.