NYMEX RULE VIOLATIONS:
Rule 432. General Offenses
It shall be an offense:
L.1. To fail to appear before the Board, Exchange staff or any investigative or hearing committee at a duly convened hearing, scheduled staff interview or in connection with any investigation.
On August 7, 2020, the New York Mercantile Exchange (“NYMEX”) Chief Regulatory Officer issued charges against non-member Chunchun Yin (“Yin”) for violating NYMEX Rule 432.L.1., based on allegations that in July 2019, he failed to appear before Exchange staff in connection with the investigation of this case.
On February 4, 2021, a Hearing Panel Chair of the NYMEX Business Conduct Committee (“BCC”) first determined that Yin, having failed to submit a written answer to the charge issued against him, was deemed to have admitted the charge. Yin, therefore, waived his right to a hearing on the merits of the charge. Pursuant to NYMEX Rule 408.F., a BCC Panel then found Yin guilty of committing the admitted charge and held a penalty hearing thereafter.
Based on the record and the Panel’s findings and conclusions, the Panel ordered Yin to pay a fine in the amount of $10,000, and suspended Yin from access to any trading floor owned or controlled by CME Group and from direct and indirect access to any designated contract market, derivatives clearing organization or swap execution facility owned or controlled by CME Group for two years, beginning on the effective date below and continuing for two years from the date that the ordered fine is paid.
February 26, 2021