At its meeting on April 6, 2005, the Board of Directors approved amendments to Exchange Rule 3.13, Business Conduct Committee. Effective April 11, 2005, the number of Public Committee Members serving on the Business Conduct Committee will increase from one to two, per panel, with attendance by two Public Committee Members required for a quorum.
* * * * *
(Bold italics indicate addition; strikethroughs and bold indicate deletions.)
Rule 3.13, Business Conduct Committee
(A) The Business Conduct Committee shall be a Regular Committee and shall be divided into a Class A Member Business Conduct Committee Panel and a COMEX Division Business Conduct Committee Panel. Each Panel shall consist of a Chairman who is a Class A Member, nine ten additional Committee members and four alternates. The nine ten Committee members shall include at least one person two people who is are neither a Members of the Exchange nor employed by a Member or Member Firm ("Public Committee Members"); the balance shall be Members or persons employed by Member Firms, balanced as equally as practicable among representatives of the categories: Floor Broker, Local, Trade and FCM (off-the-floor representative). The Class A Member Business Conduct Committee Panel shall be comprised of 70% Class A Members and 30% COMEX Division Members. The COMEX Division Business Conduct Committee Panel shall be comprised of 70% COMEX Division Members and 30% Class A Members. There shall be no restriction on the affiliations or categories of the alternates. The Committee members and alternates shall be appointed by the Chairman, subject to the approval of the Board.
(B) The Business Conduct Committee shall hold such meetings as, in the discretion of the Chairman of the Committee, are necessary to review matters pertaining to Exchange disciplinary actions, including but not limited to, Board policy and disciplinary precedents. Any sSix Members of the Business Conduct Committee shall constitute a quorum for the purposes of exercising the powers of the Committee, provided that at least two of these six Members must be Public Committee Members.
(C) The Business Conduct Committee shall make a report to the Board at least twice a year. The report shall detail the activities of the Committee for the period covered by such report and shall describe all disciplinary actions taken by the Committee during such period. |
