Notice to Members
Notice No. 330 06/19/2008
Amendments to NYMEX Rule 3.14, Business Conduct Committee
Currently, Exchange Rule 3.14(B) provides that seven members of a Business Conduct Committee Panel shall constitute a quorum. The amendment to this Rule reduces the number of Members required for a quorum from seven to six Panel Members. As a result of this amendment, the number of Exchange Members required for a quorum will be reduced from four to three, since the number of public members required will remain at three. This change is necessitated by the decrease in the number of Members present on the trading floor and, consequently, the difficulty in obtaining a quorum. This amendment will be effective June 20, 2008. * * * (Bold/strikethrough indicates deletions; bold/italics indicates additions) Rule 3.14, 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, ten additional Committee members and four alternates. The ten Committee members shall include at least three people who are neither 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. Seven Six Members of the Business Conduct Committee shall constitute a quorum for the purposes of exercising the powers of the Committee, provided that at least three of these seven 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.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com