Rule 8.55 outlines the sanctions the Exchange may impose under the classifications of Major and Minor Offenses. The amendments to Rule 8.55 provide the NYMEX Disciplinary Panels with the ability to restrict or prohibit trading by a suspended Member to whatever degree the Panel determines is appropriate, including suspension of member electronic trading privileges. In addition, relevant sanction language has been moved from the first paragraph of the Rule to a newly created section "C" at the end of the Rule.
Rule 8.03 outlines the procedures that a Respondent may pursue for settlement of disciplinary actions heard before the Business Conduct Committee ("BCC"). The amendments to Rule 8.03 permit any case to settle before the BCC based on the same sanction schedule available for the Adjudication Committee. Therefore, the terms of the sanction schedule for Rule 8.03 are being amended to mirror what is available for settlement in the Adjudication Committee.
These changes will be made effective on August 27, 2008.
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