Notice to Members
Notice No. 494 09/25/2008
Amendments to NYMEX Rules 8.03, Settlements, and 8.08, Settlement by the Adjudication Committee, and Adoption of New Rule 8.26, Compliance Department Appeal to a Hearing Panel of the Board of Directors
NYMEX Rules 8.03 and 8.08 outline the procedures a Respondent may pursue for settlement of disciplinary actions heard before the Business Conduct Committee ("BCC") and Adjudication Committee, respectively. The amendments to NYMEX Rules 8.03 and 8.08 eliminate the requirement that settlement agreements approved by a Panel of the BCC or Adjudication Committee, respectively, be approved by the Board of Directors ("Board"). The changes conform NYMEX rules to the provisions of the CME and CBOT as Board approval is not required for settlement offers accepted by Panels of the CME and CBOT BCC. Additionally, in order to harmonize Market Regulation’s rights with respect to appeals of disciplinary committee decisions, the Exchange is adopting new NYMEX Rule 8.26. This rule provides Market Regulation with the right to appeal, before a hearing panel of the Board of Directors, decisions or sanctions imposed by the BCC or Adjudication Committee or the refusal of the BCC to issue those charges recommended by Market Regulation. These rule amendments and adoption of new Rule 8.26 will be made effective on trade date September 26, 2008.
Should you have any questions or require any further information, please contact exchangeinfo@nymex.com