17 CFR §171.34

1. (a)Disciplinary actions. In reviewing a final decision of the National Futures Association in a disciplinary action, the Commission shall affirm the order of the National Futures Association, unless the Commission finds that:
   1. (1)The proceedings were not conducted in a manner consistent with fundamental fairness;
   2. (2)The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
   3. (3)The weight of the evidence does not support the findings of the National Futures Association concerning the relevant acts or practices engaged in or omitted;
   4. (4)The determination that the acts or practices engaged in or omitted violated rules of the National Futures Association does not rest on a reasonable interpretation of the rules at issue;
   5. (5)The National Futures Association's application of its rules is not consistent with the purposes of the Act;
   6. (6)The National Futures Association's choice of sanction is excessive or oppressive in light of the violations found having due regard for the public interest.
2. (b)Membership denial actions. In reviewing a final decision of the National Futures Association in a membership denial action, the Commission shall affirm the order of the National Futures Association, unless the Commission finds that:
   1. (1)The proceedings were not conducted in a manner consistent with fundamental fairness;
   2. (2)The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
   3. (3)The weight of the evidence does not support the findings made or adopted in the final decision;
   4. (4)The conclusion of the National Futures Association is not consistent with the purposes of the Act.
3. (c)Registration actions. In reviewing a decision of the National Futures Association in a registration action, the Commission shall affirm the order of the National Futures Association unless the Commission finds that:
   1. (1)The proceedings were not conducted in a manner consistent with fundamental fairness;
   2. (2)The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
   3. (3)The weight of the evidence does not support the findings made or adopted in the final decision;
   4. (4)The conclusion of the National Futures Association is not consistent with the purposes of the Act.