171.34—Standards of review.
(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:
(2)
The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
(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)
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)
The National Futures Association's application of its rules is not consistent with the purposes of the Act;
(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.
(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:
(2)
The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
(4)
The conclusion of the National Futures Association is not consistent with the purposes of the Act.
(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:
(2)
The proceedings were not conducted in a manner consistent with the rules of the National Futures Association;
(4)
The conclusion of the National Futures Association is not consistent with the purposes of the Act.