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U.S. Code as of:
01/03/05
Section 8. Application for designation as contract market or derivatives transaction execution facility; time; suspension or revocation of designation; hearing; review by court of appeals
(a) Any person desiring to be designated or registered as a
contract market or derivatives transaction execution facility shall
make application to the Commission for the designation or
registration and accompany the same with a showing that it complies
with the conditions set forth in this chapter, and with a
sufficient assurance that it will continue to comply with the the
(!1) requirements of this chapter. The Commission shall approve or
deny an application for designation or registration as a contract
market or derivatives transaction execution facility within 180
days of the filing of the application. If the Commission notifies
the person that its application is materially incomplete and
specifies the deficiencies in the application, the running of the
180-day period shall be stayed from the time of such notification
until the application is resubmitted in completed form: Provided,
That the Commission shall have not less than sixty days to approve
or deny the application from the time the application is
resubmitted in completed form. If the Commission denies an
application, it shall specify the grounds for the denial. In the
event of a refusal to designate or register as a contract market or
derivatives transaction execution facility any person that has made
application therefor, the person shall be afforded an opportunity
for a hearing on the record before the Commission, with the right
to appeal an adverse decision after such hearing to the court of
appeals as provided for in other cases in subsection (b) of this
section.
(b) The Commission is authorized to suspend for a period not to
exceed six months or to revoke the designation or registration of
any contract market or derivatives transaction execution facility
on a showing that such contract market or derivatives transaction
execution facility is not enforcing or has not enforced its rules
of government made a condition of its designation or registration
as set forth in sections 7 through 7a-1 of this title or section
7b-1 of this title or that such contract market or derivatives
transaction execution facility, or any director, officer, agent, or
employee thereof, otherwise is violating or has violated any of the
provisions of this chapter or any of the rules, regulations, or
orders of the Commission or the Commission (!2) thereunder. Such
suspension or revocation shall only be after a notice to the
officers of the contract market or derivatives transaction
execution facility affected and upon a hearing on the record:
Provided, That such suspension or revocation shall be final and
conclusive, unless within fifteen days after such suspension or
revocation by the Commission such person appeals to the court of
appeals for the circuit in which it has its principal place of
business, by filing with the clerk of such court a written petition
praying that the order of the Commission be set aside or modified
in the manner stated in the petition, together with a bond in such
sum as the court may determine, conditioned that such person will
pay the costs of the proceedings if the court so directs. The clerk
of the court in which such a petition is filed shall immediately
cause a copy thereof to be delivered to the Commission and file in
the court the record in such proceedings, as provided in section
2112 of title 28. The testimony and evidence taken or submitted
before the Commission, duly filed as aforesaid as a part of the
record, shall be considered by the court of appeals as the evidence
in the case. Such a court may affirm or set aside the order of the
Commission or may direct it to modify its order. No such order of
the Commission shall be modified or set aside by the court of
appeals unless it is shown by the person that the order is
unsupported by the weight of the evidence or was issued without due
notice and a reasonable opportunity having been afforded to such
person for a hearing, or infringes the Constitution of the United
States, or is beyond the jurisdiction of the Commission.
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