The Investment Advisor Body of Knowledge + Test Bank. IMCA

Чтение книги онлайн.

СКАЧАТЬ Designation by Licensees, or termination of Candidates who are found to have violated the Code, Standards of Practice, Rules, or other orders as may be appropriate.

      b. Report to the IMCA Board with respect to the operations of the PRB.

      c. Consider and propose amendments to the Code, Standards of Practice, and Rules for action by the IMCA Board.

      d. Develop and adopt procedures for the fair and expeditious hearing of matters that come before it.

      IMCA staff shall be responsible for:

      a. Receiving and maintaining the confidentiality of complaints and other information received by IMCA from Clients or other parties with respect to Licensees' alleged violations of the Code, Standards of Practice, and/or Rules.

      b. Providing periodic summaries to the PRB of all such complaints.

      c. Conducting investigations of complaints at the direction of the PRB.

      d. Preparing and submitting disciplinary petitions to the PRB after review by Legal Counsel.

      e. Preparing and submitting disciplinary recommendations by a Hearing Panel to the PRB.

      f. Preparing draft orders for review and approval by a Hearing Panel, the PRB, the IMCA Appeals Board, and/or any member of any of the aforementioned bodies.

      g. Obtaining all necessary confidentiality and/or conflict of interest agreements by members of the PRB, the IMCA Appeals Board, and/or Hearing Panel members.

      ARTICLE 3: GROUNDS FOR DISCIPLINE

      The following acts or omissions committed by a Licensee or Candidate individually or in concert with others shall constitute grounds for the filing of a disciplinary petition, initiation of disciplinary proceedings, and imposition of discipline:

      a. Violation of the Code, Standards of Practice, or Rules.

      b. Violation of federal or state statutes or regulations or rules of self-regulating bodies in respect to the financial services industry.

      c. Violation of the criminal statutes of any state or the United States for commission of a Serious Crime. Conviction of a crime shall not be a prerequisite for the filing of a disciplinary petition.

      d. Any act or omission that results in a Professional Loss or Suspension and/or the suspension or termination of a professional license, designation, or certification by a local, state, federal, or private licensing, designation or certification authority or organization.

      e. Violation of the rules of FINRA or other financial services self-regulatory organization.

      f. Failure to respond to a disciplinary petition or a request of the Hearing Panel, or failure to comply with an order of a Hearing Panel, the PRB, and/or the IMCA Appeals Board g. The submission of false or misleading statements to IMCA, a Hearing Panel, the PRB, and/or the IMCA Appeals Board.

      h. Violation of the License Agreement between IMCA and the Licensee.

      The foregoing constitutes a nonexclusive list of grounds for discipline. Other acts or omissions that constitute unprofessional conduct or that bring an IMCA Designation into disrepute or impair the goodwill of the IMCA Designation also may constitute grounds for discipline.

      ARTICLE 4: DISCIPLINARY PROCEEDINGS

      4.1 Initiation of Disciplinary Proceedings

       4.1.1

      Once IMCA is notified in writing of a complaint against a Licensee or Candidate, IMCA staff shall have sixty (60) days from that date to research the complaint. Within the sixty (60) day period, IMCA staff shall prepare and send a draft petition to Legal Counsel for review and approval. Legal Counsel shall have sixty (60) days to review the petition and determine if IMCA staff should forward the petition to the PRB for initial review. Any of these time periods may be extended by the PRB upon good cause shown.

       4.1.2

      The PRB shall undertake an initial review of each disciplinary petition forwarded by IMCA staff. In cases in which a petition does not set forth sufficient facts to show good cause for discipline, the PRB may either dismiss the petition in its entirety or return the petition to IMCA staff for further research and leave to amend. The PRB has sixty (60) days from receipt of the petition to make its determination. This time period may be extended by the PRB upon good cause shown.

       4.1.3

      If the PRB finds a disciplinary petition establishes good cause for discipline, it shall either: (a) in the event the PRB determines that the petition and supporting exhibits establish, without any reasonable grounds for dispute, that grounds for discipline exist and that the appropriate remedy is a private censure, then the PRB may authorize the issuance of a private letter informing the Respondent of these conclusions and that a private censure would be the remedy. The Respondent shall be offered the opportunity to have a hearing in lieu of the summary private censure; or (b) appoint a three-member Hearing Panel to hear and review evidence with respect to the petition. No member of the PRB or the IMCA Board may serve on a Hearing Panel. The PRB chair shall appoint a Hearing Panel that shall be composed of IMCA Designation holders in good standing who hold the same IMCA Designation as the Respondent. The Hearing Panel chair, who is selected by the members of the Hearing Panel, shall rule on all motions and objections and may grant extensions of time concerning the deadlines provided by these Rules. No member of the Hearing Panel shall participate in any proceeding in which the member or any member of their immediate family or firm or employer has any financial or other interest, or where such participation would involve a conflict of interest.

      4.1.4

      The Hearing Panel shall commence proceedings concerning a disciplinary petition by serving the disciplinary petition on the Respondent by certified mail to the Respondent's last known address and issuing a scheduling order setting the following dates:

      a. An answer to the disciplinary petition shall be filed with IMCA staff no later than thirty (30) days after the mailing date of the disciplinary petition to Respondent. The answer shall respond to the allegations set forth in the disciplinary petition and either request or waive the right to participate in a hearing before the Hearing Panel.

      b. During the period beginning thirty (30) days after the mailing date of the disciplinary petition to Respondent and ending ninety (90) days thereafter, the Hearing Panel may request that the Respondent produce documents concerning the alleged infraction and any facts, claims, or defenses asserted in the answer. The Respondent may request IMCA to produce its records relating to the Respondent as well as any documents that support the allegations contained in the disciplinary petition (Document Production Period). Any party who fails to produce documents requested by the other party during the Document Production Period shall not be permitted to use said documents for any purpose in proceedings governed by these Rules.

      c. The hearing date shall be set no later than ninety (90) days after the last day of the Document Production Period.

      4.2 Failure to Respond to the Petition

      Failure to respond to the disciplinary petition within the period provided in paragraph 4.1.4 shall be deemed a default by the Respondent. Upon entry of an order of default by the Hearing Panel, the Respondent's license to use his or her IMCA Designation shall be immediately terminated and, in the case of a Candidate, the Respondent shall be terminated СКАЧАТЬ