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  5. Sanctions against Members

Administration of Members

With respect to the violations of laws and regulations or the rules of Tokyo Commodity Exchange (TOCOM) by a Member identified through the examination of trades and audit of Members conducted by TOCOM, the Board of Directors will decide the specific sanctions to be imposed based on the contents of deliberation by the advisory Self-regulatory Committee after following the due procedures such as the provision of the opportunity to provide explanation.

Flow of Sanctions against Members

Flow of Sanctions against Members

Points of Consideration When Deciding on Sanctions

In order to sustain consistency and uniformity in the application of sanctions, TOCOM has officially announced "Points of Consideration in Deciding on Sanctions".

  1. Degree of Intent and Negligence of Individuals Involved in the Violation
  2. Range of Individuals Involved in the Violation
  3. Background of the Violation
  4. Whether the Member had Previously been Sanctioned for a Similar Case
  5. Whether the Member had been Cautioned and Whether Other Members, etc. had been Sanctioned for a Similar Case
  6. Impact of Violation on the Exchange Market
  7. Whether the Violation Undermines Confidence in the Exchange or Other Members
  8. Relationship of Laws and Regulations, etc. with Sanctions
  9. Treatment of Multiple Violations
  10. Duration, Frequency, and Scale of the Violation, and its Impact on Customers
  11. Internal Management System of the Member
  12. Corrective Response by the Member
  13. Acknowledgment of Own Responsibility by the Member and Individuals Involved in the Violation
  14. Economic Benefit Gained from the Violation
  15. Effectiveness of Recurrence Prevention
  16. Disciplinary Action by Other Regulatory Bodies
  17. Cooperation in Investigations, etc. by the Exchange
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