7.6.2.6. Award, Settlement, and Withdrawal
Within 30 days after the record is closed, the panel must notify the NFA of its decision (award). The NFA must then prepare a written award to be dated and signed by at least a majority of the panel members. A copy of the award must promptly be served on each party.
The panel’s award is final and cannot be appealed. However, the panel may modify it if a party submits a written request for modification to the NFA within 20 days from the date the award was served on the parties. The NFA will not forward a modification request to the panel unless it is based on an evident material miscalculation or mistake in the description of the award.
Failure to comply. On 30 days written notice, the NFA may suspend a member or associated person and bar a former member when it fails to:
• Comply with an award within 30 days from the date of service of the award, unless a request to modify it is pending
• Comply with a settlement agreement within 30 days after NFA terminates the arbitration proceeding
• Pay any fee assessed within the time so ordered by the panel
The suspension or bar will remain in effect until the award, settlement agreement, or order of the panel has been satisfied.
On 30 days written notice, the NFA may suspend a member FCM that guaranteed an introducing broker during the period of the complaint, or bar a former member, if the FCM fails to pay an award or settlement