Financial Planning: Process and Rules - Article 5: Interim Suspension Status
Interim suspension is the temporary suspension by the Board of a CFP Board designee's right to use the marks for a definite or indefinite period of time, while proceedings conducted pursuant to these Procedures are pending against the CFP Board designee. Imposition of an interim suspension shall not preclude the imposition of any other form of discipline entered by the Board in final resolution of the disciplinary proceeding.
5.1 Issuance of a Show Cause Order
Although a CFP Board designee's right to use the marks shall not ordinarily be suspended during the pendency of such proceedings, when it appears that a CFP Board designee has been convicted of a serious crime as defined in Article 12.5, or has been the subject of a professional suspension as defined in Article 12.6, or has converted property or funds, has engaged in conduct which poses an immediate threat to the public, or has engaged in conduct the gravity of which impinges upon the stature and reputation of the marks, CFP Board Staff Counsel may issue an Order to Show Cause why the CFP Board designee's right to use the marks should not be suspended during the pendency of the proceedings.
CFP Board shall serve the Order to Show Cause upon the CFP Board designee either by personal service or by certified mail, return receipt requested, mailed to the last known address of the CFP Board designee, as provided in Article 17.2.
All responses to Orders to Show Cause shall be in writing and shall be submitted within twenty (20) calendar days from the date of service of the Order to Show Cause upon the CFP Board designee. The CFP Board designee shall, in the Response, either request or waive the right to participate in the Show Cause Hearing.
5.4 Failure to Respond to the Order to Show Cause
If the CFP Board designee fails to file a Response within the period provided in Article 5.3, that CFP Board designee shall be deemed to have waived the right to respond and the allegations set forth in the Order to Show Cause shall be deemed admitted and an interim suspension will automatically be issued.
5.5 Show Cause Hearing
Upon receiving the CFP Board designee's Response as provided in Article 5.3, a hearing shall be scheduled before no less than a quorum of the Board. If so requested, the CFP Board designee shall have the opportunity to participate at such hearing presenting arguments and evidence on his/her behalf. All evidence presented must be submitted to the CFP Board staff not less than twenty (20) days prior to the scheduled hearing. Any evidence not so submitted may only be admitted by motion at the hearing.
5.6 Interim Suspension
An interim suspension will be issued when the Board determines that the CFP Board designee has failed to provide evidence which establishes, by a preponderance of the evidence, that the CFP Board designee does not pose an immediate threat to the public and that the gravity of the nature of the CFP Board designee's conduct does not impinge upon the stature and reputation of the marks. The fact that a convicted or suspended CFP Board designee is seeking appellate review of the conviction or suspension shall not limit the power of the Board to impose an interim suspension.
5.7 Automatic Reinstatement Upon Reversal of Conviction or Suspension
A CFP Board designee subject to a suspension under this Article shall have the suspension vacated immediately upon filing with the Board a certificate demonstrating that the underlying criminal conviction or professional suspension has been reversed; provided, however, the reinstatement upon such reversal shall have no effect on any proceeding conducted pursuant to these Procedures then pending against a CFP Board designee.
It shall be standard procedure to publish the fact of an interim suspension together with identification of the CFP Board designee in a press release.
comments powered by Disqus