Financial Planning: Process and Rules - Article 12: Conviction of a Crime or Professional Suspension
12.1 Proof of Conviction or Professional Suspension
Except as otherwise provided in these Procedures, a certificate from the clerk of any court of criminal jurisdiction indicating that a CFP Board designee has been convicted of a crime in that court, or a letter, or other writing from a governmental or industry self-regulatory authority to the effect that a CFP Board designee has been the subject of an order of professional suspension (as hereinafter defined) by such authority, shall conclusively establish the existence of such conviction or such professional suspension for purposes of disciplinary proceedings and shall be conclusive proof of the commission of that crime or of the basis for such suspension, by the CFP Board designee.
12.2 Duty to Report Criminal Conviction or Professional Suspension
Every CFP Board designee, upon being convicted of a crime, except misdemeanor traffic offenses or traffic ordinance violations, unless such offense involves the use of alcohol or drugs, or upon being the subject of professional suspension, shall notify CFP Board in writing of such conviction or suspension within ten (10) calendar days after the date on which the CFP Board designee is notified of the conviction or suspension.
12.3 Commencement of Disciplinary Proceedings Upon Notice of Conviction or Professional Suspension
Upon receiving notice that a CFP Board designee has been convicted of a crime other than a serious crime (as defined herein), CFP Board Staff Counsel shall commence an investigation. If the conviction is for a serious crime or if a CFP Board designee is the subject of a professional suspension, CFP Board shall obtain the record of conviction or proof of suspension and file a Complaint against the CFP Board designee as provided in Article 7. If the CFP Board designee's criminal conviction or professional suspension is either proved or admitted as provided herein, the CFP Board designee shall have the right to be heard by the Hearing Panel only on matters of rebuttal of any evidence presented by Staff Counsel other than proof of the conviction or suspension.
12.4 Conviction of Serious Crime or Professional Suspension - Immediate Suspension
Upon receiving notification of a CFP Board designee's criminal conviction or professional suspension, CFP Board Staff Counsel may, at its discretion, issue a notice to the convicted or suspended CFP Board designee directing that the CFP Board designee show cause why the CFP Board designee's right to use the marks should not be immediately suspended pursuant to Article 5.
12.5 Serious Crime Defined
The term serious crime, as used in these rules, shall include: (1) any felony; (2) any lesser crime, a necessary element of which as determined by its statutory or common law definition involves misrepresentation, fraud, extortion, misappropriation or theft; and/or (3) an attempt or conspiracy to commit such crime, or solicitation of another to commit such crime.
12.6 Definition of a Professional Suspension
A professional suspension, as used herein, shall include the suspension or bar as a disciplinary measure by any governmental or industry self-regulatory authority of a license as a registered securities representative, broker/dealer, insurance or real estate salesperson or broker, insurance broker, attorney, accountant, investment adviser or financial planner.
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