Financial Planning: Process and Rules - Article 13: Settlement Procedure
A CFP Board designee or CFP Board Staff Counsel may propose an Offer of Settlement in lieu of a disciplinary hearing pursuant to these Procedures. Submitting an Offer of Settlement shall stay all proceedings conducted pursuant to these Procedures .
13.1 Offer of Settlement
Offers of Settlement may be made where the nature of the proceeding, the interests of the public and CFP Board permit. The Offer of Settlement shall be in writing and must be submitted to CFP Board staff at least thirty (30) days prior to the CFP Board designee's scheduled disciplinary hearing. A Hearing Panel will consider the Offer and take one of the actions described in Articles 13.2 and 13.3. The Hearing Panel will consider only one Offer of Settlement during the course of a disciplinary proceeding. The Offer must be made in conformity with the provisions of this Article and should not be made frivolously or propose an action inconsistent with the seriousness of the violations alleged in the proceedings. CFP Board Staff Counsel may negotiate a proposed Offer of Settlement with the CFP Board designee and endorse the Offer of Settlement to the Hearing Panel. Only the Board shall have final decision making authority to accept or reject an Offer of Settlement.
Every Offer of Settlement shall contain and describe in reasonable detail:
(a) The act or practice which the member or person associated with a member is alleged to have engaged in or omitted;
(b) The principle, rule, regulation or statutory provision which such act, practice or omission to act is alleged to have been violated;
(c) A statement that the CFP Board designee consents to findings of facts and violations consistent with the statements contained in the offer required by paragraphs 13.1(a) and 13.1(b);
(d) Proposed Board action to be taken and a statement that the CFP Board designee consents to the proposed Board action; and
(e) A waiver of all rights of appeal to CFP Board 's Appeals Committee and the courts, or to otherwise challenge or contest the validity of the Order issued if the Offer of Settlement is accepted.
13.2 Acceptance of Offer
If an Offer of Settlement is accepted by a Hearing Panel, the decision of the Hearing Panel shall be reviewed by the Board. The Board's decision to affirm the decision of the Hearing Panel to accept the Offer of Settlement shall conclude the proceeding as of the date the Offer of Settlement is accepted. If the Offer of Settlement includes a penalty of revocation or suspension, the revocation or suspension shall become effective immediately upon acceptance by the Hearing Panel and affirmance by the Board.
Article 13.3 Rejection of Offer; Counter Offer
If the Offer of Settlement is rejected by a Hearing Panel, the Offer of Settlement shall be deemed void and the matters raised in the Complaint will be set for hearing at the next meeting of the Board. The CFP Board designee shall not be prejudiced by the prior Offer of Settlement, and it shall not be given consideration in the determination of the issues involved in the pending, or any other, proceeding.
If the Hearing Panel deems it appropriate, it may make a Counter Settlement Offer to the CFP Board designee, modifying the proposed finding(s) of fact, violation(s) and/or discipline. If the Counter Settlement Offer is rejected by the CFP Board designee, the Offer of Settlement and Counter Settlement Offer shall be deemed void and the matters raised in the Complaint will be set for hearing at the next meeting of the Board. The CFP Board designee shall not be prejudiced by the prior Offer of Settlement or the Counter Settlement Offer, and neither shall be given consideration in the determination of the issues involved in the pending, or any other, proceeding.
In the event proceedings pursuant to Article 13 result in a permanent revocation or suspension, or otherwise result in a termination of the right to use the marks, it shall be standard procedure to publish such fact together with identification of the CFP Board designee in a press release, or in such other form of publicity as is selected by the Board.
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