Financial Planning: Process and Rules - Articles 15 and 16

ARTICLE 15: REQUIRED ACTION AFTER REVOCATION OR SUSPENSION

After the entry of an order of revocation or suspension is final, the Respondent shall promptly terminate any use of the marks and in particular shall not use them in any advertising, announcement, letterhead or business card. Within 30 days of receiving an order of suspension or the execution of an Offer in which a Respondent consented to a suspension, the Respondent must provide to CFP Board evidence that he/she has ceased all use of the marks by providing copies of documents requested by the DEC in its order. Failure to provide the information requested by the DEC will result in an automatic issuance of a revocation under Article 4.4.

ARTICLE 16: REINSTATEMENT AFTER DISCIPLINE

16.1 Reinstatement After Revocation

Revocation shall be permanent, and there shall be no opportunity for reinstatement.

16.2 Reinstatement After Suspension

Unless otherwise provided by the DEC in its order of suspension, a Respondent who has been suspended for a period of one year or less shall be automatically reinstated upon the expiration of the period of suspension, provided the Respondent files with CFP Board within 30 calendar days of the expiration of the period of suspension a request for reinstatement. A Respondent who has been suspended for a period longer than one year must petition the DEC for a reinstatement hearing within six months of the end of his/her suspension, or the Respondent shall be permanently barred from using the CFP® certification. Before any reinstatement hearing will be scheduled, the Respondent must meet all administrative requirements for recertification, pay the reinstatement hearing costs and provide evidence, if necessary, that all prior hearing costs have been paid. At the reinstatement hearing, the Respondent must prove by clear and convincing evidence that the Respondent has been rehabilitated, has complied with all applicable disciplinary orders and provisions of these Disciplinary Rules, and that the Respondent is fit to use the marks. Clear and convincing evidence means that the DEC must have no reasonable doubt that the Respondent has met his/her burden. The Respondent may prove rehabilitation by providing to the DEC:

1. Evidence that the Respondent maintained competence and learning in the area of financial planning during the suspension period;

2. Evidence that the Respondent’s conduct since the issuance of the DEC’s order has been exemplary and beyond reproach;

3. Evidence that the Respondent made restitution or settled all claims from persons injured or harmed by his/her misconduct; and

4. Documentary evidence of all business activities during the suspension period. The Respondent may prove that he/she is fit to use the marks by demonstrating to the DEC:

1. Whether the Respondent has a proper understanding of CFP Board’s Standards and is willing to act in conformity with the Standards;

2. Whether the Respondent can be confidently recommended to the public as a CFP® professional;

3. How the Respondent plans to use the CFP® marks in his/her future business; and

4. Any other information obtained during the hearing that the DEC chooses to consider.

16.3 Investigation

Immediately upon receipt of a petition for reinstatement, CFP Board Counsel will initiate an investigation. The petitioner shall cooperate in any such investigation, and CFP Board Counsel or CFP Board Designated Counsel shall provide to the DEC the Respondent’s past disciplinary record and any recommendation regarding reinstatement.

16.4 Successive Petitions

If a Respondent is denied reinstatement, he/she must wait two years to petition again for reinstatement. The second petition must be received by CFP Board within six months of the expiration of the two -year period, or the Respondent’s right to use the marks will be revoked. If the second petition is denied, the Respondent will be permanently barred from using the marks.

16.5 Reinstatement Fee

Respondents petitioning for reinstatement will be assessed the costs of the reinstatement proceeding.

 

 

Article 17 and 18
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