17 CFR § 171.23 - Notice of appeal.

---
identifier: "/us/cfr/t17/s171.23"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "17 CFR § 171.23 - Notice of appeal."
title_number: 17
title_name: "Commodity and Securities Exchanges"
section_number: "171.23"
section_name: "Notice of appeal."
chapter_name: "COMMODITY FUTURES TRADING COMMISSION"
part_number: "171"
part_name: "RULES RELATING TO REVIEW OF NATIONAL FUTURES ASSOCIATION DECISIONS IN DISCIPLINARY, MEMBERSHIP DENIAL, REGISTRATION AND MEMBER RESPONSIBILITY ACTIONS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "7 U.S.C. 4a, 12a and 21, unless otherwise noted."
regulatory_source: "55 FR 41068, Oct. 9, 1990, unless otherwise noted."
cfr_part: "171"
---


# 171.23 Notice of appeal.

(a) *Time to file.* Any party aggrieved by the final decision of the National Futures Association in a disciplinary, membership denial or registration action may, within thirty days of the National Futures Association's service of the notice described in § 171.21, file a notice of appeal with the Proceedings Clerk. The filing of such a notice shall not stay the effective date of the decision.

(b) *Contents.* The notice of appeal shall consist of a brief statement indicating that the party is requesting Commission review of an action of the National Futures Association. It should identify:

(1) The name and address of the person appealing and, if represented, the name and address of his representative;

(2) The case name and docket number of the National Futures Association proceeding; and

(3) The date of the decision.

(c) *Filing fee.* Each notice of appeal must be accompanied by a nonrefundable filing fee of $100. This amount may be paid by check, bank draft or money order, payable to the Commodity Futures Trading Commission.

(d) *Defective notices of appeal.* Notices of appeal that are untimely or not accompanied by the filing fee shall not be accepted by the Proceedings Clerk absent a showing, by motion, of excusable neglect.