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who is the subject of a disciplinary petition.

       Serious Crime

      (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.

       Standards of Practice

      A set of statements adopted by IMCA, which sets forth the standards of conduct for Licensees and Candidates.

      Disciplinary Rules and Procedures

      ARTICLE 1: INTRODUCTION

      IMCA has adopted a Code and Standards of Practice, which set forth the standards of conduct for Licensees and Candidates. IMCA may amend the Code and Standards of Practice from time to time in its sole discretion. The Code and Standards of Practice define professional conduct by Licensees and Candidates. IMCA enforces the Code and Standards of Practice in order to protect and maintain the integrity and goodwill of the IMCA Designations among members of the financial services industry and the public. Licensees and Candidates are required to adhere to the Code and the Standards of Practice. Failure to do so may result in disciplinary action including termination or suspension of the right to use an IMCA Designation or termination of the right to pursue an IMCA Designation.

      ARTICLE 2: PROFESSIONAL REVIEW BOARD

      2.1 Jurisdiction

      IMCA has established a PRB to review, investigate, and rule on violations of the Code, Standards, or Rules by Licensees and Candidates and to conduct other activities as described in these Rules. The PRB shall be composed of at least six (6) Licensees in good standing who have held an IMCA Designation for at least two years. One of the PRB members shall serve as chair. The members of PRB shall be nominated by the IMCA President and ratified by the IMCA Board of Directors (IMCA Board). Each member of the PRB shall serve a three-year term on a staggered basis. Appointments to the PRB shall be made in a manner to ensure that the terms are staggered. For example, two of the appointees may have an initial term of one year; two appointees may have an initial term of two years; and two appointees may have an initial term of three years. As set forth herein, the PRB shall have exclusive jurisdiction over matters arising under the Code, Standards, and Rules.

      2.2 Powers and Duties of the Professional Review Board and IMCA Staff

      The PRB is empowered to:

      a. Investigate alleged infractions of the Code, Standards of Practice, and Rules and issue orders regarding private or public censure, the suspension or termination of the right to use an IMCA Designation by Licensees, or termination of Candidates who are found to have violated the Code, Standards of Practice, Rules, or other orders as may be appropriate.

      b. Report to the IMCA Board with respect to the operations of the PRB.

      c. Consider and propose amendments to the Code, Standards of Practice, and Rules for action by the IMCA Board.

      d. Develop and adopt procedures for the fair and expeditious hearing of matters that come before it.

      IMCA staff shall be responsible for:

      a. Receiving and maintaining the confidentiality of complaints and other information received by IMCA from Clients or other parties with respect to Licensees' alleged violations of the Code, Standards of Practice, and/or Rules.

      b. Providing periodic summaries to the PRB of all such complaints.

      c. Conducting investigations of complaints at the direction of the PRB.

      d. Preparing and submitting disciplinary petitions to the PRB after review by Legal Counsel.

      e. Preparing and submitting disciplinary recommendations by a Hearing Panel to the PRB.

      f. Preparing draft orders for review and approval by a Hearing Panel, the PRB, the IMCA Appeals Board, and/or any member of any of the aforementioned bodies.

      g. Obtaining all necessary confidentiality and/or conflict of interest agreements by members of the PRB, the IMCA Appeals Board, and/or Hearing Panel members.

      ARTICLE 3: GROUNDS FOR DISCIPLINE

      The following acts or omissions committed by a Licensee or Candidate individually or in concert with others shall constitute grounds for the filing of a disciplinary petition, initiation of disciplinary proceedings, and imposition of discipline:

      a. Violation of the Code, Standards of Practice, or Rules.

      b. Violation of federal or state statutes or regulations or rules of self-regulating bodies in respect to the financial services industry.

      c. Violation of the criminal statutes of any state or the United States for commission of a Serious Crime. Conviction of a crime shall not be a prerequisite for the filing of a disciplinary petition.

      d. Any act or omission that results in a Professional Loss or Suspension and/or the suspension or termination of a professional license, designation, or certification by a local, state, federal, or private licensing, designation or certification authority or organization.

      e. Violation of the rules of FINRA or other financial services self-regulatory organization.

      f. Failure to respond to a disciplinary petition or a request of the Hearing Panel, or failure to comply with an order of a Hearing Panel, the PRB, and/or the IMCA Appeals Board g. The submission of false or misleading statements to IMCA, a Hearing Panel, the PRB, and/or the IMCA Appeals Board.

      h. Violation of the License Agreement between IMCA and the Licensee.

      The foregoing constitutes a nonexclusive list of grounds for discipline. Other acts or omissions that constitute unprofessional conduct or that bring an IMCA Designation into disrepute or impair the goodwill of the IMCA Designation also may constitute grounds for discipline.

      ARTICLE 4: DISCIPLINARY PROCEEDINGS

      4.1 Initiation of Disciplinary Proceedings

       4.1.1

      Once IMCA is notified in writing of a complaint against a Licensee or Candidate, IMCA staff shall have sixty (60) days from that date to research the complaint. Within the sixty (60) day period, IMCA staff shall prepare and send a draft petition to Legal Counsel for review and approval. Legal Counsel shall have sixty (60) days to review the petition and determine if IMCA staff should forward the petition to the PRB for initial review. Any of these time periods may be extended by the PRB upon good cause shown.

       4.1.2

      The PRB shall undertake an initial review of each disciplinary petition forwarded by IMCA staff. In cases in which a petition does not set forth sufficient facts to show good cause for discipline, the PRB may either dismiss the petition in its entirety or return the petition to IMCA staff for further research and leave to amend. The PRB has sixty (60) days from receipt of the petition to make its determination. This time period may be extended by the PRB upon good cause shown.

       4.1.3

      If the PRB finds a disciplinary petition establishes good cause for discipline, it shall either: (a) in the event the PRB determines that the petition and supporting exhibits establish, without any reasonable grounds for dispute, that grounds for discipline exist and that the appropriate remedy is a private censure, then the PRB may authorize the issuance of a private letter informing the Respondent of these conclusions and that a private censure would be the remedy. The Respondent shall be offered the opportunity to have a hearing in lieu of the summary private censure; or (b) appoint a three-member Hearing Panel to hear and review evidence with respect to the petition. No member of the PRB or the IMCA Board may serve on a Hearing Panel. The PRB chair shall appoint a Hearing Panel that shall be composed of IMCA Designation holders in good standing who hold the same IMCA Designation as the Respondent. The Hearing Panel chair, who is selected by the members of the Hearing Panel, shall rule on all motions and objections and may grant extensions of time concerning the deadlines provided

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