Appeals Committee ruling | DSI-2006

DSI Appeals Committee ruling dated June 2, 2006.

The DSI Appeals Committee ruled on a complaint against a Securities Trader who had repeatedly exceeded position limits agreed with his employer. The employer had summarily dismissed him for this. DSI claimed that this conduct violated the Code of Conduct, in particular Articles 7.1.1 and 7.1.2, and requested a measure. The Disciplinary Committee dismissed the complaint because it involved violations of internal authorization rules that are not primarily aimed at integrity within the meaning of the Code of Conduct. The Appeals Committee upheld this verdict: the mere fact that limits were exceeded and this was grounds for dismissal does not automatically mean a violation of DSI’s integrity standards.

Appeals Board ruling

The Appeals Committee upheld the Disciplinary Committee’s decision and rejected DSI’s appeal.

Articles DSI Code of Conduct applicable: 7.1.1, 7.1.2

Linkage to DSI Core Principles:

• Core principle 1: Take responsibility.
  Although exceeding limits was employment culpable, no breach of integrity or responsibility as a DSI registrant was found.
• Core principle 3: Act carefully
  Diligence in complying with internal rules is important, but not every violation of these directly touches on the core values of integrity according to the DSI Code of Conduct.