A District Council must nominate individuals to be industry members of the hearing committee in its District.
- A Marketplace Member must nominate individuals to be industry members of the hearing committee in a District in which the Marketplace Member:
- is recognized or exempt from recognition as an exchange or Quotation and Trade Reporting System under securities laws, or
- if an Alternative Trading System, is registered under securities laws.
- The public member nominating committee in each District must nominate individuals to be public members of the hearing committee in the District.
- To the extent practicable, two thirds of the individuals who are nominated in a District must be nominated by a District Council or a Marketplace Member and one third must be nominated by the public member nominating committee.