The Enforcement Committee is the decision-making body within the LME which determines whether to conduct disciplinary proceedings against a member, or seek a settlement.
The committee may agree a settlement instead of disciplinary proceedings at any time up to the commencement of a disciplinary hearing.
Settlement of disciplinary proceedings
If the Enforcement Committee approves undertaking disciplinary action against a member, there is generally an opportunity for the member and the LME to reach a settlement instead of disciplinary proceedings being commenced.
The LME will conduct without prejudice settlement meetings with the member with a view to agreeing a settlement within a reasonable timeframe. Whilst the timeframe will depend on the complexity of an investigation, and the level of cooperation during the settlement discussions, the LME generally expects to conclude settlement discussions within three months of the commencement of such discussions.
The settlement of a case typically includes the payment of a financial penalty and agreement to the terms of settlement (such terms are contained in a settlement agreement). All settlements result in the publication of a disciplinary notice. During the settlement process, members will typically be given the opportunity to comment on the proposed wording of a disciplinary notice.
Disciplinary proceedings
If the LME and a member are unable to agree to a settlement, the LME will commence disciplinary proceedings, and, if appropriate, appeal proceedings in accordance with Regulation 14 of Part 2 of the LME Rulebook (PDF).
Recent disciplinary outcomes
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Member oversight functions
Member Audit Programme
Referral Committee
