A Congressman and an administrative hearing panel are looking into the case.

If the matter goes before a hearing panel, it would be decided by three panelists: a specialist, a floor broker and an exchange official.

He then tells the hearing panel to hang him for that if they wish.

But two wrongs do not make a right, the hearing panel said.

It will now decide whether to uphold the hearing panel's dismissal or reach a different judgment.

The hearing panel said the regulators' case might have had merit, but they did not move fast enough.

"They will probably take the recommendation of the hearing panel and do their own thing."

The hearing panel will also have the power to uphold or overturn a board decision.

The hearing panel heard evidence from several hundred submitters on 71 days over a two and a half year period at an expected cost of $2.1 million.

The full report of the hearing panel is available on the Environment Canterbury website.