Entertainment Movies What Does It Mean to Resign from the Academy, and What Will Happen to Will Smith's Oscar Now? Will Smith resigned from the Academy of Motion Picture Arts and Sciences on Friday, prompting many to wonder whether he will be able to keep his Best Actor Oscar By Dan Heching Dan Heching Digital News Writer, PEOPLE People Editorial Guidelines Published on April 1, 2022 11:45 PM Share Tweet Pin Email Will Smith has resigned from the Academy of Motion Picture Arts and Sciences in the fallout since he slapped presenter Chris Rock at the Oscars ceremony on Sunday night, and the Academy has accepted his resignation, maintaining that it will "continue to move forward" with "disciplinary proceedings against Mr. Smith for violations of the Academy's Standards of Conduct." The question now is whether that disciplinary action from AMPAS — the governing body behind the Academy Awards — will include rescinding Smith's Best Actor Oscar, which he won Sunday for King Richard, and what Smith's resignation means for his future involvement with the organization. What Does it Mean to Resign from The Academy? Now that Smith has resigned from the Academy, he will no longer enjoy the benefits that members are afforded, including access to screeners for films in consideration and the ability to vote for potential nominees. However, his invitation to attend future Academy Awards and related events remains to be seen once the Academy board reaches a decision later this month. Will Smith Resigns from the Academy After Smacking Chris Rock During Oscars: 'I Am Heartbroken' The academy's code of conduct — which was majorly revised in 2017 in the wake of the Harvey Weinstein scandal and #MeToo movement — includes disciplinary measures that "may include private reprimand, public reprimand, temporary or permanent loss of privileges to attend and participate in Academy events or activities, temporary or permanent loss of eligibility to receive or hold or revocation of Academy awards or honors, temporary or permanent loss of eligibility to hold Academy service and volunteer roles, or other sanctions that the Academy in its sole discretion may deem appropriate." Paul Morigi/WireImage As recently as last month, other members of the Academy have resigned — notably Oscar-nominated sound mixer Peter Kurland and Oscar-winning recording mixer Tom Fleischman, both due to AMPAS' newly revealed plan to exclude their categories from the live telecast of the awards in favor of handing those trophies in the hour just beforehand. For more on Will Smith resigning from the Academy, listen below to our daily podcast on PEOPLE Every Day. While the Academy has stipulated over this week that disciplinary proceedings against Smith will be laid out at the next scheduled board meeting on April 18 — and that he has a 15-day window to provide a written response — his resignation on Friday could conceivably mean that it will be up to him to decide whether or not he wants to come back in the future. However, his admittance back into the Academy will of course be at the discretion of its board of 54 members. RELATED VIDEO: Will Smith Omits Chris Rock from Apology as He Wins Oscar: 'Love Makes You Do Crazy Things' Never miss a story — sign up for PEOPLE's free daily newsletter to stay up-to-date on the best of what PEOPLE has to offer, from juicy celebrity news to compelling human interest stories. Could Will Smith Have His Oscar Rescinded? The only time the Academy has ever rescinded a statuette was for the 1967 documentary Young Americans, which it retroactively found had been released too early to be eligible for the Oscars in 1969. While Weinstein and Roman Polanski have been ejected from the Academy due to their respective sexual abuse scandals, both men still have their Oscars, the Los Angeles Times reports. This makes it highly unlikely that Smith will lose his trophy, even though it was awarded shortly after his onstage attack of Rock. Academy Accepts Will Smith's Resignation, President Says Disciplinary Proceedings Will Continue Can Will Smith Ever Earn Another Academy Award Nomination? Based on the Academy's code of conduct, Smith's future eligibility for nominations falls under its "sole discretion." However, as the Oscars are a highly public enterprise, the decision to nominate him in the future will not be one taken lightly.