Academy has indicated action against Will Smith next month
In a recent statement, the Academy said it has initiated a process by which the best actor can be dropped from the group.
During the live telecast, when The Rock joked about the presence of Smith's wife, Smith walked up to the stage, then slapped the comedian in the face. The actor returned to his seat and shouted obscenities at Rock twice.
Less than an hour later, Smith accepted the Best Actor trophy, raising questions about why he was not dropped.
"Things turned out in a way we could not have expected," the Academy of Motion Picture Arts and Sciences said in a statement.
"While we would like to clarify that Mr Smith was asked to leave the ceremony and declined, we also believe that we could have handled the situation differently."
The Academy said it initiated a process that could lead to discipline against Smith for breaches of its standards of conduct, including "inappropriate physical contact, abusive or threatening behavior and compromising the integrity of the Academy."
Suspension, expulsion or other sanctions can be approved at the next board meeting to be held on April 18.
Smith apologized to The Rock, the Academy and the audience in a statement on Monday, saying he was "out of line" and "reacting emotionally."