NAC Information

The National Adjudicatory Council (NAC) is the national committee that reviews initial decisions rendered in FINRA disciplinary and membership proceedings.

 

NAC Disciplinary Decisions and NAC Membership Decisions have been published, in accordance with Rule IM-8310-3.

 

The NAC Redacted Disciplinary Decisions have been redacted in accordance with Notice to Members 00-36.

 

Other disciplinary decisions are also available on this Web site.

 

Any NAC decision that has been appealed and is pending review by the Securities Exchange Commission ("SEC") is marked with an asterisk (*). Upon review, the SEC may affirm, modify, or set aside any of the findings made by the NAC, or remand the matter for further proceedings; and may affirm, reduce, or set aside the sanctions imposed by the NAC. The SEC cannot increase sanctions.

 

  • Filing an application for review with the SEC "shall stay the effectiveness of any sanction, other than a bar or an expulsion, imposed in a decision constituting final disciplinary action of [FINRA] …" [Rule 9370(a)]
  • Filing of an application for review with the SEC shall not stay the effectiveness of a temporary cease and desist order, unless the SEC otherwise orders [Rule 9870; Notice to Members 03-35]  

 

Any NAC decision appealed to the SEC and subsequently appealed and is pending review by one of the United States Courts of Appeals is marked with two asterisks (**). On review, a United States Court of Appeals may affirm, modify, or set aside the order of the SEC in whole or in part.

 

These Web pages also contain information of interest to FINRA members seeking to hire or retain a person who is or becomes "subject to a disqualification," and for members that themselves become subject to a disqualification. (Member firms and individuals are subject to disqualification and therefore ineligible to be continued in membership or to be associated with a member, respectfully, if, for example, they are barred, suspended, enjoined from engaging in investment-related activity, or, within the past ten years, convicted of certain crimes.)