Regulatory Notice 10-13

SEC Approves Amendments to the FINRA Rule 9550 Series Governing Expedited Proceedings; Effective Date: March 25, 2010

Executive Summary

The FINRA Rule 9550 Series provides a procedural mechanism for FINRA to address certain types of misconduct more quickly than would be possible using the ordinary FINRA disciplinary process. The SEC recently approved amendments that make the following changes to the rule series:

  • Modify various time requirements regarding expedited proceedings;
  • Add an expedited proceeding for failure to pay restitution; and
  • Harmonize a remedy in an expedited procedure with a remedy in the FINRA By-Laws.

 

The amended rule text is set forth in Attachment A and is effective March 25, 2010.

 

Questions regarding this Notice should be directed to James S. Wrona, Associate Vice President and Associate General Counsel, Office of General Counsel, at (202) 728-8270.