Time to Reply to Objections

FINRA’s motion Rules 12503 and 13503 provide non-moving parties with 10 calendar days to respond to a written motion, except for motions to dismiss filed under Rules 12504 and 13504 or Rules 12206 and 13206. At the conclusion of the 10-day period, FINRA staff forwards the motion, as well as any responses received, to the arbitrators for decision.1

Motion Reply Period

Currently, Rules 12503 and 13503, 12504 and 13504, and 12206 and 13206 do not affirmatively provide moving parties with an opportunity to reply to the responses to motions, even though on occasion a moving party will submit a reply. As a matter of practice, FINRA staff has forwarded the reply to the arbitrators immediately upon its receipt.

Effective immediately, moving parties have five (5) calendar days from receipt of a response to a motion to submit a reply. After the five-day period, FINRA staff will forward the motion, any response to the motion, and any reply to the panel at the same time. If FINRA staff receives a reply after the five-day period expires, staff will forward the reply to the panel upon its receipt. However, FINRA staff will not delay sending the motion, response to the motion, and reply to the panel after the five day period expires, and the panel may issue a decision upon receipt of those documents. Moving parties should advise FINRA staff in writing if they do not intend to submit a reply in order to expedite a decision on the motion. If a panel’s order specifies a deadline to file a reply, the panel’s order takes precedence over this five-day period.

1 FINRA's subpoenas Rules 12512 and 13512 provide non-moving parties with 10 calendar days of service of the motion to file a response, and moving parties with 10 calendar days from receipt of the response to submit a reply.