8320. Payment of Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure to Pay
(a) Payment to Treasurer
All fines and other monetary sanctions shall be paid to the Treasurer of FINRA and shall be used for the general corporate purposes.
(b) Summary Suspension or Expulsion
After seven days notice in writing, FINRA may summarily suspend or expel from membership a member that fails to:
(1) pay promptly a fine or other monetary sanction imposed pursuant to Rule 8310 or cost imposed pursuant to Rule 8330 when such fine, monetary sanction, or cost becomes finally due and payable; or
(2) terminate immediately the association of a person who fails to pay promptly a fine or other monetary sanction imposed pursuant to Rule 8310 or a cost imposed pursuant to Rule 8330 when such fine, monetary sanction, or cost becomes finally due and payable.
(c) Summary Revocation of Registration
After seven days notice in writing, FINRA may summarily revoke the registration of a person associated with a member if such person fails to pay promptly a fine or other monetary sanction imposed pursuant to Rule 8310 or a cost imposed pursuant to Rule 8330 when such fine, monetary sanction, or cost becomes finally due and payable.
|
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-97-28 eff. Aug. 7, 1997. Amended eff. May 27, 1988. Selected Notice: 08-57. |
Cross Reference—
Schedule A, Resolution of the Board of Governors: "Expulsion and Revocation for Failure to Pay Dues and Assessments"
- Regulatory Notice 13-27August 20, 2013
- Regulatory Notice 11-33July 22, 2011