Adjudication and Decisions

When FINRA determines that violations of securities rules have occurred and formal disciplinary action is necessary, the Enforcement Department or Market Regulation Department files a complaint with the Office of Hearing Officers (OHO).

The Office arranges a three-person panel to hear the case. The panel is chaired by a hearing officer who is an employee of the Office of Hearing Officers. The Chief Hearing Officer appoints two industry panelists, drawn primarily from a pool of current and former securities industry members of FINRA's District Committees, as well as its Market Regulation Committee, former members of FINRA's National Adjudicatory Council (NAC) and former FINRA Governors.

At the hearing, the parties present evidence for the panel to determine whether a firm or individual has engaged in conduct that violates FINRA rules, SEC regulations or federal securities laws. In reaching its decision, the hearing panel also considers previous court, SEC, and NAC decisions to determine if violations occurred. The NAC is the national committee which reviews initial decisions rendered in FINRA disciplinary and membership proceedings.

For each case, the hearing panel will issue a written decision explaining the reasons for its ruling and consult the FINRA Sanction Guidelines to determine the appropriate sanctions if violations have occurred. FINRA also, when feasible and appropriate, can order firms and individuals to make restitution to harmed customers.

Appeals Process

Under FINRA's disciplinary procedures, a firm or individual has the right to appeal a hearing panel decision to the NAC, or the NAC may on its own initiate a review of a decision. On appeal, the NAC will determine if a hearing panel's findings were legally correct, factually supported and consistent with FINRA's Sanction Guidelines. While a panel decision is on appeal, the sanction is not enforced against the firm or individual.

Unless FINRA's Board of Governors decides to review the NAC's appellate decision, that decision represents FINRA's final action. A firm or individual can appeal FINRA's decision to the SEC and then to federal court.

Date of Decision Proceeding No.sort descending Title Type
Jan 1, 2004 SD04002 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2004 SD04004 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Oct 12, 2004 SD04005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2004 SD04006 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04009 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04010 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04011 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2004 SD04012 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2004 SD04013 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04014 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04015 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2004 SD04016 In the Matter of the Continued Membership of Firm 1 Redacted Decision, Statutory Disqualification, Other
Feb 24, 2004 SD04017 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Other
Jan 1, 2005 SD05001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05005 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 2005 SD05009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2005 SD05010 In the Matter of X as a Limited Representative – Corporate Securities Representative Redacted Decision, Statutory Disqualification, Denials

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