Regulatory Notice 10-31

Change to Expedited Proceedings for Failure to Comply with an Arbitration Award or Related Settlement; Effective Date: July 2, 2010

Executive Summary

Firms and associated persons will be unable to rely on an inability-to-pay defense in expedited actions for failure to comply with arbitration awards involving customers if the FINRA Rule 9554 notice initiating the action is sent on or after July 2, 2010.

 

The text of amended FINRA Rule 9554 is set forth in Attachment A.

 

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.