12000. CODE OF ARBITRATION PROCEDURE FOR CUSTOMER DISPUTES (printable)
Table of Contents
- PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY
- IM-12000. Failure to Act Under Provisions of Code of Arbitration Procedure for Customer Disputes
- 12100. Definitions
- 12101. Applicability of Code and Incorporation by Reference
- 12102. National Arbitration and Mediation Committee
- 12103. Director of FINRA Dispute Resolution Services
- 12104. Effect of Arbitration on FINRA Regulatory Activities; Arbitrator Referral During or at Conclusion of Case
- 12105. Agreement of the Parties
- PART II GENERAL ARBITRATION RULES
- 12200. Arbitration Under an Arbitration Agreement or the Rules of FINRA
- 12201. Elective Arbitration
- 12202. Claims Against Inactive Members
- 12203. Denial of FINRA Forum
- 12204. Class Action Claims
- 12205. Shareholder Derivative Actions
- 12206. Time Limits
- 12207. Extension of Deadlines
- 12208. Representation of Parties
- 12209. Legal Proceedings
- 12210. Ex Parte Communications
- 12211. Direct Communication Between Parties and Arbitrators
- 12212. Sanctions
- 12213. Hearing Locations
- 12214. Payment of Arbitrators
- PART III INITIATING AND RESPONDING TO CLAIMS
- 12300. Filing and Serving Documents
- 12301. Service on Associated Persons
- 12302. Filing and Serving an Initial Statement of Claim
- 12303. Answering the Statement of Claim
- 12304. Answering Counterclaims
- 12305. Answering Cross Claims
- 12306. Answering Third Party Claims
- 12307. Deficient Claims
- 12308. Loss of Defenses Due to Untimely or Incomplete Answer
- 12309. Amending Pleadings
- 12310. Answering Amended Claims
- 12311. Amendments to Amount in Dispute
- 12312. Multiple Claimants
- 12313. Multiple Respondents
- 12314. Combining Claims
- PART IV APPOINTMENT, DISQUALIFICATION, AND AUTHORITY OF ARBITRATORS
- 12400. List Selection Algorithm and Arbitrator Rosters
- 12401. Number of Arbitrators
- 12402. Cases with One Arbitrator
- 12403. Cases with Three Arbitrators
- 12404. Additional Parties
- 12405. Disclosures Required of Arbitrators
- 12406. Arbitrator Recusal
- 12407. Removal of Arbitrator by Director
- 12408. Director's Discretionary Authority
- 12409. Jurisdiction of Panel and Authority to Interpret the Code
- 12410. Determinations of Arbitration Panel
- PART V PREHEARING PROCEDURES AND DISCOVERY
- 12500. Initial Prehearing Conference
- 12501. Other Prehearing Conferences
- 12502. Recording Prehearing Conferences
- 12503. Motions
- 12504. Motions to Dismiss
- 12505. Cooperation of Parties in Discovery
- 12506. Document Production Lists
- 12507. Other Discovery Requests
- 12508. Objecting to Discovery; Waiver of Objection
- 12509. Motions to Compel Discovery
- 12510. Depositions
- 12511. Discovery Sanctions
- 12512. Subpoenas
- 12513. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas
- 12514. Prehearing Exchange of Documents and Witness Lists, and Explained Decision Requests
- PART VI HEARINGS; EVIDENCE; CLOSING THE RECORD
- PART VII TERMINATION OF AN ARBITRATION BEFORE AWARD
- PART VIII SIMPLIFIED ARBITRATION, DEFAULT PROCEEDINGS, AND EXPUNGEMENT PROCEEDINGS
- PART IX FEES AND AWARDS
Amended by SR-FINRA-2008-057 eff. Dec. 15, 2008. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2007-026 eff. April 16, 2007. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2022-024 eff. Oct. 16, 2023 Amended by SR-FINRA-2022-022 eff. July 28, 2022. Amended by SR-FINRA-2020-039 eff. Oct. 29, 2020. Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2017-025 eff. Oct. 9, 2017. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2015-034 eff. Dec. 20, 2015. Amended by SR-FINRA-2014-028 eff. June 26, 2015. Amended by SR-FINRA-2013-003 eff. July 1, 2013. Amended by SR-FINRA-2009-041 eff. Jan. 18, 2010. Amended by SR-FINRA-2008-031 eff. Feb. 9, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2007-021 eff. June 9, 2008. Amended by SR-NASD-2007-038 eff. June 14, 2007. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices to Members: 07-07, 08-22, 08-57, 09-04, 09-74, 13-21, 15-18, 16-04, 17-03, 17-29, 20-11, 23-12. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57. |
Amended by SR-FINRA-2015-034 eff. Dec. 20, 2015. Amended by SR-FINRA-2009-003 eff. Jan. 8, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2007-026 eff. April 16, 2007. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 16-04. |
Amended by SR-FINRA-2020-039 eff. Oct. 29, 2020. Amended by SR-FINRA-2015-034 eff. Dec. 20, 2015. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 16-04. |
12104. Effect of Arbitration on FINRA Regulatory Activities; Arbitrator Referral During or at Conclusion of Case
Amended by SR-FINRA-2015-034 eff. Dec. 20, 2015. Amended by SR-FINRA-2014-045 eff. Dec. 1, 2014. Amended by SR-FINRA-2014-005 eff. Oct. 27, 2014. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 14-42, 16-04. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 20-11. |
(a) The Director may decline to permit the use of the FINRA arbitration forum if the Director determines that, given the purposes of FINRA and the intent of the Code, the subject matter of the dispute is inappropriate, or that accepting the matter would pose a risk to the health or safety of arbitrators, staff, or parties or their representatives. Only the Director may exercise the authority under this Rule.
(b) The Director shall decline the use of the FINRA arbitration forum if the Director determines that the expungement request is ineligible for arbitration under Rule 12805.
(c) The Director may decline the use of the FINRA arbitration forum if the Director determines that the expungement request was not filed under, or considered in the arbitration forum in accordance with, Rule 12805.
(d) Disputes that arise out of transactions in a readily identifiable market may be referred to the arbitration forum for that market, if the claimant agrees.
Amended by SR-FINRA-2022-024 eff. Oct. 16, 2023 Amended by SR-FINRA-2015-034 eff. Dec. 20, 2015. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 16-04, 23-12. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2011-006 eff. June 6, 2011. Amended by SR-FINRA-2009-013 eff. Aug. 10, 2009. Amended by SR-FINRA-2007-021 eff. Feb. 23, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2007-026 eff. April 16, 2007. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 09-07, 09-36, 11-23. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
(1) At any stage of an arbitration proceeding held in a United States hearing location, any party may be represented by:
(2) Notwithstanding paragraph (b)(1) of this Rule, no person may represent a party in any arbitration proceeding held in a United States hearing location if:
Amended by SR-FINRA-2023-013. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2006-109 eff. Dec. 24, 2007. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 07-57, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Amended by SR-FINRA-2011-007 eff. Feb. 16, 2011. Amended by SR-FINRA-2009-073 eff. May 3, 2010. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 10-17, 13-30. |
Amended by SR-FINRA-2020-035 eff. April 19, 2021. Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2018-026 eff. Jan. 7, 2019. Amended by SR-FINRA-2018-019 eff. Oct. 29, 2018. Amended by SR-FINRA-2018-012 eff. Feb. 21, 2018. Amended by SR-FINRA-2015-003 eff. July 6, 2015. Amended by SR-FINRA-2014-026 eff. Dec. 15, 2014. Amended by SR-FINRA-2008-051 eff. April 13, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Paragraph (d) Adopted by SR-NASD-2006-101 eff. April 2, 2007. Paragraphs (a) through (c) adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-16, 14-49, 15-21, 18-33, 18-40, 20-11, 21-04. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2014-008 eff. July 28, 2014. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 14-27, 17-03. |
Amended by SR-FINRA-2022-022 eff. July 28, 2022. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2010-050 eff. Sep. 27, 2010. Amended by SR-FINRA-2008-031 eff. Feb. 9, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-FINRA-2007-042 eff. Dec. 27, 2007. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-04, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-031. eff. Feb. 9, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-04, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-031. eff. Feb. 9, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-04, 17-03. |
(7) The claim does not comply with the restrictions on filings with personal confidential information under Rule 12300(d)(1);
(8) A request to expunge customer dispute information from the CRD system does not include the CRD number of the party requesting expungement;
(9) A request to expunge customer dispute information from the CRD system does not include the CRD occurrence number that is the subject of the request;
(10) A request to expunge customer dispute information from the CRD system does not include the case name and docket number of the arbitration that is associated with the customer dispute information; or
(11) A request to expunge customer dispute information from the CRD system does not include an explanation of whether expungement of the same customer dispute information was (i) previously requested and, if so (ii) how it was decided.
Amended by SR-FINRA-2022-024 eff. Oct. 16, 2023 Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2014-008 eff. July 28, 2014. Amended by SR-FINRA-2009-072 eff. March 22, 2010. Amended by SR-FINRA-2008-031. eff. Feb. 9, 2009. Amended by SR-FINRA-2009-003 eff. Jan. 8, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-04, 10-11, 14-27, 17-03, 23-12. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Amended by SR-FINRA-2011-007 eff. Feb. 16, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 13-30, 17-03, 20-11. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Amended by SR-FINRA-2011-007 eff. Feb. 16, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 13-30. |
Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2016-033 eff. Jan. 9, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 17-03, 17-04, 20-11. |
Amended by SR-FINRA-2012-012 eff. July 23, 2012. Amended by SR-FINRA-2008-047 eff. March 30, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 09-13, 12-30. |
Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2017-009 eff. Sep. 18. 2017. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Adopted by SR-FINRA-2010-053 eff. Feb. 1, 2011. Selected Notice: 11-05, 17-03, 17-25. |
Composition of Panels
Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2017-009 eff. Sep. 18, 2017. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2016-022 eff. Jan. 3, 2017. Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Adopted by SR-FINRA-2010-053 eff. Feb. 1, 2011. Selected Notice: 11-05, 13-30, 16-44, 17-03, 17-25. |
Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-05, 13-30, 17-03. |
Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-05. |
Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-05. |
Amended by SR-FINRA-2015-034 eff. Dec. 20, 2015. Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2009-003 eff. Jan. 8, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 11-05, 16-04. |
Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-05. |
Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-05. |
Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-05. |
Amended by SR-FINRA-2018-019 eff. Oct. 29, 2018. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03, 18-33. |
Amended by SR-FINRA-2018-019 eff. Oct. 29, 2018. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 18-33. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2011-006 eff. June 6, 2011. Amended by SR-FINRA-2011-007 eff. Feb. 16, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-23, 17-03. |
Amended by SR-FINRA-2016-030 eff. Jan. 23, 2017. Amended by SR-FINRA-2011-006 eff. June 6, 2011. Amended by SR-FINRA-2009-026 eff. Apr. 17, 2009. Adopted by SR-FINRA-2007-021 eff. Feb. 23, 2009. Selected Notices: 09-07, 11-23, 17-02. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2010-035 eff. May 16, 2011. Amended by SR-FINRA-2009-041 eff. Jan. 18, 2010. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 09-74, 11-17, 13-40, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2010-035 eff. May 16, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 11-17, 17-03. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2019-004 eff. July 1, 2019. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2012-041 eff. Feb. 18, 2013. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 2, 2007. Selected Notices: 07-07, 07-13, 08-57, 13-04, 17-03, 19-20. |
12513. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas
Amended by SR-FINRA-2019-004 eff July 1, 2019. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2012-041 eff. Feb 18, 2013. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 13-04, 17-03, 19-20. |
Amended by SR-FINRA-2022-033 eff. March 4, 2024. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2009-026 eff. Apr. 17, 2009. Amended by SR-FINRA-2008-051 eff. Apr. 13, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-16, 17-03, 24-03. |
Amended by SR-FINRA-2018-003 eff. Sept. 17, 2018. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 18-21. |
Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2015-003 eff. July 6, 2015. Amended by SR-FINRA-2009-075 eff. May 3, 2010. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 10-16, 15-21, 20-11. |
Amended by SR-FINRA-2010-006 eff. Oct. 14, 2010. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 10-40. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2022-024 eff. Oct. 16, 2023 Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 23-12. |
Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57. |
Amended by SR-FINRA-2020-039 eff. Oct. 29, 2020. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2015-034 eff. Dec 20, 2015. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 16-04, 17-03. |
Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 20-11. |
(3) If the customer requests a hearing, the customer must select between one of two hearing options under this Rule.
(B) Option Two — a special proceeding, subject to the regular provisions of the Code relating to prehearings and hearings, including all fee provisions, except as modified by subparagraphs (i) through (viii) of this paragraph:
(d) Requests to Expunge Customer Dispute Information
(B) If an associated person named as a respondent requests expungement during the simplified investment-related, customer-initiated arbitration:
(2) On Behalf of an Unnamed Person
(B) If a party requests expungement on behalf of an unnamed person during a simplified investment-related, customer-initiated arbitration:
(e) Deciding Expungement Requests
(B) Option One Hearing. If a customer requests an Option One hearing pursuant to Rule 12800(c)(3)(A), the arbitrator shall consider and decide the expungement request, as follows:
(f) Notifications
Amended by SR-FINRA-2022-033 eff. March 4, 2024. Amended by SR-FINRA-2022-024 eff. Oct. 16, 2023 Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2018-003 eff. Sept. 17, 2018. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2014-026 eff. Dec. 15, 2014. Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Amended by SR-FINRA-2012-012 eff. July 23, 2012. Amended by SR-FINRA-2011-007 eff. Feb. 16, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 12-30, 13-30, 14-49, 17-03, 18-21, 23-12, 24-03. |
Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03, 20-11. |
12805. Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System
Amended by SR-FINRA-2022-024 eff. Oct. 16, 2023 Amended by SR-FINRA-2009-046 eff. Aug. 17, 2009. Adopted by FINRA-2008-010 and amended by FINRA-2008-063 eff. Dec. 15, 2008. Selected Notice: 08-79, 23-12. |
and Other Non-Members
Amount of Claim (exclusive of interest and expenses) |
Filing Fee |
$.01 to $1,000 | $50 |
$1,000.01 to $2,500 | $75 |
$2,500.01 to $5,000 | $175 |
$5,000.01 to $10,000 | $325 |
$10,000.01 to $25,000 | $425 |
$25,000.01 to $50,000 | $600 |
$50,000.01 to $100,000 | $975 |
$100,000.01 to $500,000 | $1,425 |
$500,000.01 to $1,000,000 | $1,740 |
$1,000,000.01 to $5,000,000 | $2,025 |
Over $5,000,000 | $2,300 |
Non-Monetary/Not Specified | $1,600 |
Amount of Claim (exclusive of interest and expenses) |
Filing Fee |
$.01 to $1,000 | $225 |
$1,000.01 to $2,500 | $350 |
$2,500.01 to $5,000 | $525 |
$5,000.01 to $10,000 | $750 |
$10,000.01 to $25,000 | $1,050 |
$25,000.01 to $50,000 | $1,450 |
$50,000.01 to $100,000 | $1,750 |
$100,000.01 to $500,000 | $2,125 |
$500,000.01 to $1,000,000 | $2,650 |
$1,000,000.01 to $5,000,000 | $3,550 |
Over $5,000,000 | $4,200 |
Non-Monetary/Not Specified | $1,800 |
More Than 10 Days Before Hearing on the Merits
Amount of Claim (exclusive of interest and expenses) |
Refund |
$.01 to $1,000 | $25 |
$1,000.01 to $2,500 | $50 |
$2,500.01 to $5,000 | $125 |
$5,000.01 to $10,000 | $250 |
$10,000.01 to $25,000 | $300 |
$25,000.01 to $50,000 | $450 |
$50,000.01 to $100,000 | $750 |
$100,000.01 to $500,000 | $1,125 |
$500,000.01 to $1,000,000 | $1,300 |
$1,000,000.01 to $5,000,000 | $1,400 |
Over $5,000,000 | $1,500 |
Non-Monetary/Not specified | $1,200 |
Amended by SR-FINRA-2020-035 eff. April 19, 2021. Amended by SR-FINRA-2020-005 eff. Sept. 14, 2020. Amended by SR-FINRA-2019-027 eff. June 29, 2020. Amended by SR-FINRA-2014-026 eff. Dec. 15, 2014. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 14-49, 20-11,20-25, 21-04. |
Amount of Claim (exclusive of interest and expenses) |
Surcharge |
$.01 to $5,000 | $150 |
$5,000.01–$10,000 | $325 |
$10,000.01–$25,000 | $450 |
$25,000.01–$50,000 | $750 |
$50,000.01–$100,000 | $1,100 |
$100,000.01–$250,000 | $1,700 |
$250,000.01–$500,000 | $2,025 |
$500,000.01–$1,000,000 | $2,625 |
$1,000,000.01–$5,000,000 | $3,200 |
$5,000,000.01–$10,000,000 | $3,850 |
Over $10,000,000 | $4,325 |
Non-Monetary/Not Specified | $2,000 |
Amended by SR-FINRA-2020-035 eff. April 19, 2021. Amended by SR-FINRA-2020-005 eff. Sept. 14, 2020. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2014-026 eff. Dec. 15, 2014. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 14-49, 17-03, 20-25, 21-04. |
Amount of Claim (exclusive of interest and expenses) |
Hearing Session W/ One Arbitrator |
Hearing Session W/ Three Arbitrators |
Up to $2,500 | $50 | N/A |
$2,500.01 to $5,000 | $125 | N/A |
$5,000.01 to $10,000 | $250 | N/A |
$10,000.01 to $25,000 | $450 | N/A |
$25,000.01 to $50,000 | $450 | $600 |
$50,000.01 to $100,000 | $450 | $750 |
$100,000.01 to $500,000 | $450 | $1,125 |
$500,000.01 to $1,000,000 | $450 | $1,325 |
$1,000,000.01 to $5,000,000 | $450 | $1,435 |
Over $5,000,000 | $450 | $1,575 |
Non-Monetary / Not Specified | $450 | $1,150 |
Amended by SR-FINRA-2020-035 eff. April 19, 2021. Amended by SR-FINRA-2020-005 eff. Sept. 14, 2020. Amended by SR-FINRA-2014-026 eff. Dec. 15, 2014. Amended by SR-FINRA-2009-075 eff. May 3, 2010. Amended by SR-FINRA-2009-041 eff. Jan. 18, 2010. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notices: 07-07, 08-57, 09-74, 10-16, 14-49, 20-25, 21-04. |
Amount of Claim (exclusive of interest and expenses) |
Process Fee |
$.01–$25,000 | $ 0 |
$25,000.01–$50,000 | $1,750 |
$50,000.01–$100,000 | $2,250 |
$100,000.01–$250,000 | $3,250 |
$250,000.01–$500,000 | $3,875 |
$500,000.01–$1,000,000 | $5,225 |
$1,000,000.01–$5,000,000 | $6,375 |
$5,000,000.01–$10,000,000 | $7,050 |
Over $10,000,000 | $7,300 |
Non-Monetary/Not Specified | $3,850 |
Amended by SR-FINRA-2020-035 eff. April 19, 2021. Amended by SR-FINRA-2020-005 eff. Sept. 14, 2020. Amended by SR-FINRA-2014-026 eff. Dec. 15, 2014. Amended by SR-FINRA-2013-023 eff. Sep. 30, 2013. Amended by SR-FINRA-2011-007 eff. Feb. 16, 2011. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 13-30, 14-49, 20-25, 21-04. |
Amended by SR-FINRA-2018-012 eff. Feb. 21, 2018. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2016-015 eff. Oct. 24, 2016. Amended by SR-FINRA-2009-026 eff. Apr. 17, 2009. Amended by SR-FINRA-2008-051 eff. Apr. 13, 2009. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2003-158 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 09-16, 16-36, 17-03. |
Amended by SR-FINRA-2008-057 eff. Dec. 15, 2008. Adopted by SR-FINRA-2008-005 eff. Nov. 24, 2008. Selected Notice: 08-62. |