12307. Deficient Claims
(a) The Director will not serve any claim that is deficient. The reasons a claim may be deficient include the following:
(1) A Submission Agreement was not filed by each claimant;
(2) The Submission Agreement was not properly signed and dated;
(3) The Submission Agreement does not name all parties named in the claim;
(4) The claim does not specify the customer's city and state at the time of the events giving rise to the dispute;
(5) The claim does not specify the claimant's or the claimant's representative's current address;
(6) The claimant did not pay all required filing fees, unless the Director deferred the fees;
(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.
(b) The Director will notify the claimant in writing if the claim is deficient. If the deficiency is corrected within 30 days from the time the claimant receives notice, the claim will be considered filed on the date the initial statement of claim was filed with the Director under Rule 12300(b). If all deficiencies are not corrected within 30 days, the Director will close the case without serving the claim, and will refund part of the filing fee in the amount indicated in the schedule under Rule 12900(c).
(c) The panel will not consider any counterclaim, cross claim or third party claim that is deficient. The reasons a counterclaim, cross claim or third party claim may be deficient include the reasons listed in paragraph (a). The Director will notify the party making the counterclaim, cross claim or third party claim of any deficiencies in writing. If the deficiency is corrected within 30 days from the time the party receives notice, the counterclaim, cross claim or third party claim will be considered filed on the date the initial counterclaim, cross claim or third party claim was filed with the Director. If all deficiencies are not corrected within 30 days from the time the party making the counterclaim, cross claim or third party claim receives notice of the deficiency, the panel will proceed with the arbitration as though the deficient counterclaim, cross claim or third party claim had not been made.
| 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. |
- Regulatory Notice 14-27June 30, 2014
- Regulatory Notice 09-04January 09, 2009