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 2, 2012 SD12002 In the Matter of the Association of X as an Associated Person with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
Jan 2, 2012 SD12003 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 2, 2012 SD12004 In The Matter of the Association of X as an Investment Company and Variable Contracts Products Limited Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Approvals
Jan 2, 2012 SD12005 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
Jan 2, 2012 SD12006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 2, 2012 SD12007 In the Matter of the Continued Membership of Firm X with FINRA Redacted Decision, Statutory Disqualification, Approvals
Jan 2, 2012 SD12008 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Denials
Jan 2, 2012 SD12009 In the Matter of the Continued Association of X as a General Securities Representative with The Sponsoring Firm Redacted Decision, Statutory Disqualification, Approvals
Jan 2, 2012 SD12010 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 2013 SD13001 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
Jan 1, 2013 SD13002 In the Matter of the Association of X as a General Securities Representative with The Sponsoring Firm Statutory Disqualification, Denials
Jan 1, 2013 SD13003 In the Matter of the Association of X as a Corporate Securities Limited Representative with The Sponsoring Firm Statutory Disqualification, Approvals
Jan 1, 2013 SD13004 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
Jan 1, 2013 SD13005 In the Matter of the Continued Membership of Firm X with FINRA Statutory Disqualification, Approvals
Dec 18, 2014 SD1904, SD-1905, SD-1984 J.P. Morgan Securities, LLC Statutory Disqualification, Approvals
Jan 1, 1997 SD97001 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97002 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97003 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97004 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97006 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97007 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97008 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Approvals
Jan 1, 1997 SD97009 In the Matter of the Association of X Redacted Decision, Statutory Disqualification, Denials
Jan 1, 1997 SD97010 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Approvals

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