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Adjudication & 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. Title Type
November 19, 2004 C05030036 Hearing Panel Decision in Department of Enforcement vs. Sisung Securities Corporation et al.

Related Documents

Disciplinary Decision
November 16, 2004 C10040019 Hearing Panel Decision in Department of Enforcement v. Oscar Montenegro Disciplinary Decision
October 28, 2004 CAF040020 Order Ruling On Pre-Hearing Motions Disciplinary Order
October 19, 2004 ARB040033 Order Denying Respondent's Motion To Dismiss Disciplinary Order
October 19, 2004 C07040048 Hearing Panel Decision in Department of Enforcement v. Lacy M. Walthall, III Disciplinary Decision
October 12, 2004 CAF040056 Order Rejecting Filing Disciplinary Order
October 12, 2004 SD04005 In the Matter of the Continued Association of X Redacted Decision, Statutory Disqualification, Denials
October 12, 2004 C10030030 Hearing Panel Decision as to Respondent Redacted Decision
October 12, 2004 CAF040020 Order Ruling On Pre-Hearing Motions Disciplinary Decision
October 11, 2004 C8A030089 Hearing Panel Decision in Department of Enforcement v. Joseph Rogala

Related Documents

Disciplinary Decision
October 08, 2004 C06040017 Hearing Panel Decision in Department of Enforcement v. David Allen Regis Disciplinary Decision
October 06, 2004 CAF040002 Motion To Compel Compliance With Procedural Rule 9251 and Denying the Respondents' Motions for Sanctions and for Leave to File a Reply Disciplinary Order
October 06, 2004 ARB040029 Order Deeming Defense as Abandoned, Hearing as Waived, and Nasd Suspension Notice as Final Disciplinary Order
October 04, 2004 CAF030014 Order Partially Granting the Respondent's Motion to Reconsider Discovery Requests

Related Documents

Disciplinary Order
October 04, 2004 C9B040036 Order Granting Respondents Rule 9261(C) Request Disciplinary Order
September 29, 2004 C9B040036 Hearing Panel Decision in Department of Enforcement vs. Respondent 1 and Michael Blaise Doherty Disciplinary Decision
September 28, 2004 C8A030099 Hearing Panel Decision in Department of Enforcement v. Timothy J. Duma

Related Documents

Disciplinary Decision
September 27, 2004 C9B040080 Order Denying Motion for a more Definite Statement

Related Documents

Disciplinary Order
September 23, 2004 C3A040009 Hearing Panel Decision in Department of Enforcement v. Michael Hanchar Disciplinary Decision
September 22, 2004 C10030087 Hearing Panel Decision in Department of Enforcement v. Gilbert Alan Cardillo Disciplinary Decision
September 17, 2004 CAF040056 Order Denying Respondent's Application to Vacate the Temporary Cease and Desist Order Disciplinary Order
September 17, 2004 C01040003 Hearing Panel Decision as to Respondent Redacted Decision
September 16, 2004 C9B040033 Hearing Panel Decision in Department of Enforcement vs. Robert M. Ryerson

Related Documents

Disciplinary Decision
September 15, 2004 CAF040056 Hearing Panel Decision in Department of Enforcement vs. L.H. Ross & Company, Inc. Disciplinary Decision
September 15, 2004 CAF030067 Order Denying Motion to Strike Witnesses

Related Documents

Disciplinary Order