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12202. Claims Against Inactive Members

(a) A claim by or against a member or an associated person who is inactive at the time the claim is filed is ineligible for arbitration under the Code unless the customer agrees in writing to arbitrate after the claim arises.
(b) If a member or an associated person becomes inactive during a pending arbitration, FINRA will notify the customer about the status change. Within 60 days of receiving notice of a member or an associated person’s status change to inactive, a customer may withdraw the claim(s) against such inactive member or inactive associated person with or without prejudice.
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.

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