For updates and guidance related to COVID-19 / Coronavirus, click here.
13214. Payment of Arbitrators
(a) Except as provided in paragraph (b), Rule 13800, and Rule 13806(f), FINRA will pay the panel an honorarium, as follows:
(1) $300 to each arbitrator for each hearing session in which he or she participates;
(2) an additional $125 per day to the chairperson for each hearing on the merits;
(3) $50 to each arbitrator for travel to a hearing session that is postponed pursuant to Rule 13601;
(4) $600 to each arbitrator if a hearing session other than a prehearing conference is postponed within 10 days before a scheduled hearing session pursuant to Rules 13601(a)(2) and (b)(2); and
(5) $100 to each arbitrator scheduled to attend a prehearing conference that is cancelled within three business days of the prehearing conference by agreement of the parties or is requested by one or more parties within three business days of the prehearing conference and granted, pursuant to Rules 13500(d) and 13501(d).
(b) The Director may authorize a higher or additional honorarium for the use of a foreign hearing location.
(c) Payment for Deciding Discovery-Related Motions, Contested Subpoena Requests, and Contested Orders for Production or Appearance without a Hearing Session
(1) FINRA will pay each arbitrator an honorarium of $200 to decide without a hearing session: (i) a discovery-related motion, (ii) a motion that contains one or more contested subpoena requests or contested orders for production or appearance; or (iii) a motion that contains one or more contested subpoena requests and contested orders for production or appearance. This paragraph does not apply to cases administered under Rule 13800 or pursuant to Rule 13806(d)(1).
(2) For purposes of paragraph (c)(1):
i. a discovery-related motion and any replies or other correspondence relating to the motion shall be considered to be a single motion;
ii. a contested motion requesting the issuance of one or more subpoenas shall include the motion, the draft subpoena(s), a written objection from the party opposing the motion, and any other documents supporting a party's position; and
iii. a contested motion requesting the issuance of one or more orders for production or appearance shall include the motion, the draft order(s), a written objection from the party opposing the motion, and any other documents supporting a party's position.
(3) The panel will allocate the cost of the honoraria under paragraph (c)(1) to the parties pursuant to Rule 13902(c).
(d) Payment for Explained Decisions
(1) The chairperson who is responsible for writing an explained decision pursuant to Rule 13904(g) will receive an additional honorarium of $400.
(2) If the panel decides on its own to write an explained decision, then no panel member will receive the additional honorarium of $400.
|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-2009-015 eff. Sep. 14, 2009.
Amended by SR-FINRA-2008-051 eff. Apr. 13, 2009.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-2006-101 eff. April 2, 2007.
Adopted by SR-NASD-2004-011 eff. April 16, 2007.
Selected Notice: 07-07, 08-57, 09-16, 09-48, 14-49, 15-21, 18-33, 18-40.
- Regulatory Notice 18-40December 10, 2018
- Regulatory Notice 18-33September 28, 2018
- Regulatory Notice 15-21June 08, 2015
- Regulatory Notice 14-49November 14, 2014
- Regulatory Notice 09-48August 14, 2009
- Regulatory Notice 09-16March 01, 2009