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9349. National Adjudicatory Council Formal Consideration; Decision
This version was introduced with the filing of SR-FINRA-2020-015, and extended by SR-FINRA-2020-017, SR-FINRA-2020-022, SR-FINRA-2020-042, SR-FINRA-2021-006, SR-FINRA-2021-019 and SR-FINRA-2021-031, which were filed for immediate effectiveness. This version is temporary and effective from May 8, 2020, through March 31, 2022, pending any future extensions.
(a) Decision of National Adjudicatory Council, Including Remand
In an appeal or review of a disciplinary proceeding governed by the Rule 9300 Series that is not withdrawn or dismissed prior to a decision on the merits, the National Adjudicatory Council, after considering all matters presented in the appeal or review and the written recommended decision of the Subcommittee or, if applicable, the Extended Proceeding Committee, may affirm, dismiss, modify or reverse the decision of the Hearing Panel or, if applicable, Extended Hearing Panel, with respect to each Respondent who has appealed or cross-appealed or is subject to a call for review. The National Adjudicatory Council may affirm, modify, reverse, increase, or reduce any sanction, or impose any other fitting sanction. Alternatively, the National Adjudicatory Council or the Review Subcommittee may remand the disciplinary proceeding with instructions. The National Adjudicatory Council shall prepare a proposed written decision pursuant to paragraph (b).
(b) Contents of Decision
The decision shall include:
(1) a statement describing the investigative or other origin of the disciplinary proceeding, if not otherwise contained in the record;
(2) the specific statutory or rule provisions that were alleged to have been violated;
(3) a statement setting forth the findings of fact with respect to any act or practice the Respondent was alleged to have committed or omitted;
(4) the conclusions as to whether the Respondent violated any provision alleged in the complaint;
(5) a statement in support of the disposition of the principal issues raised in the proceeding; and
(6) a statement describing any sanction imposed, the reasons therefor, and, pursuant to Rule 9360, the date upon which such sanction shall become effective.
(c) Issuance of Decision After Expiration of Call for Review Period
The National Adjudicatory Council shall provide its proposed written decision to the FINRA Board. The FINRA Board may call the disciplinary proceeding for review pursuant to Rule 9351. If the FINRA Board does not call the disciplinary proceeding for review, the proposed written decision of the National Adjudicatory Council shall become final, and the National Adjudicatory Council shall serve its written decision on the Parties and provide a copy to each member of FINRA with which a Respondent is associated. The National Adjudicatory Council may serve its written decision by electronic mail. Service by electronic mail shall be deemed complete upon sending the decision. The decision shall constitute the final disciplinary action of FINRA for purposes of SEA Rule 19d-1(c)(1), unless the National Adjudicatory Council remands the proceeding.
|Amended by SR-FINRA-2021-031 eff. Dec. 7, 2021.
Amended by SR-FINRA-2021-019 eff. August 13, 2021.
Amended by SR-FINRA-2021-006 eff. April 1, 2021.
Amended by SR-FINRA-2020-042 eff. Dec. 1, 2020.
Amended by SR-FINRA-2020-022 eff. July 27, 2020.
Amended by SR-FINRA-2020-017 eff. June 10, 2020.
Amended by SR-FINRA-2020-015 eff. May 8, 2020.
Amended by SR-FINRA-2011-044 eff. Mar. 30, 2012.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.
Selected Notices: 00-56, 08-57, 12-12.