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9351. Discretionary Review by FINRA Board
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 and SR-FINRA-2021-019, which were filed for immediate effectiveness. This version is temporary and effective from May 8, 2020, through December 31, 2021, pending any future extensions.
(a) Call for Review by Governor
A Governor may call a disciplinary proceeding for review by the FINRA Board if the call for review is made within the period prescribed in paragraph (b).
(b) 15 Day Period; Waiver
(1) A Governor shall make his or her call for review not later than the next meeting of the FINRA Board that is at least 15 days after the date on which the FINRA Board receives the proposed written decision of the National Adjudicatory Council.
By a unanimous vote of the FINRA Board, the FINRA Board may shorten the period in subparagraph (1) to less than 15 days. By an affirmative vote of the majority of the FINRA Board then in office, the FINRA Board may, during the 15 day period in subparagraph (1), vote to extend the period in subparagraph (1) to more than 15 days.
(c) Review at Next Meeting
If a Governor calls a disciplinary proceeding for review within the period prescribed in paragraph (b), the FINRA Board shall review the disciplinary proceeding not later than the next meeting of the FINRA Board. The FINRA Board may order the Parties (excluding any Respondent who did not appeal or cross-appeal, or as to whom the issues appealed or called for review do not apply) to file briefs in connection with the review proceedings pursuant to this Rule.
(d) Decision of FINRA Board, Including Remand
After review, the FINRA Board may affirm, modify, or reverse the proposed written decision of the National Adjudicatory Council. The FINRA Board may affirm, modify, reverse, increase, or reduce any sanction (including the terms of any permanent cease and desist order), or impose any other fitting sanction. Alternatively, the FINRA Board may remand the disciplinary proceeding with instructions. The FINRA Board shall prepare a written decision that includes all of the elements described in Rule 9349(b)(1) through (6).
(e) Issuance of Decision After Expiration of Call for Review Period
The FINRA Board shall issue and serve its written decision on the Parties and provide a copy to each member of FINRA with which a Respondent is associated. The FINRA Board may serve the decision on the Parties 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 FINRA Board remands the proceeding.
|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-2015-019 eff. Nov. 2, 2015.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.
Selected Notice: 08-57, 15-35.