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12202. Claims Against Inactive Members

This rule is no longer applicable. NASD Rule 12202 has been superseded by FINRA Rule 12202. Please consult the appropriate FINRA Rule.

The Customer Code will apply to claims filed on or after April 16, 2007. In addition, the list selection provisions of the Customer Code will apply to previously filed claims in which a list of arbitrators must be generated after April 16, 2007; in these cases, however, the claim will continue to be governed by the remaining provisions of the old Code unless all parties agree to proceed under the new Code.

A claim by or against a member in one of the following categories is ineligible for arbitration under the Code unless the customer agrees in writing to arbitrate after the claim arises:
•  A member whose membership is terminated, suspended, cancelled or revoked;
•  A member that has been expelled from NASD; or
•  A member that is otherwise defunct.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.

Selected Notices: 07-07

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