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13306. Answering Third Party Claims

This rule is no longer applicable. NASD Rule 13306 has been superseded by FINRA Rule 13306. Please consult the appropriate FINRA Rule.

The Industry Code will apply to claims filed on or after April 16, 2007. In addition, the list selection provisions of the Industry 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) A party responding to a third party claim must directly serve all other parties with the following documents within 45 days of receipt of the third party claim:
  • Signed and dated Uniform Submission Agreement; and

  • An answer specifying the relevant facts and available defenses to the third party claim.
The respondent may include any additional documents supporting the answer to the third party claim.
(b) The answer to the third party claim may also include any counterclaims, cross claims, or third party claims, specifying all relevant facts and remedies requested. The answer may also include any additional documents supporting such claim. When serving a third party claim, the respondent must provide each new respondent with copies of all documents previously served by any party, or sent to the parties by the Director.
(c) At the same time that the answer to the third party claim is served on the other parties, the third party respondent must also file copies of the Uniform Submission Agreement, the answer to the third party claim, and any additional documents, with the Director, with additional copies for each arbitrator.
(d) If the answer to the third party claim contains any counterclaim, cross claim or third party claim, the party must also pay all required filing fees.
Adopted by SR-NASD-2004-011 eff. April 16, 2007.

Selected Notices: 07-07

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