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13307. Deficient Claims

This rule is no longer applicable. NASD Rule 13307 has been superseded by FINRA Rule 13307. 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) The Director will not serve any claim that is deficient. The reasons a claim may be deficient include the following:
  • A Uniform Submission Agreement was not filed by each claimant;

  • The Uniform Submission Agreement was not properly signed and dated;

  • The Uniform Submission Agreement does not name all parties named in the claim;

  • The claimant did not file the correct number of copies of the Uniform Submission Agreement, statement of claim or supporting documents for service on respondents and for the arbitrators;

  • The claim does not specify the claimant's or the claimant's representative's current address; or

  • The claimant did not pay all required filing fees, unless the Director deferred the fees.
(b) The Director will notify the claimant in writing if the claim is deficient. If all deficiencies are not corrected within 30 days from the time the claimant receives notice, the Director will close the case without serving the claim, and will not refund any filing fees paid by the claimant.
(c) The panel will not consider any counterclaim, cross claim or third party claim that is deficient. The reasons a counterclaim, cross claim or third party claim may be deficient include the reasons listed in paragraph (a). The Director will notify the party making the counterclaim, cross claim or third party claim of the any deficiencies in writing. If all deficiencies are not corrected within 30 days from the time the party making the counterclaim, cross claim or third party claim receives notice of the deficiency, the panel will proceed with the arbitration as though the deficient counterclaim, cross claim or third party claim had not been made.
Adopted by SR-NASD-2004-011 eff. April 16, 2007.

Selected Notices: 07-07

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