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13601. Postponement of Hearings

This rule is no longer applicable. NASD Rule 13601 has been superseded by FINRA Rule 13601. 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) Postponement of Hearings
(1) When a Hearing Shall Be Postponed
  • A hearing shall be postponed by agreement of the parties.
(2) When a Hearing May Be Postponed
A hearing may be postponed:
  • By the Director, in extraordinary circumstances;

  • By the panel, in its own discretion; or

  • By the panel, upon motion of a party. The panel may not grant a motion to postpone a hearing made within 10 days of the date that the hearing is scheduled to begin, unless the panel determines that good cause exists.
(b) Postponement Fees
(1) Except as otherwise provided, a postponement fee will be charged for each postponement agreed to by the parties, or granted upon request of one or more parties. The fee will equal the applicable hearing session fee under Rule 13902. The panel may allocate the fee among the party or parties that agreed to or requested the postponement. The panel may also assess part or all of any postponement fees against a party that did not request the postponement, if the panel determines that the non-requesting party caused or contributed to the need for the postponement. The panel may waive the fees.
(2) If a postponement request is made by one or more parties and granted within three business days before a scheduled hearing session, the party or parties making the request shall pay an additional fee of $100 per arbitrator. If more than one party requests the postponement, the arbitrators shall allocate the $100 per arbitrator fee among the requesting parties. The arbitrators may allocate all or portion of the $100 per arbitrator fee to the non-requesting party or parties, if the arbitrators determine that the non-requesting party or parties caused or contributed to the need for the postponement. In the event that a request results in the postponement of consecutively scheduled hearing sessions, the additional fee will be assessed only for the first of the consecutively scheduled hearing sessions. In the event that an extraordinary circumstance prevents a party or parties from making a timely postponement request, arbitrators may use their discretion to waive the fee, provided verification of such circumstance is received.
(3) No postponement fee will be charged if a hearing is postponed:
  • Because the parties agree to submit the matter to mediation at NASD;

  • By the panel in its own discretion; or

  • By the Director in extraordinary circumstances.
(c) Dismissal of Arbitration Due to Multiple Postponements
If all parties jointly request, or agree to, more than two postponements, the panel may dismiss the arbitration without prejudice.
Adopted by SR-NASD-2004-011 eff. April 16, 2007.

Selected Notices: 07-07

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