View Whole SectionText only Print Print Manager Link
Previous Next

9268. Decision of Hearing Panel or Extended Hearing Panel

(a) Majority Decision
Within 60 days after the final date allowed for filing proposed findings of fact, conclusions of law, and post-hearing briefs, or by a date established at the discretion of the Chief Hearing Officer, the Hearing Officer shall prepare a written decision that reflects the views of the Hearing Panel or, if applicable, the Extended Hearing Panel, as determined by majority vote.
(b) Contents of Decision
The decision shall include:
(1) a statement describing the investigative or other origin of the disciplinary proceeding, if not otherwise contained in the record;
(2) the specific statutory or rule provisions that were alleged to have been violated;
(3) a statement setting forth the findings of fact with respect to any act or practice the Respondent was alleged to have committed or omitted;
(4) the conclusions of the Hearing Panel, or Extended Hearing Panel, as to whether the Respondent violated any provision alleged in the complaint;
(5) a statement of the Hearing Panel, or the Extended Hearing Panel, in support of the disposition of the principal issues raised in the proceeding;
(6) a statement describing any sanction imposed, the reasons therefor, and the date upon which such sanction shall become effective. Unless otherwise provided in the decision, the sanction(s) shall become effective pursuant to paragraph (f) of this Rule; and
(7) a statement, when the sanctions include a permanent cease and desist order, that is consistent with the requirements of Rule 9291(a) concerning the content, scope, and form of a permanent cease and desist order.
(c) Dissenting Opinion
Within 65 days after the final date allowed for filing proposed findings of fact and conclusions of law, and post-hearings briefs, or by a date established at the discretion of the Chief Hearing Officer, the Hearing Officer or any Panelist may prepare a written dissenting opinion.
(d) Service, Notice, and Dissemination Requirements
The Office of Hearing Officers shall promptly serve the decision of the Hearing Panel, or the Extended Hearing Panel, and any dissenting opinion on the Parties; publish notice of the decision and any dissenting opinion in the Central Registration Depository; and provide a copy of the decision and any dissenting opinion to each FINRA member with which a Respondent is associated.
(e) Appeal or Review
If not timely appealed pursuant to Rule 9311 or timely called for review pursuant to Rule 9312, the majority decision shall constitute final disciplinary action of FINRA for purposes of SEA Rule 19d-1(c)(1).
(f) Effectiveness of Sanctions
Unless otherwise provided in the majority decision issued under paragraph (a) of this Rule:
(1) a sanction (other than a bar or an expulsion) specified in a decision constituting final disciplinary action of FINRA for purposes of SEA Rule 19d-1(c)(1) shall become effective on a date to be determined by FINRA; and
(2) a bar or an expulsion specified in a decision shall become effective immediately upon the decision becoming the final disciplinary action of FINRA for purposes of SEA Rule 19d-1(c)(1).
Amended by SR-FINRA-2015-019 eff. Nov. 2, 2015.
Amended by SR-FINRA-2013-018 eff. Dec. 16, 2013.
Amended by SR-FINRA-2011-044 eff. Mar. 30, 2012.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

Selected Notices: 00-56, 08-57, 12-12, 13-27, 15-35.

Previous Next