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Location: FINRA Manual > FINRA Rules > 12000. CODE OF ARBITRATION PROCEDURE FOR CUSTOMER DISPUTES > PART II GENERAL ARBITRATION RULES > 12202. Claims Against Inactive Members

Notices
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08-57 FINRA Announces SEC Approval and Effective Date for New Consolidated FINRA Rules Effective Date: December 15, 2008

07-07 SEC Approves Revision of Customer and Industry Portions of NASD Code of Arbitration Procedure; Effective Date: April 16, 2007

12202. Claims Against Inactive Members

The Customer Code applies to claims filed on or after April 16, 2007. In addition, the list selection provisions of the Customer Code 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 FINRA; or

• A member that is otherwise defunct.

Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.

Selected Notice: 07-07, 08-57.