FINRA Manual: Contents
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12000. CODE OF ARBITRATION PROCEDURE FOR CUSTOMER DISPUTES
PART V PREHEARING PROCEDURES AND DISCOVERY
12513. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas
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12507. Other Discovery Requests
(a) Making Other Discovery Requests
(1) Parties may also request additional documents or information from any party by serving a written request on the party. Requests for information are generally limited to identification of individuals, entities, and time periods related to the dispute; such requests should be reasonable in number and not require narrative answers or fact finding. Standard interrogatories are generally not permitted in arbitration.
(2) Other discovery requests may be served:
(A) On the claimant, or any respondent named in the initial statement of claim, 45 days or more after the Director serves the statement of claim; and
(B) On any party subsequently added to the arbitration, 45 days or more after the statement of claim is served on that party.
The party must serve copies of the request on all other parties. Any request for documents or information not described in applicable Document Production Lists should be specific, and relate to the matter in controversy.
(b) Responding to Other Discovery Requests
(1) Unless the parties agree otherwise, within 60 days from the date a discovery request other than the Document Production Lists is received, the party receiving the request must either:
(A) Produce the requested documents or information to all other parties by serving the requested documents or information by first-class mail, overnight mail service, overnight delivery service, hand delivery, email or facsimile;
(B) Identify and explain the reason that specific requested documents or information cannot be produced within the required time, state when the documents will be produced, and serve this response on all parties and file this response with the Director; or
(C) Object as provided in Rule 12508 and serve this response on all parties and file this response with the Director.
(2) A party must act in good faith when complying with subparagraph (1) of this rule. "Good faith" means that a party must use its best efforts to produce all documents or information required or agreed to be produced. If a document or information cannot be produced in the required time, a party must establish a reasonable timeframe to produce the document or information.
Amended by SR-FINRA-2016-029 eff. April 3, 2017.
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, 17-03.