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  • 1016. Discretionary Review by FINRA Board

    (a) Call For Review By Governor
    A Governor may call a membership proceeding for review by the FINRA Board if the call for review is made within the period prescribed in paragraph (b).
    (b) 15 Day Period; Waiver
    A Governor shall make his or her call for review at the next meeting of the FINRA Board that is at least 15 days after the date on which the FINRA Board receives the proposed written decision of the National Adjudicatory Council. By unanimous vote of the FINRA Board, the FINRA Board may shorten the period to less than 15 days. By an affirmative vote of the majority of the FINRA Board then in office, the FINRA Board may, during the 15 day period, vote to extend the period to more than 15 days.
    (c) Review At Next Meeting
    If a Governor calls a membership proceeding for review within the time prescribed in paragraph (b), the FINRA Board shall review the membership proceeding not later than the next meeting of the FINRA Board. The FINRA Board may order the Applicant and the Department to file briefs in connection with review proceedings pursuant to this paragraph.
    (d) Decision of FINRA Board, Including Remand
    After review, the FINRA Board may affirm, modify, or reverse the proposed written decision of the National Adjudicatory Council. Alternatively, the FINRA Board may remand the membership proceeding with instructions. The FINRA Board shall prepare a written decision that includes all of the elements described in Rule 1015(j)(2).
    (e) Issuance of Decision
    The FINRA Board shall serve its written decision on the Applicant within 15 days after the meeting at which it conducted its review. The decision shall constitute the final action of FINRA for purposes of SEA Rule 19d-3, unless the FINRA Board remands the membership proceeding.
    Amended by SR-FINRA-2019-009 eff. May 8, 2019.
    Amended by SR-FINRA-2008-008 eff. June 26, 2008.
    Amended by SR-NASDR-99-67 eff. Nov. 15, 2000.
    Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
    Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.