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  • 8000. INVESTIGATIONS AND SANCTIONS

    • 8100. GENERAL PROVISIONS

      • 8110. Availability of Manual to Customers

        Members shall make available a current copy of the FINRA Manual for examination by customers upon request. Members may comply with this Rule by maintaining electronic access to the FINRA Manual and providing customers with such access upon request.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended by SR-NASD-94-64 eff. Feb. 9, 1995.
        Amended eff. Sept. 19, 1989.

        Selected Notices: 89-71, 90-74, 08-57.

      • 8120. Definitions

        (a) Unless otherwise provided, terms used in the Rule 8000 Series shall have the meaning as defined in Rule 0160.
        (b) The term "Adjudicator" shall have the meaning as defined in Rule 9120.
        Amended by SR-FINRA-2012-007 eff. Feb. 21, 2012.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended by SR-NASD-95-39 eff. Oct. 10, 1996.

        Selected Notice: 08-57.

    • 8200. INVESTIGATIONS

      • 8210. Provision of Information and Testimony and Inspection and Copying of Books

        (a) Authority of Adjudicator and FINRA Staff
        For the purpose of an investigation, complaint, examination, or proceeding authorized by the FINRA By-Laws or rules, an Adjudicator or FINRA staff shall have the right to:
        (1) require a member, person associated with a member, or any other person subject to FINRA's jurisdiction to provide information orally, in writing, or electronically (if the requested information is, or is required to be, maintained in electronic form) and to testify at a location specified by FINRA staff, under oath or affirmation administered by a court reporter or a notary public if requested, with respect to any matter involved in the investigation, complaint, examination, or proceeding; and
        (2) inspect and copy the books, records, and accounts of such member or person with respect to any matter involved in the investigation, complaint, examination, or proceeding that is in such member's or person's possession, custody or control.
        (b) Other SROs and Regulators
        (1) FINRA staff may enter into an agreement with a domestic federal agency, or subdivision thereof, or foreign regulator to share any information in FINRA's possession for any regulatory purpose set forth in such agreement, provided that the agreement must require the other regulator, in accordance with the terms of the agreement, to treat any shared information confidentially and to assert such confidentiality and other applicable privileges in response to any requests for such information from third parties.
        Any such agreement with a foreign regulator must also meet the following conditions:
        (A) the other regulator party to the agreement must have jurisdiction over common regulatory matters; and
        (B) the agreement must require the other regulator to reciprocate and share with FINRA information of regulatory interest or concern to FINRA.
        (2) FINRA staff may exercise the authority set forth in paragraph (a) for the purpose of an investigation, complaint, examination, or proceeding conducted by another domestic or foreign self-regulatory organization, association, securities or contract market, or regulator of such markets with which FINRA has entered into an agreement providing for the exchange of information and other forms of material assistance solely for market surveillance, investigative, enforcement, or other regulatory purposes.
        (c) Requirement to Comply
        No member or person shall fail to provide information or testimony or to permit an inspection and copying of books, records, or accounts pursuant to this Rule.
        (d) Notice
        A notice under this Rule shall be deemed received by the member or currently or formerly registered person to whom it is directed by mailing or otherwise transmitting the notice to the last known business address of the member or the last known residential address of the person as reflected in the Central Registration Depository. With respect to a person who is currently associated with a member in an unregistered capacity, a notice under this Rule shall be deemed received by the person by mailing or otherwise transmitting the notice to the last known business address of the member as reflected in the Central Registration Depository. With respect to a person subject to FINRA's jurisdiction who was formerly associated with a member in an unregistered capacity, a notice under this Rule shall be deemed received by the person upon personal service, as set forth in Rule 9134(a)(1).
        If the Adjudicator or FINRA staff responsible for mailing or otherwise transmitting the notice to the member or person has actual knowledge that the address in the Central Registration Depository is out of date or inaccurate, then a copy of the notice shall be mailed or otherwise transmitted to:
        (1) the last known business address of the member or the last known residential address of the person as reflected in the Central Registration Depository; and
        (2) any other more current address of the member or the person known to the Adjudicator or FINRA staff who is responsible for mailing or otherwise transmitting the notice.
        If the Adjudicator or FINRA staff responsible for mailing or otherwise transmitting the notice to the member or person knows that the member or person is represented by counsel regarding the investigation, complaint, examination, or proceeding that is the subject of the notice, then the notice shall be served upon counsel by mailing or otherwise transmitting the notice to the counsel in lieu of the member or person, and any notice served upon counsel shall be deemed received by the member or person.
        (e) Electronic Interface
        In carrying out its responsibilities under this Rule, FINRA may, as appropriate, establish programs for the submission of information to FINRA on a regular basis through a direct or indirect electronic interface between FINRA and members.
        (f) Inspection and Copying
        A witness, upon proper identification, may inspect the official transcript of the witness' own testimony. Upon written request, a person who has submitted documentary evidence or testimony in a FINRA investigation may procure a copy of the person's documentary evidence or the transcript of the person's testimony upon payment of the appropriate fees, except that prior to the issuance of a complaint arising from the investigation, FINRA staff may for good cause deny such request.
        (g) Encryption of Information Provided in Electronic Form
        (1) Any member or person who, in response to a request pursuant to this Rule, provides the requested information on a portable media device must ensure that such information is encrypted.
        (2) For purposes of this Rule, a "portable media device" is a storage device for electronic information, including but not limited to a flash drive, CD-ROM, DVD, portable hard drive, laptop computer, disc, diskette, or any other portable device for storing and transporting electronic information.
        (3) For purposes of this Rule, "encrypted" means the transformation of data into a form in which meaning cannot be assigned without the use of a confidential process or key. To ensure that encrypted information is secure, a member or person providing encrypted information to FINRA staff pursuant to this Rule shall (a) use an encryption method that meets industry standards for strong encryption, and (b) provide the confidential process or key regarding the encryption to FINRA staff in a communication separate from the encrypted information itself.

        • • • Supplementary Material: --------------

        .01 Books and Records Relating to Investigations. This rule requires FINRA members, associated persons and persons subject to FINRA's jurisdiction to provide FINRA staff and adjudicators with requested books, records and accounts. In specifying the books, records and accounts "of such member or person," paragraph (a) of the rule refers to books, records and accounts that the broker-dealer or its associated persons make or keep relating to its operation as a broker-dealer or relating to the person's association with the member. This includes but is not limited to records relating to a FINRA investigation of outside business activities, private securities transactions or possible violations of just and equitable principles of trade, as well as other FINRA rules, MSRB rules, and the federal securities laws. It does not ordinarily include books and records that are in the possession, custody or control of a member or associated person, but whose bona fide ownership is held by an independent third party and the records are unrelated to the business of the member. The rule requires, however, that a FINRA member, associated person, or person subject to FINRA's jurisdiction must make available its books, records or accounts when these books, records or accounts are in the possession of another person or entity, such as a professional service provider, but the FINRA member, associated person or person subject to FINRA's jurisdiction controls or has a right to demand them.

        Amended by SR-FINRA-2009-060 eff. Feb 25, 2013.
        Amended by SR-FINRA-2010-021 eff. Dec. 29, 2010.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-FINRA-2008-056 eff. Nov. 6, 2008.
        Amended by SR-NASD-98-57 eff. March 26, 1999.
        Amended by SR-NASD-97-81 eff. Jan. 16, 1998 (formerly Rule 4615).
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended by SR-NASD-96-46 eff. May 9, 1997.
        Amended by SR-NASD-96-14 eff. Aug. 13, 1996.
        Amended eff. Apr. 15, 1992.
        Sec. 4 redesignated Sec. 5 eff. Sept. 1, 1969.

        Selected Notices: 86-36, 92-19, 96-58, 99-16, 08-57, 10-59, 13-06.

      • 8211. Automated Submission of Trading Data Requested by FINRA

        (a) A member shall submit the trade data specified below in automated format as may be prescribed by FINRA from time to time. This information shall be supplied with respect to any transaction or transactions that are the subject of a request for information made by FINRA.

        (b) If the transaction was a proprietary transaction effected or caused to be effected by the member for any account in which such member, or person associated with a member, is directly or indirectly interested, such member shall submit or cause to be submitted the following information:

        (1) Clearing house number, or alpha symbol as used by the member submitting the data;

        (2) Clearing house number(s), or alpha symbol(s) as may be used from time to time, of the members(s) on the opposite side of the transaction;

        (3) Identifying symbol assigned to the security;

        (4) Date transaction was executed;

        (5) Number of shares, or quantity of bonds or options contracts for each specific transaction and whether each transaction was a purchase, sale, short sale, or, if an options contract, whether open long or short or close long or short;

        (6) Transaction price;

        (7) Account number; and

        (8) Market center where transaction was executed.

        (c) If the transaction was effected or caused to be effected by the member for any customer account, such member shall submit or cause to be submitted the following information:

        (1) The data described in paragraphs (b)(1) through (8) above;

        (2) The customer name, address(es), branch office number, registered representative number, whether order was solicited or unsolicited, date account opened, employer name, and the tax identification number(s); and

        (3) If the transaction was effected for another member, whether the other member was acting as principal or agent.

        (d) In addition to the above trade data, a member shall submit such other information in such automated format as may from time to time be required by FINRA.

        (e) Pursuant to the Rule 9600 Series, FINRA may exempt a member from the requirement that the data prescribed in paragraphs (b) through (d) above be submitted to FINRA in an automated format for good cause shown.

        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended and renumbered by SR-NASD-97-81 eff. Jan. 16, 1998.
        Added eff. Feb. 13, 1989.

        Selected Notice: 08-57.

      • 8213. Automated Submission of Trading Data for Non-Exchange-Listed Securities Requested by FINRA

        Each member shall submit trade data specified in Rule 8211 in automated format as may be prescribed by FINRA from time to time with respect to any transaction or transactions involving non-exchange-listed securities as defined in the Rule 6400 Series that are the subject of a request for information made by FINRA. Pursuant to the Rule 9600 Series, FINRA may exempt a member from the requirement that the data prescribed in paragraphs (b) through (d) of Rule 8211 be submitted to FINRA in an automated format for good cause shown.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-2005-087 eff. Aug. 1, 2006
        Amended and renumbered by SR-NASD-97-81 eff. Jan. 16, 1998.
        Adopted eff. Feb. 13, 1989.

        Selected Notices: 90-29, 08-57.

    • 8300. SANCTIONS

      • 8310. Sanctions for Violation of the Rules

        (a) Imposition of Sanction
        After compliance with the Rule 9000 Series, FINRA may impose one or more of the following sanctions on a member or person associated with a member for each violation of the federal securities laws, rules or regulations thereunder, the rules of the Municipal Securities Rulemaking Board, or FINRA rules, or may impose one or more of the following sanctions on a member or person associated with a member for any neglect or refusal to comply with an order, direction, or decision issued under the FINRA rules:
        (1) censure a member or person associated with a member;
        (2) impose a fine upon a member or person associated with a member;
        (3) suspend the membership of a member or suspend the registration of a person associated with a member for a definite period or a period contingent on the performance of a particular act;
        (4) expel a member, cancel the membership of a member, or revoke or cancel the registration of a person associated with a member;
        (5) suspend or bar a member or person associated with a member from association with all members;
        (6) impose a temporary or permanent cease and desist order against a member or a person associated with a member; or
        (7) impose any other fitting sanction.
        (b) Assent to Sanction
        Each party to a proceeding resulting in a sanction shall be deemed to have assented to the imposition of the sanction unless such party files a written application for appeal, review, or relief pursuant to the Rule 9000 Series.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-98-80 eff. June 23, 2003.
        Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended by SR-NASD-95-39 eff. Oct. 10, 1996.
        Amended eff. Sept. 1, 1969; July 9, 1984; May 27, 1988; Aug. 16, 1988; Nov. 1, 1991; Apr. 15, 1992.

        Selected Notice: 87-22, 88-75, 91-19, 91-52, 92-31, 96-28, 03-35, 08-57.

        • 8311. Effect of a Suspension, Revocation, Cancellation, Bar or Other Disqualification

          This version was introduced with the filing of SR-FINRA-2014-037 which has been approved by the SEC. This version becomes effective on August 24, 2015.

          If a person is subject to a suspension, revocation, cancellation of registration, bar from association with a member (each a "sanction") or other disqualification, a member shall not allow such person to be associated with it in any capacity that is inconsistent with the sanction imposed or disqualified status, including a clerical or ministerial capacity. A member also shall not pay or credit to any person subject to a sanction or disqualification, during the period of the sanction or disqualification or any period thereafter, any salary, commission, profit, or any other remuneration that the person might accrue during the period of the sanction or disqualification. However, a member may make payments or credits to a person subject to a sanction that are consistent with the scope of activities permitted under the sanction where the sanction solely limits an associated person from conducting specified activities (such as a suspension from acting in a principal capacity) or a disqualified person has been approved (or is otherwise permitted pursuant to FINRA rules and the federal securities laws) to associate with a member.
          (b) Notwithstanding paragraph (a) of this Rule, a member may pay to a person that is subject to a sanction or disqualification described in paragraph (a) of this Rule, any remuneration pursuant to an insurance or medical plan, indemnity agreement relating to legal fees, or as required by an arbitration award or court judgment.

          • • • Supplementary Material: --------------

          .01 Remuneration Accrued Prior to Effective Date of Sanction or Disqualification. Notwithstanding this Rule, a member may pay or credit to a person that is subject of a sanction or disqualification salary, commission, profit or any other remuneration that the member can evidence accrued to the person prior to the effective date of such sanction or disqualification; provided, however, the member may not pay any salary, commission, profit or any other remuneration that accrued to the person that relates to or results from the activity giving rise to the sanction or disqualification, and any such payment or credit must comply with applicable federal securities laws.

          Amended by SR-FINRA-2014-037 eff. Aug. 24, 2015.
          Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
          Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
          Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

          Selected Notices: 08-57, 15-07.

        • 8312. FINRA BrokerCheck Disclosure

          (a) In response to a written inquiry, electronic inquiry, or telephonic inquiry via a toll-free telephone listing, FINRA shall release through FINRA BrokerCheck information regarding:
          (1) a current or former FINRA member or a current or former member of a registered national securities exchange that uses the Central Registration Depository ("CRD") for registration purposes ("CRD Exchange") (collectively, "BrokerCheck Firms"); or
          (2) a current or former associated person of a BrokerCheck Firm.
          (b)
          (1) Except as otherwise provided in paragraph (d) below, FINRA shall release the information specified in subparagraph (2) below for inquiries regarding a current or former BrokerCheck Firm, a person currently associated with a BrokerCheck Firm, or a person who was associated with a BrokerCheck Firm within the preceding ten years.
          (2) The following information shall be released pursuant to this paragraph (b):
          (A) any information reported on the most recently filed Form U4, Form U5, Form U6, Form BD, and Form BDW (collectively "Registration Forms");
          (B) currently approved registrations;
          (C) summary information about certain arbitration awards against a BrokerCheck Firm involving a securities or commodities dispute with a public customer;
          (D) the most recently submitted comment, if any, provided to FINRA by the person who is covered by BrokerCheck, in the form and in accordance with the procedures established by FINRA, for inclusion with the information provided through BrokerCheck. Only comments that relate to the information provided through BrokerCheck will be included;
          (E) information as to qualifications examinations passed by the person and date passed. FINRA will not release information regarding examination scores or failed examinations;
          (F) in response to telephonic inquiries via the BrokerCheck toll-free telephone listing, whether a particular member is subject to the provisions of Rule 3170 ("Taping Rule");
          (G) Historic Complaints (i.e., the information last reported on Registration Forms relating to customer complaints that are more than two (2) years old and that have not been settled or adjudicated, and customer complaints, arbitrations or litigations that have been settled for an amount less than $10,000 prior to May 18, 2009 or an amount less than $15,000 on or after May 18, 2009 and are no longer reported on a Registration Form), provided that any such matter became a Historic Complaint on or after August 16, 1999; and
          (H) the name and succession history for current or former BrokerCheck Firms.
          (c)
          (1) Except as otherwise provided in paragraph (d) below, FINRA shall release the information specified in subparagraph (2) below for inquiries regarding a person who was formerly associated with a BrokerCheck Firm, but who has not been associated with a BrokerCheck Firm within the preceding ten years, and:
          (A) was ever the subject of a final regulatory action as defined in Form U4 that has been reported to the CRD system on a Registration Form; or
          (B) was registered with FINRA or a CRD Exchange on or after August 16, 1999, and any of the following applies, as reported to the CRD system on a Registration Form:
          (i) was convicted of or pled guilty or nolo contendere to a crime;
          (ii) was the subject of a civil injunction in connection with investment-related activity, a civil court finding of involvement in a violation of any investment-related statute or regulation, or an investment-related civil action brought by a state or foreign financial regulatory authority that was dismissed pursuant to a settlement agreement; or
          (iii) was named as a respondent or defendant in an investment-related, consumer-initiated arbitration or civil litigation which alleged that the person was involved in a sales practice violation and which resulted in an arbitration award or civil judgment against the person.
          (2) The following information shall be released pursuant to this paragraph (c):
          (A) information regarding the event(s) enumerated in paragraph (c)(1)(A) or (B) as reported on a Registration Form;
          (B) administrative information, including employment history and registration history derived from information reported on a Registration Form;
          (C) the most recently submitted comment, if any, provided to FINRA by the person who is covered by BrokerCheck, in the form and in accordance with the procedures established by FINRA, for inclusion with the information provided through BrokerCheck. Only comments that relate to the information provided through BrokerCheck will be included; and
          (D) information as to qualifications examinations passed by the person and date passed. FINRA will not release information regarding examination scores or failed examinations.
          For purposes of this paragraph (c), a final regulatory action as defined in Form U4 may include any final action, including any action that is on appeal, by the SEC, the Commodity Futures Trading Commission, a federal banking agency, the National Credit Union Administration, another federal regulatory agency, a state regulatory agency, a foreign financial regulatory authority, or a self-regulatory organization (as those terms are used in Form U4).
          (d) FINRA shall not release:
          (1) information reported as a Social Security number, residential history, or physical description, information that FINRA is otherwise prohibited from releasing under Federal law, or information that is provided solely for use by regulators. FINRA reserves the right to exclude, on a case-by-case basis, information that contains confidential customer information, offensive or potentially defamatory language or information that raises significant identity theft, personal safety or privacy concerns that are not outweighed by investor protection concerns;
          (2) information reported on Registration Forms relating to regulatory investigations or proceedings if the reported regulatory investigation or proceeding was vacated or withdrawn by the instituting authority;
          (3) "Internal Review Disclosure" information reported on Section 7 of the Form U5;
          (4) "Reason for Termination" information reported on Section 3 of the Form U5;
          (5) events reported on Section 7 of the Form U5 (other than an "Internal Review Disclosure" event) for three business days after FINRA's processing of the filing. However, if an event is reported on Form U5 and the same event is thereafter reported on Form U4 prior to the expiration of the three-business-day period, FINRA will release the Forms U4 and U5 information simultaneously upon processing. Under such circumstances, the three-business-day period may be curtailed;
          (6) the most recent information reported on a Registration Form, if:
          (A) FINRA has determined that the information was reported in error by a BrokerCheck Firm, regulator or other appropriate authority;
          (B) the information has been determined by regulators, through amendments to the uniform Registration Forms, to be no longer relevant to securities registration or licensure, regardless of the disposition of the event or the date the event occurred;
          (7) information provided on Schedule E of Form BD.
          (e) Eligible parties may dispute the accuracy of certain information disclosed through FINRA BrokerCheck pursuant to the administrative process described below:
          (1) Initiation of a Dispute
          (A) The following persons (each an "eligible party") may initiate a dispute regarding the accuracy of information disclosed in that eligible party's BrokerCheck report:
          (i) any current BrokerCheck Firm;
          (ii) any former BrokerCheck Firm, provided that the dispute is submitted by a natural person who served as the former BrokerCheck Firm's Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Chief Legal Officer or Chief Compliance Officer, or individual with similar status or function, as identified on Schedule A of Form BD at the time the former BrokerCheck Firm ceased being registered with FINRA or a CRD Exchange; or
          (iii) any associated person of a BrokerCheck Firm or person formerly associated with a BrokerCheck Firm for whom a BrokerCheck report is available.
          (B) To initiate a dispute, an eligible party must submit a written notice to FINRA, in such manner and format that FINRA may require, identifying the alleged inaccurate factual information and explaining the reason that such information is allegedly inaccurate. The eligible party must submit with the written notice all available supporting documentation.
          (2) Determination of Disputes Eligible for Investigation
          (A) FINRA will presume that a dispute of factual information is eligible for investigation unless FINRA reasonably determines that the facts and circumstances involving the dispute suggest otherwise.
          (B) If FINRA determines that a dispute is eligible for investigation, FINRA will, except in circumstances involving court-ordered expungement, add a general notation to the eligible party's BrokerCheck report stating that the eligible party has disputed certain information included in the report. The notation will be removed from the eligible party's BrokerCheck report upon resolution of the dispute by FINRA. In disputes involving a court order to expunge information from BrokerCheck, FINRA will prevent the disputed information from being displayed via BrokerCheck while FINRA evaluates the matter.
          (C) If FINRA determines that a dispute is not eligible for investigation, it will notify the eligible party of this determination in writing, including a brief description of the reason for the determination. A determination by FINRA that a dispute is not eligible for investigation is not subject to appeal.
          (3) Investigation and Resolution of Disputes
          (A) If FINRA determines that the written notice and supporting documentation submitted by the eligible party is sufficient to update, modify or remove the information that is the subject of the request, FINRA will make the appropriate change. If the written notice and supporting documentation do not include sufficient information upon which FINRA can make a determination, FINRA, under most circumstances, will contact the entity that reported the disputed information (the "reporting entity") to the CRD system and request that the reporting entity verify that the information, as disclosed through BrokerCheck, is accurate in content and presentation. If a reporting entity other than FINRA is involved, FINRA will defer to the reporting entity about whether the information received is accurate. If the reporting entity acknowledges that the information is not accurate, FINRA will update, modify or remove the information, as appropriate, based on the information provided by the reporting entity. If the reporting entity confirms that the information is accurate in content and presentation or the reporting entity no longer exists or is otherwise unable to verify the accuracy of the information, FINRA will not change the information.
          (B) FINRA will notify the eligible party in writing that the investigation has resulted in a determination that:
          (i) the information is inaccurate or not accurately presented and has been updated, modified or deleted;
          (ii) the information is accurate in content and presentation and no changes have been made; or
          (iii) the accuracy of the information or its presentation could not be verified and no changes have been made.
          (C) A determination by FINRA, including a determination to leave unchanged or to modify or delete disputed information, is not subject to appeal.
          (f) Upon written request, FINRA may provide a compilation of information about FINRA members, subject to terms and conditions established by FINRA and after execution of a licensing agreement prepared by FINRA. FINRA may charge commercial users of such information reasonable fees as determined by FINRA. Such compilations shall consist solely of information selected by FINRA from Forms BD and BDW and shall be limited to information that is otherwise publicly available from the SEC.

          • • • Supplementary Material: --------------

          .01 Availability and Format of Information Regarding Persons Associated with a Member Prior to 1999. Certain types of information about some persons formerly associated with a member, but who have not been associated with a member since January 1, 1999, may not be available through BrokerCheck. Types of information that may be unavailable for these persons may include the following: administrative information (e.g., employment and registration history) and information as to qualifications examinations. In addition, FINRA may release a composite report that includes information from multiple Registration Forms for such persons.

          .02 Disputes Not Eligible for Investigation. For purposes of paragraph (e) of this Rule, examples of situations in which FINRA will determine that a dispute is not eligible for investigation include, but are not limited to:

          (a) a dispute that involves information that was previously disputed under this process and that does not contain any new or additional evidence;
          (b) a dispute that is brought by an individual or entity that is not an eligible party;
          (c) a dispute that does not challenge the accuracy of information contained in a BrokerCheck report but only provides an explanation of such information;
          (d) a dispute that constitutes a collateral attack on or otherwise challenges the allegations underlying a previously reported matter such as a regulatory action, customer complaint, arbitration, civil litigation, or termination;
          (e) a dispute that consists of a general statement contesting information in a BrokerCheck report with no accompanying explanation; and
          (f) a dispute that involves information contained in the CRD system that is not disclosed through BrokerCheck.

          .03 Availability of Information Regarding Firms and Associated Persons Registered Exclusively With a CRD Exchange. Information about firms and associated persons that have been registered exclusively with a CRD Exchange is available through BrokerCheck only if the firm or associated person has been registered with a CRD Exchange on or after August 16, 1999.

          Amended by SR-FINRA-2015-032 eff. Dec. 12, 2015.
          Amended by SR-FINRA-2014-045 eff. Dec. 1, 2014.
          Amended by SR-FINRA-2013-047 and SR-FINRA-2013-048 eff. June 23, 2014.
          Amended by SR-FINRA-2010-012 eff. Nov. 6, 2010.
          Amended by SR-FINRA-2010-012 eff. Aug. 23, 2010.
          Amended by SR-FINRA-2009-050 eff. Nov. 30, 2009.
          Amended by SR-FINRA-2009-008 eff. May 18, 2009.
          Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
          Amended by SR-NASD-2003-168 eff. March 19, 2007.
          Amended by SR-NASD-2002-04 eff. Oct 14, 2002.
          Amended by SR-NASD-2002-05 eff. March 11, 2002.
          Amended by SR-NASD-99-45 eff. March 1, 2000.
          Amended by SR-NASD-97-78 eff. Feb. 17, 1998.
          Amended eff. May 4, 1988; Sept. 19, 1989; July 1, 1991; Apr. 30, 1992; July 1, 1993.

          Selected Notices: 00-16, 02-20, 04-36, 07-10, 08-57, 09-23, 09-66, 10-34, 14-08, 15-49.

        • 8313. Release of Disciplinary Complaints, Decisions and Other Information

          (a) General Standards
          (1) FINRA shall release to the public a copy of, and at FINRA's discretion information with respect to, any disciplinary complaint or disciplinary decision issued by FINRA, as defined in paragraph (e) of this Rule. FINRA shall, in response to a request, release to the requesting party a copy of any identified disciplinary complaint or disciplinary decision issued by FINRA, as defined in paragraph (e) of this Rule.
          (2) FINRA shall release to the public a copy of, and at FINRA's discretion information with respect to, any statutory disqualification decision, notification, or notice issued by FINRA pursuant to the Rule 9520 Series that will be filed with the SEC and any temporary cease and desist order or decision issued by FINRA pursuant to the Rule 9800 Series.
          (3) FINRA shall release to the public information with respect to any suspension, cancellation, expulsion, or bar that constitutes final FINRA action imposed pursuant to Rules 9552, 9553, 9554, 9555, 9556, and 9558, and information with respect to any suspension imposed pursuant to Rule 9557. FINRA shall release to the public a copy of, and information with respect to, any decision issued pursuant to Rule 9559 that constitutes final FINRA action. FINRA shall release to the public information with respect to the summary suspension or expulsion of a member or the summary revocation of the registration of a person associated with a member for a failure to pay fines, other monetary sanctions, or costs pursuant to Rule 8320.
          (4) FINRA shall release to the public a copy of, and at FINRA's discretion information with respect to, any decision issued by FINRA pursuant to NASD Rule 1015 and NASD Rule 1016. Copies of, and information with respect to, such decisions shall be released to the public in redacted form; provided, however, in its discretion, the National Adjudicatory Council or the FINRA Board may determine to release such decisions and information in unredacted form.
          (5) FINRA may release to the public a copy of, and information with respect to, any decision or notice issued pursuant to Rule 6490, the Rule 9600 Series, the Rule 9700 Series, and any other decision appealable to the SEC under Exchange Act Section 19(d).
          (6) FINRA may release to the public a copy of, and information with respect to, any complaint, decision, order, notification, or notice issued under FINRA rules, where the release of such information is deemed by FINRA's Chief Executive Officer (or such other senior officer as the Chief Executive Officer may designate) to be in the public interest, in such format as he or she finds appropriate.
          (b) Release Specifications
          (1) Copies of, and information with respect to, any disciplinary complaint released to the public pursuant to paragraph (a) of this Rule shall indicate that a disciplinary complaint represents the initiation of a formal proceeding by FINRA in which findings as to the allegations in the complaint have not been made and does not represent a decision as to any of the allegations contained in the complaint.
          (2) Copies of, and information with respect to, any disciplinary decision or other decision, order, notification, or notice released to the public pursuant to paragraph (a) of this Rule prior to the expiration of the time period provided for an appeal or call for review as permitted under FINRA rules or the Exchange Act, or while such an appeal or call for review is pending, shall indicate that the findings and sanctions imposed therein are subject to review and modification by FINRA or the SEC.
          (c) Discretion to Redact Certain Information or Waive Publication
          (1) Notwithstanding paragraph (a) of this Rule, FINRA reserves the right to redact, on a case-by-case basis, information that contains confidential customer information, including customer identities, or information that raises significant identity theft, personal safety, or privacy concerns that are not outweighed by investor protection concerns.
          (2) Notwithstanding paragraph (a) of this Rule, FINRA may determine, in its discretion, to waive the requirement to release a copy of, or information with respect to, any disciplinary complaint, disciplinary decision or other decision, order, notification, or notice under those extraordinary circumstances where the release of such information would violate fundamental notions of fairness or work an injustice.
          (d) Notice of Appeals of FINRA Decisions to the SEC
          FINRA shall provide notice to the public if a disciplinary decision of FINRA is appealed to the SEC and the notice shall state whether the effectiveness of the decision has been stayed pending the outcome of proceedings before the SEC.
          (e) Definitions
          (1) For the purpose of this Rule, the term “disciplinary complaint” shall mean any complaint issued pursuant to the Rule 9200 Series.
          (2) For the purpose of this Rule, the term “disciplinary decision” shall mean any decision issued pursuant to the Rule 9000 Series, including, decisions issued by the Office of Hearing Officers, the National Adjudicatory Council or the FINRA Board, orders accepting offers of settlement, and Letters of Acceptance, Waiver and Consent; provided, however, such term does not include decisions issued pursuant to the Rule 9550 Series, Rule 9600 Series, Rule 9700 Series, or Rule 9800 Series, or decisions, notifications, or notices issued pursuant to the Rule 9520 Series, which are addressed by paragraphs (a)(2), (a)(3) and (a)(5) of this Rule. Minor rule violation plan letters issued pursuant to Rules 9216 and 9217 are not subject to this Rule.
          Amended by SR-FINRA-2013-018 eff. Dec. 16, 2013.
          Amended by SR-FINRA-2010-060 eff. Dec. 15, 2010.
          Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
          Amended by SR-NASD-2003-168 eff. March 19, 2007.
          Amended by SR-NASD-2005-064 eff. Jan. 12, 2006.
          Amended by SR-NASD-2003-110 eff. June 28, 2004.
          Amended by SR-NASD-98-80 eff. June 23, 2003.
          Amended by SR-NASD-2002-103 eff. July 31, 2002.
          Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
          Amended by SR-NASD-2000-05 eff. July 10, 2000.
          Amended by SR-NASD-98-57 eff. March 26, 1999.
          Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
          Amended by SR-NASD-97-11 eff. June 12, 1997.
          Amended by SR-NASD-96-32 eff. Oct 10, 1996.
          Amended by SR-NASD-94-59 eff. Dec. 22, 1994.
          Amended eff. May 4, 1988; Sept. 19, 1989; July 1, 1991; Apr. 30, 1992; July 1, 1993.

          Selected Notices: 99-16, 00-36, 00-56, 03-35, 07-10, 08-57, 13-27.

      • 8320. Payment of Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure to Pay

        (a) Payment to Treasurer
        All fines and other monetary sanctions shall be paid to the Treasurer of FINRA and shall be used for the general corporate purposes.
        (b) Summary Suspension or Expulsion
        After seven days notice in writing, FINRA may summarily suspend or expel from membership a member that fails to:
        (1) pay promptly a fine or other monetary sanction imposed pursuant to Rule 8310 or cost imposed pursuant to Rule 8330 when such fine, monetary sanction, or cost becomes finally due and payable; or
        (2) terminate immediately the association of a person who fails to pay promptly a fine or other monetary sanction imposed pursuant to Rule 8310 or a cost imposed pursuant to Rule 8330 when such fine, monetary sanction, or cost becomes finally due and payable.
        (c) Summary Revocation of Registration
        After seven days notice in writing, FINRA may summarily revoke the registration of a person associated with a member if such person fails to pay promptly a fine or other monetary sanction imposed pursuant to Rule 8310 or a cost imposed pursuant to Rule 8330 when such fine, monetary sanction, or cost becomes finally due and payable.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended eff. May 27, 1988.

        Selected Notice: 08-57.


        Cross Reference—
        Schedule A, Resolution of the Board of Governors: "Expulsion and Revocation for Failure to Pay Dues and Assessments"

      • 8330. Costs of Proceedings

        A member or person associated with a member disciplined pursuant to Rule 8310 shall bear such costs of the proceeding as the Adjudicator deems fair and appropriate under the circumstances.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended Nov. 1, 1991; Apr. 15, 1992.

        Selected Notices to Members: 90-61, 08-57.