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  • 9100. APPLICATION AND PURPOSE

    • 9110. Application

      (a) Proceedings
      The Rule 9000 Series is the Code of Procedure and includes proceedings for disciplining a member or person associated with a member; proceedings for regulating the activities of a member experiencing financial or operational difficulties; proceedings for summary or non-summary suspensions, cancellations, bars, prohibitions, or limitations; and proceedings for obtaining relief from the eligibility requirements of the FINRA By-Laws and FINRA rules. The Rule 9100 Series is of general applicability to all proceedings set forth in the Rule 9000 Series, unless a Rule specifically provides otherwise.
      (b) Rights, Duties, and Obligations of Members and Associated Persons
      Unless otherwise specified, a person associated with a member shall have the same rights as a member and shall be subject to the same duties and obligations under the Code of Procedure.
      (c) Incorporation of Defined Terms and Cross References
      Unless otherwise provided, terms used in the Rule 9000 Series shall have the meaning as defined in Rules 0160 and 9120. References within the Rule 9000 Series to FINRA offices or departments refer to offices so designated by FINRA or FINRA Regulation.
      Amended by SR-FINRA-2012-007 eff. Feb. 21, 2012.
      Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
      Amended by SR-NASD-2005-087 eff. Aug. 1, 2006
      Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
      Amended by SR-NASD-97-97 eff. Jan. 15, 1998.
      Adopted by SR-NASD-97-28 eff. Aug. 07, 1997.

      Selected Notice: 08-57.

    • 9120. Definitions

      (a) "Adjudicator"
      The term "Adjudicator" means:
      (1) a body, board, committee, group, or natural person that presides over a proceeding and renders a decision;
      (2) a body, board, committee, group, or natural person that presides over a proceeding and renders a recommended or proposed decision which is acted upon by an Adjudicator described in paragraph (a)(1); or
      (3) a natural person who serves on a body, board, committee, or group described in paragraphs (a)(1) or (2).
      The term includes a Review Subcommittee as defined in paragraph (aa), a Subcommittee as defined in paragraph (cc), an Extended Proceeding Committee as defined in paragraph (l), and a Statutory Disqualification Committee as defined in paragraph (bb).
      (b) "Chief Hearing Officer"
      The term "Chief Hearing Officer" means the Hearing Officer designated by the Chief Executive Officer of FINRA to manage the Office of Hearing Officers, or his or her delegatee.
      (c) "Code"
      The term "Code" refers to the Code of Procedure.
      (d) "Counsel to the National Adjudicatory Council "
      The term "Counsel to the National Adjudicatory Council" means an attorney of the Office of the General Counsel of FINRA who is responsible for advising the National Adjudicatory Council, the Review Subcommittee, a Subcommittee, or an Extended Proceeding Committee regarding a disciplinary proceeding on appeal or review before the National Adjudicatory Council.
      (e) "Department of Enforcement"
      The term "Department of Enforcement" means the Department of Enforcement of FINRA.
      (f) "Director"
      The term "Director" means a member of the Board of Directors of FINRA Regulation.
      (g) "District Committee"
      The term "District Committee" means a former district committee elected pursuant to the FINRA Regulation By-Laws or a resolution of the FINRA Regulation Board.
      (h) "Document"
      The term "Document" means a writing, drawing, graph, chart, photograph, recording, or any other data compilation, including data stored by computer, from which information can be obtained.
      (i) "Extended Hearing"
      The term "Extended Hearing" means a disciplinary proceeding described in Rule 9231(c).
      (j) "Extended Hearing Panel"
      The term "Extended Hearing Panel" means an Adjudicator that is constituted under Rule 9231(c) to conduct a disciplinary proceeding that is classified as an "Extended Hearing" and is governed by the Rule 9200 Series.
      (k) "Extended Proceeding"
      The term "Extended Proceeding" means a disciplinary proceeding described in Rule 9331(a)(2).
      (l) "Extended Proceeding Committee"
      The term "Extended Proceeding Committee" means an appellate Adjudicator that is constituted under Rule 9331 to participate in the National Adjudicatory Council's consideration of a disciplinary proceeding that is classified as an "Extended Proceeding" and governed by the Rule 9300 Series.
      (m) "FINRA Board"
      The term "FINRA Board" means the Board of Governors of FINRA.
      (n) "FINRA Regulation Board"
      The term "FINRA Regulation Board" means the Board of Directors of FINRA Regulation.
      (o) "General Counsel"
      The term "General Counsel" means the Chief Legal Officer or General Counsel of FINRA, or his or her delegatee, who shall be a person who reports to the Chief Legal Officer or General Counsel of FINRA and is an Associate General Counsel, an Assistant General Counsel, or a person who has substantially the same or equivalent duties and responsibilities as an Associate General Counsel or an Assistant General Counsel.
      (p) "Governor"
      The term "Governor" means a member of the Board of Governors of FINRA.
      (q) "Head of Enforcement"
      The term "Head of Enforcement" means the individual designated by the Chief Executive Officer of FINRA to manage the Department of Enforcement, or his or her delegatee in the Department of Enforcement.
      (r) "Hearing Officer"
      The term "Hearing Officer" means an employee of FINRA, or former employee of FINRA who previously acted as a Hearing Officer, who is an attorney and who is appointed by the Chief Hearing Officer to act in an adjudicative role and fulfill various adjudicative responsibilities and duties described in the Rule 9200 Series regarding disciplinary proceedings, the Rule 9550 Series regarding expedited proceedings, the Rule 9700 Series relating to grievances concerning FINRA automated systems, and the Rule 9800 Series regarding temporary cease and desist proceedings brought against members and associated persons.
      (s) "Hearing Panel"
      The term "Hearing Panel" means an Adjudicator that is constituted under Rule 9231 to conduct a disciplinary proceeding governed by the Rule 9200 Series, that is constituted under the Rule 9520 Series or the Rule 9550 Series to conduct a proceeding, or that is constituted under the Rule 9800 Series to conduct a temporary cease and desist proceeding.
      (t) "Interested FINRA Staff"
      The term "Interested FINRA Staff" means, in the context of:
      (1) a disciplinary proceeding under the Rule 9200 Series and the Rule 9300 Series:
      (A) the Head of Enforcement;
      (B) an employee of the Department of Enforcement who reports, directly or indirectly, to the Head of Enforcement;
      (C) a FINRA employee who directly participated in the authorization of the complaint; or
      (D) a FINRA employee who directly participated in an examination, investigation, prosecution, or litigation related to a specific disciplinary proceeding, and a district director or department head to whom such employee reports;
      (2) a proceeding under the Rule 9520 Series or Rule 9550 Series:
      (A) the head of the department or office that issues the notice or petition or is designated as a Party;
      (B) a FINRA employee who reports, directly or indirectly, to such person;
      (C) a FINRA employee who directly participated in the authorization or initiation of the proceeding; or
      (D) a FINRA employee who directly participated in an examination, investigation, prosecution, or litigation related to a specific proceeding, and a district director or department head to whom such employee reports;
      (3) a proceeding under the Rule 9600 Series:
      (A) the head of the department or office that issues the decision granting or denying an exemption or is designated as a Party;
      (B) a FINRA employee who reports, directly or indirectly, to such person;
      (C) a FINRA employee who directly participated in the exemption proceeding; or
      (D) a FINRA employee who directly participated in an examination, investigation, prosecution, or litigation related to a specific exemption proceeding, and a district director or department head to whom such employee reports; or
      (4) a proceeding under the Rule 9800 Series:
      (A) the Head of Enforcement;
      (B) an employee of the Department of Enforcement who reports, directly or indirectly, to the Head of Enforcement;
      (C) a FINRA employee who directly participated in the authorization of the notice that initiates a temporary cease and desist proceeding; or
      (D) a FINRA employee who directly participated in an examination, investigation, prosecution, or litigation related to a specific temporary cease and desist proceeding, and a district director or department head to whom such employee reports;
      (u) "Market Regulation Committee"
      The term "Market Regulation Committee" means the committee of FINRA designated to consider the federal securities laws and the rules and regulations adopted thereunder and various FINRA rules and policies relating to:
      (1) the quotations of securities;
      (2) the execution of transactions;
      (3) the reporting of transactions; and
      (4) trading practices, including rules prohibiting manipulation and insider trading, and trading-related rules such as FINRA Rule 4560 and FINRA Rules 5200, 6000, 7100, 7200, 7300 and 7400 Series.
      (v) "Office of Disciplinary Affairs"
      The term "Office of Disciplinary Affairs" means the Office of Disciplinary Affairs for FINRA.
      (w) "Panelist"
      The term "Panelist," as used in the Rule 9200 Series, the Rule 9550 Series, and the Rule 9800 Series, means a member of a Hearing Panel or Extended Hearing Panel who is not a Hearing Officer. As used in the Rule 9300 Series, the term means a current or former member of the National Adjudicatory Council or a former Director or a former Governor who is appointed to serve on a Subcommittee or an Extended Proceeding Committee.
      (x) "Party"
      With respect to a particular proceeding, the term "Party" means:
      (1) in the Rule 9200 Series, the Rule 9300 Series, and the Rule 9800 Series, the Department of Enforcement or a Respondent;
      (2) in the Rule 9520 Series, the Department of Enforcement or a member that is the subject of a notice or files an application under Rule 9522;
      (3) in the Rule 9550 Series, the FINRA department or office that issued the notice or, if another FINRA department or office is named as the party handling the matter on behalf of the issuing department or office, the FINRA department or office that is so designated or a member or person that is the subject of a notice under the Rule 9550 Series; or
      (4) in the Rule 9600 Series, the department or office designated under Rule 9620 to issue the decision granting or denying an exemption or a member that seeks the exemption under Rule 9610.
      (y) "Primary Regional Committee"
      The term "Primary Regional Committee" means, in a disciplinary proceeding under the Rule 9200 Series, the Regional Committee designated by the Chief Hearing Officer pursuant to Rule 9232 to provide one or more of the Panelists to a Hearing Panel or, if applicable, to an Extended Hearing Panel, for such disciplinary proceeding.
      (z) "Regional Committee"
      The term "Regional Committee" means a regional committee elected pursuant to the FINRA Regulation By-Laws or a resolution of the FINRA Regulation Board.
      (aa) "Respondent"
      The term "Respondent" means, in a disciplinary proceeding governed by the Rule 9200 Series and in an appeal or review governed by the Rule 9300 Series, a FINRA member or associated person against whom a complaint is issued. In a proceeding governed by the Rule 9800 Series, the term "Respondent" means a FINRA member or associated person that has been served a notice initiating a cease and desist proceeding.
      (bb) "Review Subcommittee"
      The term "Review Subcommittee" means a body appointed by the National Adjudicatory Council pursuant to Article V of the FINRA Regulation By-Laws.
      (cc) "Statutory Disqualification Committee"
      The term "Statutory Disqualification Committee" means a Subcommittee of the National Adjudicatory Council that makes a recommended decision to grant or deny an application for relief from the eligibility requirements of FINRA to the National Adjudicatory Council pursuant to the Rule 9520 Series.
      (dd) "Subcommittee"
      The term "Subcommittee" means an Adjudicator that is:
      (1) constituted under Rule 9331(a) to participate in the National Adjudicatory Council's consideration of an appeal or a review of a disciplinary proceeding pursuant to the Rule 9300 Series;
      (2) constituted under Rule 9559(q) or Rule 9630 to conduct a review proceeding.
      Amended by SR-FINRA-2018-027 eff. Aug. 3, 2018.
      Amended by SR-FINRA-2018-021 eff. May 18, 2018.
      Amended by SR-FINRA-2015-019 eff. Nov. 2, 2015.
      Amended by SR-FINRA-2014-031 eff. Aug. 12, 2014.
      Amended by SR-FINRA-2012-054 eff. Dec. 11, 2012.
      Amended by SR-FINRA-2011-024 eff. June 17, 2011.
      Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
      Amended by SR-NASD-2007-052 eff. Aug. 1, 2008.
      Amended by SR-NASD-2005-087 eff. Aug. 1, 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-2002-97 eff. July 29, 2002.
      Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
      Amended by SR-NASD-98-90 eff. Jan. 1, 1999.
      Amended by SR-NASD-98-13 eff. March 4, 1998.
      Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
      Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

      Selected Notices: 99-01; 00-56, 03-35, 04-36, 08-34, 08-57, 14-32, 15-35.

    • 9130. Service; Filing of Papers

      • 9131. Service of Complaint

        (a) Service on Each Party
        Except as provided below, a complaint shall be served on each Party by the Department of Enforcement. When counsel for a Party or other person authorized to represent others under Rule 9141 agrees to accept service of the complaint, then the Department of Enforcement may serve the complaint on counsel for a Party or other person authorized to represent others under Rule 9141 as specified in Rule 9134(a).
        (b) How Served
        A complaint or document initiating a proceeding shall be served pursuant to Rule 9134.
        (c) Filing Requirement
        A complaint that is served upon a Respondent and each document initiating a proceeding that is served upon a Party, along with the certificate of service executed in connection with the service upon such Respondent or Party, shall be filed with FINRA pursuant to Rule 9135.
        Amended by SR-FINRA-2018-027 eff. Aug. 3, 2018.
        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.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended eff. Oct. 18, 1990.

        Selected Notices: 00-56, 08-57, 12-12.

      • 9132. Service of Orders, Notices, and Decisions by Adjudicator

        (a) Service on Each Party
        An order, notice, or decision issued by a Hearing Officer, Hearing Panel or Extended Hearing Panel under the Rule 9200 Series shall be served on each Party, or each Party's counsel, or other person the Party designates to represent him or her in a proceeding by the Office of Hearing Officers. An order, notice, or decision issued by any other Adjudicator shall be served by that Adjudicator.
        (b) How Served
        An order, notice, or decision shall be served pursuant to Rule 9134.
        (c) Service Upon Counsel or Other Person Acting In Representative Capacity
        Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. The Adjudicator, at its discretion, may also order that service be made upon the person.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended eff. Oct. 18, 1990.

        Selected Notice: 08-57.

      • 9133. Service of Papers Other Than Complaints, Orders, Notices, or Decisions

        (a) Service on Each Party
        Other than a complaint, order, notice, or decision, any paper, including an answer and a motion, shall be served on each Party by the Party on whose behalf such paper was prepared or by his or her counsel or representative.
        (b) How Served
        The paper shall be served pursuant to Rule 9134.
        (c) Filing Requirement
        The paper that is served upon a Party, along with the certificate of service executed in connection with the service upon such Party, shall be filed with FINRA pursuant to Rule 9135.
        (d) Service upon Counsel or Other Person Acting in Representative Capacity
        Whenever service is required to be made upon a person represented by counsel or a representative who has filed a notice of appearance pursuant to Rule 9141, service shall be made upon counsel or the representative. The Adjudicator, at its discretion, may also order that service be made upon the person.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.
        Amended eff. Oct. 18, 1990.

        Selected Notice: 08-57.

      • 9134. Methods of, Procedures for Service

        (a) Methods
        The following methods of service are permitted:
        (1) Personal Service
        Personal service may be accomplished by handing a copy of the papers to the person required to be served; leaving a copy at the person's office with an employee or other person in charge thereof; or leaving a copy at the person's dwelling or usual place of abode with a person of suitable age and discretion then residing therein;
        (2) Service by Mail by U.S. Postal Service
        Service by mail may be accomplished by mailing the papers through the U.S. Postal Service by using first class mail, first class certified mail, first class registered mail, or Express Mail, except that a complaint shall be served upon a Respondent by U.S. Postal Service first class certified mail or Express Mail; or
        (3) Service by Courier
        Service by courier may be accomplished by sending the papers through a courier service that generates a written confirmation of receipt or of attempts at delivery.
        (b) Procedures
        (1) Service on Natural Persons
        Papers served on a natural person may be served at the natural person's residential address, as reflected in the Central Registration Depository, if applicable. When a Party or other person responsible for serving such person has actual knowledge that the natural person's Central Registration Depository address is out of date, duplicate copies shall be served on the natural person at the natural person's last known residential address and the business address in the Central Registration Depository of the entity with which the natural person is employed or affiliated. Papers may also be served at the business address of the entity with which the natural person is employed or affiliated, as reflected in the Central Registration Depository, or at a business address, such as a branch office, at which the natural person is employed, or at which the natural person is physically present during a normal business day. The Hearing Officer may waive the requirement of serving documents (other than complaints) at the addresses listed in the Central Registration Depository if there is evidence that these addresses are no longer valid, and there is a more current address available. If a natural person is represented by counsel or a representative, papers served on the natural person, excluding a complaint or a document initiating a proceeding, shall be served on the counsel or representative.
        (2) Service on Entities
        Papers served on an entity shall be made by service on an officer, partner of a partnership, managing or general agent, a contact employee as set forth on Form BD, or any other agent authorized by appointment or by law to accept service. Such papers shall be served at the entity's business address as reflected in the Central Registration Depository, if applicable; provided, however, that when the Party or other person responsible for serving such entity has actual knowledge that an entity's Central Registration Depository address is out of date, duplicate copies shall be served at the entity's last known address. If an entity is represented by counsel or a representative, papers served on such entity, excluding a complaint or document initiating a proceeding, shall be served on such counsel or representative.
        (3) When Service Is Complete
        Personal service and service by courier or express delivery are complete upon delivery. Service by mail is complete upon mailing.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
        Amended by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notices: 85-27, 89-55, 90-44, 90-81, 00-56, 08-57.

      • 9135. Filing of Papers with Adjudicator: Procedure

        (a) When to File
        Papers that are required to be filed with an Adjudicator within a time limit specified by the Adjudicator or within a time limit set forth in the Rules shall be deemed timely if received within the time limit, unless otherwise ordered by an Adjudicator, except complaints, which shall be deemed timely filed upon mailing, delivery by electronic mail, or delivery to the Office of Hearing Officers. Other papers that are required to be filed shall be deemed timely if, on the same day such papers are served, they are also hand-delivered, mailed via U.S. Postal service first class mail, delivered by electronic mail, or sent by courier to FINRA.
        (b) Where to File
        All papers required to be filed pursuant to the Rule 9200 Series and any notice of appeal or review required to be filed pursuant to the Rule 9300 Series shall be filed with the Office of Hearing Officers. All other papers required to be filed pursuant to the Rule 9000 Series shall be filed where specified in the Rule, or if not specified in the Rule, with the Adjudicator, unless the Adjudicator orders otherwise.
        (c) Certificate of Service
        Papers filed with an Adjudicator or the Office of Hearing Officers shall be accompanied by a certificate of service stating the name of the person or persons served, the date on which service is made, the method of service and, if service is not made in person, the address to which service is made. Such certificate shall be executed by the person who made the service. If the method of service on a Party is different from the method of service on any other Party, the certificate shall state why such different method was used.
        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.

      • 9136. Filing of Papers: Form

        (a) Specifications
        Papers filed in connection with any proceeding under the Rule 9200 Series and the Rule 9300 Series shall:
        (1) be on unglazed white paper measuring 8 ½ x 11 inches, but to the extent that the reduction of a larger document would render it illegible, such document may be filed on larger paper;
        (2) be typewritten or printed in either 10 or 12 point typeface or otherwise reproduced by a process that produces a permanent and plainly legible copy;
        (3) include at the head of the paper, or on a title page, the title of the proceeding, the names of the Parties, the subject of the particular paper or pleading, and the number assigned to the proceeding;
        (4) be paginated at the bottom of the page and with all margins at least one inch wide;
        (5) be double-spaced, with single-spaced footnotes and single-spaced indented quotations; and
        (6) be stapled, clipped, or otherwise fastened in the upper left corner, but not bound.
        (b) Signature Required
        All papers shall be signed and dated pursuant to Rule 9137.
        (c) Number of Copies
        A signed original and one copy of all papers shall be filed with the Adjudicator unless otherwise ordered.
        (d) Form of Briefs
        A brief containing more than ten pages shall include a table of contents, and an alphabetized table of cases, statutes, and other authorities cited, with references to the pages of the brief wherein they are cited.
        (e) Scandalous or Impertinent Matter
        Any scandalous or impertinent matter contained in any brief, pleading, or other filing, or in connection with any oral presentation in a proceeding may be stricken on order of an Adjudicator. Any matter stricken by an Adjudicator by this Rule shall be marked "Stricken" and preserved. Matters stricken in a proceeding governed by the Rule 9200 Series shall be preserved under Rule 9267(b).
        Amended by SR-FINRA-2011-044 eff. Mar. 30, 2012.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notices: 08-57, 12-12.

      • 9137. Filing of Papers: Signature Requirement and Effect

        (a) General Requirements
        Following the issuance of a complaint in a disciplinary proceeding, or the initiation of another proceeding, every filing of a Party represented by counsel or a representative shall be signed by at least one counsel or representative of record in his or her name and shall state the business address and telephone number of such counsel or representative. A Party who appears on his or her own behalf shall sign his or her individual name and state his or her address and telephone number on every filing.
        (b) Effect of Signature
        (1) The signature of a counsel, representative, or Party shall constitute a certification that:
        (A) the person signing the filing has read the filing;
        (B) to the best of his or her knowledge, information, and belief, formed after reasonable inquiry, the filing is well grounded in fact and is warranted by existing law or a good faith argument for the extension, modification, or reversal of existing law; and
        (C) the filing is not made for any improper purpose, such as to harass, cause unnecessary delay, or needlessly to increase the cost of adjudication.
        (2) If a filing is not signed, an Adjudicator may strike the filing, unless it is signed promptly after the omission is called to the attention of the person making the filing.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notice: 08-57.

      • 9138. Computation of Time

        (a) Calendar Day
        In the Rule 9000 Series, "day" means calendar day.
        (b) Formula
        In computing any period of time, the day of the act, event, or default from which the period of time designated in the Code begins to run shall not be included. The last day of the period so computed shall be included, unless it is a Saturday, Sunday, or Federal holiday, in which event the period runs until the end of the next day that is not a Saturday, Sunday, or Federal holiday. Intermediate Saturdays, Sundays, and Federal holidays shall be excluded from the computation when the period prescribed is ten days or less, not including any additional time for service by mail allowed by paragraph (c).
        (c) Additional Time For Service by Mail
        If service is made by U.S. Postal Service first class, certified, or registered mail, three days shall be added to the prescribed period for response.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notice: 08-57.

    • 9140. Proceedings

      • 9141. Appearance and Practice; Notice of Appearance

        (a) Representing Oneself
        In any proceeding, a person may appear on his or her own behalf. When a person first makes any filing or otherwise appears on his or her own behalf before an Adjudicator in a proceeding, he or she shall file with the Adjudicator, or otherwise state on the record, and keep current, an address at which any notice or other written communication required to be served upon or furnished to him or her may be sent and a telephone number where he or she may be reached during business hours.
        (b) Representing Others
        A person shall not be represented before an Adjudicator, except as provided in this paragraph. Subject to the prohibitions of Rules 9150 and 9280, a person may be represented in any proceeding by an attorney at law admitted to practice before the highest court of any state of the United States, the District of Columbia, or any commonwealth, territory, or possession of the United States. A member of a partnership may represent the partnership; and a bona fide officer of a corporation, trust, or association may represent the corporation, trust, or association. When a person first makes any filing or otherwise appears in a representative capacity before an Adjudicator in a proceeding, that person shall file with the Adjudicator, and keep current a Notice of Appearance. The Notice of Appearance is a written notice stating the name of the proceeding; the representative's name, business address, and telephone number; and the name and address of the person or persons represented. Any individual appearing or practicing in a representative capacity before an Adjudicator may be required to file a power of attorney with the Adjudicator showing his or her authority to act in such capacity.
        (c) One Year Revolving Door Restriction
        No former officer of FINRA shall, within a period of one year immediately after termination of employment with FINRA, make an appearance before an adjudicator on behalf of any other person under the Rule 9000 Series.
        Amended by SR-FINRA-2011-032 eff. July 2, 2012.
        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 Notice: 08-57.

      • 9142. Withdrawal by Attorney or Representative

        An attorney for a Party or other person authorized to represent others by Rule 9141 seeking to withdraw his or her appearance shall file a motion to withdraw. The motion shall set forth the good cause for withdrawal and state the name, current address, and telephone number of the Party no longer being represented.
        Amended by SR-FINRA-2011-044 eff. Mar. 30, 2012.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notices: 08-57, 12-12.

      • 9143. Ex Parte Communications

        (a) Prohibited Communications
        Unless on notice and opportunity for all Parties to participate, or to the extent required for the disposition of ex parte matters as authorized by the Rule 9000 Series:
        (1) No Party, or counsel to or representative of a Party, or Interested FINRA Staff shall make or knowingly cause to be made an ex parte communication relevant to the merits of a proceeding to an Adjudicator who is participating in a decision with respect to that proceeding, or to a FINRA employee who is participating or advising in the decision of an Adjudicator with respect to that proceeding; and
        (2) No Adjudicator who is participating in a decision with respect to a proceeding, or no FINRA employee who is participating or advising in the decision of an Adjudicator with respect to a proceeding shall make or knowingly cause to be made to a Party, a counsel or representative to a Party, or Interested FINRA Staff an ex parte communication relevant to the merits of that proceeding.
        (b) Disclosure of Prohibited Communication
        An Adjudicator who is participating in a decision with respect to a proceeding, or a FINRA employee who is participating or advising in the decision of an Adjudicator, who receives, makes, or knowingly causes to be made a communication prohibited by this Rule shall place in the record of the proceeding:
        (1) all such written communications;
        (2) memoranda stating the substance of all such oral communications; and
        (3) all written responses and memoranda stating the substance of all oral responses to all such communications.
        (c) Remedies
        Upon receipt of a communication made or knowingly caused to be made by any Party, any counsel or representative to a Party, or any Interested FINRA Staff in violation of paragraph (a)(1), FINRA or an Adjudicator may, to the extent consistent with the interests of justice, the policies underlying the Exchange Act, and the FINRA rules, order the Party responsible for the communication, or the Party who may benefit from the ex parte communication made, to show cause why the Party's claim or interest in the proceeding should not be dismissed, denied, disregarded, or otherwise adversely affected by reason of such ex parte communication. All participants to a proceeding may respond to any allegations or contentions contained in a prohibited ex parte communication placed in the record. Such responses shall be placed in the record.
        (d) Timing
        In a disciplinary proceeding governed by the Rule 9200 Series and the Rule 9300 Series, the prohibitions of this Rule shall apply beginning with the authorization of a complaint as provided in Rule 9211, unless the person responsible for the communication has knowledge that the complaint shall be authorized, in which case the prohibitions shall apply beginning at the time of his or her acquisition of such knowledge.
        (e) Waiver of Ex Parte Prohibition
        (1) Offer of Settlement
        If a Respondent submits an offer of settlement under Rule 9270, the submission constitutes a waiver by such Respondent of any claim that the prohibitions against ex parte communications were violated by a person or body in connection with such person's or body's participation in discussions regarding the terms and conditions of the offer of settlement and the order of acceptance, or other consideration of the offer of settlement and order of acceptance, including acceptance or rejection of such offer of settlement and order of acceptance.
        (2) Letter of Acceptance, Waiver, and Consent
        If a member or a person associated with a member submits an executed letter of acceptance, waiver, and consent under Rule 9216(a), the submission constitutes a waiver by such member or person associated with a member of any claim that the prohibitions against ex parte communications were violated by a person or body in connection with such person's or body's participation in discussions regarding the terms and conditions of the letter of acceptance, waiver, and consent, or other consideration of the letter of acceptance, waiver, and consent, including acceptance or rejection of such letter of acceptance, waiver, and consent.
        (3) Minor Rule Violation Plan Letter
        If a member or a person associated with a member submits an executed minor rule violation plan letter under Rule 9216(b), the submission constitutes a waiver by such member or person associated with a member of any claim that the prohibitions against ex parte communications by a person or body in connection with such person's or body's participation in discussions regarding the terms and conditions of the minor rule violation plan letter, or other consideration of the minor rule violation plan letter, including acceptance or rejection of such minor rule plan violation letter.
        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 Notice: 08-57.

      • 9144. Separation of Functions

        (a) Interested FINRA Staff
        Except as counsel or a witness in a proceeding or as provided in the Rule 9550 Series, Interested FINRA Staff is prohibited from advising an Adjudicator regarding a decision or otherwise participating in a decision of an Adjudicator. An Adjudicator is prohibited from advising Interested FINRA Staff regarding a decision or otherwise participating in a decision of Interested FINRA Staff, including the decision to issue a complaint and a decision whether to appeal or cross-appeal a disciplinary proceeding to the National Adjudicatory Council.
        (b) Separation of Adjudicators
        A Hearing Officer, including the Chief Hearing Officer, or a Panelist of a Hearing Panel or an Extended Hearing Panel, is prohibited from participating in: a decision whether to issue a complaint pursuant to Rule 9211; a decision whether to appeal or cross-appeal a disciplinary proceeding to the National Adjudicatory Council pursuant to Rule 9311; and a discussion or decision relating to a call for review, a review, or an appeal pursuant to the Rule 9300 Series. Except if the Chair of the National Adjudicatory Council is also a Governor, a Governor is prohibited from participating in a discussion or a decision relating to the above referenced acts with the Review Subcommittee or the Adjudicators referenced above.
        (c) Waiver of Prohibitions of Separation of Functions
        (1) Offer of Settlement
        If a Respondent submits an offer of settlement under Rule 9270, the submission constitutes a waiver by such Respondent of any claim of violation of paragraph (a) or (b) by a person or body in connection with such person's or body's participation in discussions regarding the terms and conditions of the offer of settlement and the order of acceptance, or other consideration of the offer of settlement and order of acceptance, including acceptance or rejection of such offer of settlement and order of acceptance.
        (2) Letter of Acceptance, Waiver, and Consent
        If a member or a person associated with a member submits an executed letter of acceptance, waiver, and consent under Rule 9216(a), the submission constitutes a waiver by such member or person associated with a member of any claim of violation of paragraph (a) or (b) by a person or body in connection with such person's or body's participation in discussions regarding the terms and conditions of the letter of acceptance, waiver, and consent, or other consideration of the proposed letter of acceptance, waiver, and consent, including acceptance or rejection of such letter of acceptance, waiver, and consent.
        (3) Minor Rule Violation Plan Letter
        If a member or a person associated with a member submits an executed minor rule violation plan letter under Rule 9216(b), the submission constitutes a waiver by such member or person associated with a member of any claim of violation of paragraph (a) or (b) by a person or body in connection with such person's or body's participation in discussions regarding the terms and conditions of the minor rule violation plan letter or other consideration of the minor rule violation plan letter, including acceptance or rejection of such minor rule violation plan letter.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-2003-110 eff. June 28, 2004.
        Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notices: 04-36, 08-57.

      • 9145. Rules of Evidence; Official Notice

        (a) Rules of Evidence
        The formal rules of evidence shall not apply in a proceeding brought under the Rule 9000 Series.
        (b) Official Notice
        In a proceeding governed by the Rule 9000 Series, an Adjudicator may take official notice of such matters as might be judicially noticed by a court, or of other matters within the specialized knowledge of FINRA as an expert body. Before an Adjudicator proposes to take official notice of a matter, it shall permit a Party the opportunity to oppose or otherwise comment upon the proposal to take official notice.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notice: 08-57.

      • 9146. Motions

        (a) General Requirement for Motions
        A Party may make a written or oral motion, subject to limitations set forth below. A Party or other person may make a motion under Rule 9146(k), subject to limitations set forth below.
        (b) Adjudicator May Require a Written Motion
        If a Party makes an oral motion, an Adjudicator may order that such motion be set forth in writing, after considering the facts and circumstances, including whether:
        (1) the hearing or conference in which the Party makes such motion is being recorded; and
        (2) the opposing Parties shall be fully informed and shall have adequate notice and opportunity to respond to such motion.
        (c) Specificity
        All motions shall state the specific relief requested and the basis therefor.
        (d) Time For Filing Opposition or Other Response to Motion
        Unless otherwise ordered by an Adjudicator, any Party may file an opposition or other response to a written motion and the opposition or response shall be filed within 14 days after service of the motion. If no response is filed within the response period, the Party failing to respond shall be deemed to have waived any objection to the granting of the motion. A Party shall be afforded an opportunity to respond to an oral motion at the time the oral motion is made, unless the Adjudicator orders that the Party shall be granted additional time to respond.
        (e) Oral Argument
        An Adjudicator may allow oral argument on motions. Oral argument may take place in person or by telephone.
        (f) Frivolous Motions
        An Adjudicator may deny dilatory, repetitive, or frivolous motions without awaiting a response.
        (g) No Stay
        Unless otherwise ordered by an Adjudicator, the filing of a motion does not stay a proceeding.
        (h) Reply
        The moving Party shall have no right to reply to the opposition or other response of the other Parties unless an Adjudicator permits a reply to be filed. Unless otherwise ordered by an Adjudicator, a movant's reply submission shall be filed within five days after the Adjudicator serves the order granting the motion to file a reply or a Party serves the opposition or other response to which the Adjudicator previously ordered that a reply could be filed.
        (i) Page Limit, Format Requirements
        Unless otherwise ordered by an Adjudicator, submissions in support of or in opposition to motions shall not exceed ten double-spaced pages, including double-spaced footnotes, exclusive of pages containing any table of contents, table of authorities, or addenda.
        (j) Disposition of Procedural Motions; Disposition of Motions for Summary Disposition
        (1) In the Rule 9200 Series, a motion on a procedural matter may be decided by a Hearing Officer. A motion for summary disposition of a cause of action set forth in a complaint shall be decided by a majority vote of the Hearing Panel or, if applicable, the Extended Hearing Panel.
        (2) In the Rule 9300 Series, a motion on a procedural matter may be decided by Counsel to the National Adjudicatory Council, the Review Subcommittee, a Subcommittee or, if applicable, an Extended Proceeding Committee, or the National Adjudicatory Council. A motion for disposition of a cause of action shall be decided by the National Adjudicatory Council, except that a motion to dismiss a case for abandonment made under Rule 9344 may be decided by the Review Subcommittee.
        (3) In the Rule 9500 Series, a motion shall be decided by an Adjudicator, except that a procedural motion made pursuant to the Rule 9520 Series or Rule 9559(q)(3) may be decided by Counsel to the National Adjudicatory Council.
        (k) Motion For Protective Order
        (1) A Party, a person who is the owner, subject, or creator of a Document subject to production under Rule 8210 or any other Rule which may be introduced as evidence in a disciplinary proceeding, or a witness who testifies at a hearing in a disciplinary proceeding may file a motion requesting a protective order to limit disclosure or prohibit from disclosure to other Parties, witnesses or other persons, except the Department of Enforcement and other FINRA staff, Documents or testimony that contain confidential information. The motion shall include a general summary or extract of the Documents or testimony without revealing confidential details. If the movant seeks a protective order against disclosure to other Parties, copies of the Documents shall not be served on the other Parties. Unless the Documents are unavailable, the movant shall file for in camera inspection a sealed copy of the Documents for which the order is sought. If the movant is not a Party, the motion shall be served on each Party by the movant using a method in Rule 9134(a) and filed with the Adjudicator. A motion for a protective order shall be granted only upon a finding that disclosure of the Document or testimony would have a demonstrated adverse business effect on the movant or would involve an unreasonable breach of the movant's personal privacy.
        (2) If a protective order is granted, the order shall set forth the restrictions on use and disclosure of such Document or testimony. An Adjudicator does not have the authority to issue a protective order that would limit in any manner the use by FINRA staff of such Documents or testimony in FINRA staff's performance of their regulatory and self-regulatory responsibilities and functions, including the transmittal, without restriction to the recipient, of such Documents or testimony to state, federal, or foreign regulatory authorities or other self-regulatory organizations. An Adjudicator does not have the authority to issue a protective order that purports to protect from production such Documents or testimony in the event that FINRA is subject to a subpoena requiring that the Documents or testimony be produced.
        (l) General
        All motions, oppositions or responses, replies, and any other filings made in a proceeding shall comply with Rules 9133, 9134, 9135, 9136 and 9137.
        Amended by SR-FINRA-2018-027 eff. Aug. 3, 2018.
        Amended by SR-FINRA-2011-044 eff. Mar. 30, 2012.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Amended by SR-NASD-2003-110 eff. June 28, 2004.
        Amended by SR-NASD-99-76 eff. Sept. 11, 2000.
        Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notice: 00-56, 04-36, 08-57, 12-12.

      • 9147. Rulings On Procedural Matters

        The FINRA Board, the National Adjudicatory Council, a Hearing Officer, or any other Adjudicator shall have full authority, except as otherwise provided by the Code, to rule on a procedural motion and any other procedural or administrative matter arising during the course of a proceeding conducted pursuant to the Code, subject to the rights of review or appeal provided by the Code.
        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 Notice: 08-57.

      • 9148. Interlocutory Review

        Except as provided in Rule 9280, there shall be no interlocutory review of a ruling or order issued by any Adjudicator in a proceeding governed by the Code. If an Adjudicator grants interlocutory review of a ruling or order, such review shall not stay a proceeding, except under Rule 9280 or as otherwise ordered by the Adjudicator.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

        Selected Notice: 08-57.

    • 9150. Exclusion From Rule 9000 Series Proceeding

      (a) Exclusion
      An Adjudicator may exclude an attorney for a Party or other person authorized to represent others by Rule 9141 from acting as counsel, acting in any representative capacity, or otherwise appearing in a particular Rule 9000 Series proceeding for contemptuous conduct under Rule 9280 or unethical or improper professional conduct in that proceeding. If an attorney for a Party, or other person authorized to represent others by Rule 9141, is excluded from a disciplinary hearing or conference, or any portion thereof, such attorney or person may seek review by the National Adjudicatory Council of such exclusion under Rule 9280(c).
      (b) Other Proceedings Not Precluded
      Prohibiting an attorney or other person authorized to represent others by Rule 9141 from practicing or appearing in a FINRA proceeding shall not preclude FINRA from initiating other proceedings against such person.
      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 Notice: 08-57.

    • 9160. Recusal or Disqualification

      No person shall participate as an Adjudicator in a matter governed by the Code as to which he or she has a conflict of interest or bias, or circumstances otherwise exist where his or her fairness might reasonably be questioned. In any such case the person shall recuse himself or herself, or shall be disqualified as follows:
      (a) FINRA Board
      The Chair of the FINRA Board shall have authority to order the disqualification of a Governor, and a majority of the FINRA Board excluding the Chair of the FINRA Board, shall have authority to order the disqualification of the Chair;
      (b) National Adjudicatory Council, Review Subcommittee, or Certain Subcommittees
      The Chair of the National Adjudicatory Council shall have authority to order the disqualification of a member of the National Adjudicatory Council or the Review Subcommittee, a member of a Subcommittee appointed pursuant to Rule 9559(q) or the Rule 9600 Series, a Hearing Panel appointed pursuant to the Rule 9520 Series, and the Statutory Disqualification Committee; and the Vice Chair of the National Adjudicatory Council shall have authority to order the disqualification of the Chair of the National Adjudicatory Council;
      (c) Rule 9331 Subcommittee or Extended Proceeding Committee
      Disqualification of a Panelist of a Subcommittee or Extended Proceeding Committee appointed under the Rule 9300 Series shall be governed by Rule 9332;
      (d) Reserved
      (e) Panelist of Hearing Panel or Extended Hearing Panel
      Disqualification of a Panelist of a Hearing Panel or Extended Hearing Panel appointed under the Rule 9200 Series shall be governed by Rule 9234; and
      (f) Hearing Officer
      Disqualification of a Hearing Officer of a Hearing Panel or an Extended Hearing Panel shall be governed by Rule 9233.
      Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
      Amended by SR-NASD-2003-110 eff. June 28, 2004.
      Amended by SR-NASD-2003-74 eff. Dec. 1, 2003.
      Amended by SR-NASD-97-81 eff. Jan. 16, 1998.
      Adopted by SR-NASD-97-28 eff. Aug. 7, 1997.

      Selected Notice: 03-67, 04-36, 08-57.