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 and 7300 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;
| Amended by SR-FINRA-2021-017 eff. Sept. 1, 2021. 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, 21-21. |
- Regulatory Notice 14-45October 31, 2014