9630. Appeal
(a) Notice
An Applicant may file a written notice of appeal within 15 calendar days after service of a decision issued under Rule 9620. The notice of appeal shall be filed with the Office of General Counsel of FINRA, with a copy of the notice also provided to the appropriate department or staff of FINRA. The notice of appeal shall contain a brief statement of the findings and conclusions as to which exception is taken. Appeals of decisions issued by FINRA staff pursuant to Rule 9620 shall be decided by the National Adjudicatory Council, except with respect to exemptive relief under Rule 1210.03 (Qualification Examinations and Waivers of Examinations), which shall be decided by the Waiver Subcommittee of the National Adjudicatory Council. If the Applicant does not want the decision on the appeal to be publicly available in whole or in part, the Applicant also shall include in its notice of appeal a detailed statement, including supporting facts, showing good cause for treating the decision as confidential in whole or in part. The notice of appeal shall be signed by the Applicant.
(b) Expedited Review
Where the failure to promptly review a decision to deny a request for exemption would unduly or unfairly harm the applicant, the National Adjudicatory Council or the Waiver Subcommittee of the National Adjudicatory Council, as the case may be, shall provide expedited review.
(c) Withdrawal of Appeal
An Applicant may withdraw its notice of appeal at any time by filing a written notice of withdrawal of appeal with the National Adjudicatory Council.
(d) Oral Argument
(1) Subject to subparagraph (2) below, following the filing of a notice of appeal, the National Adjudicatory Council or Review Subcommittee may order oral argument and may designate a Subcommittee to hear such oral argument. The Subcommittee may consider any new evidence if the Applicant can show good cause for not including it in its application, and the Subcommittee will recommend to the National Adjudicatory Council a disposition of all matters on appeal.
(2) With respect to exemptive relief requested under Rule 1210.03, the Waiver Subcommittee of the National Adjudicatory Council may order oral argument and consider any new evidence if the Applicant can show good cause for not including it in its application.
(e) Decision
(1) Subject to paragraph (e)(2) of this Rule, after considering all matters on appeal, and, as applicable, the Subcommittee's recommendation, the National Adjudicatory Council shall affirm, modify, or reverse the decision issued under Rule 9620. The National Adjudicatory Council shall issue a written decision setting forth its findings and conclusions and serve the decision on the Applicant. The decision shall be served pursuant to Rules 9132 and 9134 or by electronic mail. The decision shall be effective upon service and shall constitute final action of FINRA.
(2) With respect to exemptive relief requested under Rule 1210.03, after considering all matters on appeal, the Waiver Subcommittee of the National Adjudicatory Council shall affirm, modify, or reverse the decision issued under Rule 9620. The Waiver Subcommittee shall issue a written decision setting forth its findings and conclusions and serve the decision on the Applicant. The decision shall be served pursuant to Rules 9132 and 9134 or by electronic mail. The decision shall be effective upon service and shall constitute final action of FINRA. The Waiver Subcommittee shall retain the discretion to refer the appeal to the National Adjudicatory Council, in which case the National Adjudicatory Council shall act on such appeal pursuant to its authority under the Rule 9600 Series.
(f) Service by Electronic Mail; When Service is Complete
For purposes of Rule 9630(e), service by electronic mail shall be deemed complete upon sending the decision.
| Amended by SR-FINRA-2022-009 eff. Aug. 22, 2022. Amended by SR-FINRA-2019-009 eff. May 8, 2019. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Amended by SR-NASD-2004-100 eff. Sept. 1, 2004. Amended by SR-NASD-97-81 eff. Jan. 16, 1998. Amended by SR-NASD-97-28 eff. Aug. 7, 1997. Selected Notices: 04-59, 08-57, 22-16. |