FINRA Rules
Expand All | Collapse All
- 0100. General Standards
- 0110. Adoption of Rules
- 0120. Effective Date
- 0130. Interpretation
- 0140. Applicability
- 0150. Application of Rules to Exempted Securities Except Municipal Securities
- 0151. Coordination with the MSRB
- 0160. Definitions
- 0170. Delegation, Authority and Access
- 0180. Application of Rules to Security-Based Swaps
- 0190. Effective Date of Revocation, Cancellation, Expulsion, Suspension or Resignation
- 1000. Member Application and Associated Person Registration
- 1010. Electronic Filing Requirements for Uniform Forms
- 1011. Definitions
- 1012. General Provisions
- 1013. New Member Application and Interview
- 1014. Department Decision
- 1015. Review by National Adjudicatory Council
- 1016. Discretionary Review by FINRA Board
- 1017. Application for Approval of Change in Ownership, Control, or Business Operations
- 1018. Reserved
- 1019. Application to the SEC for Review
- 1020. Approval of Change in Exempt Status Under SEA Rule 15c3-3
- 1021. Foreign Members
- 1100. MEMBER APPLICATION
- 1200. REGISTRATION AND QUALIFICATION
- 2000. Duties and Conflicts
- 2010. Standards of Commercial Honor and Principles of Trade
- 2020. Use of Manipulative, Deceptive or Other Fraudulent Devices
- 2030. Engaging in Distribution and Solicitation Activities with Government Entities
- 2040. Payments to Unregistered Persons
- 2060. Use of Information Obtained in Fiduciary Capacity
- 2070. Transactions Involving FINRA Employees
- 2080. Obtaining an Order of Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System
- 2081. Prohibited Conditions Relating to Expungement of Customer Dispute
- 2090. Know Your Customer
- 2100. TRANSACTIONS WITH CUSTOMERS
- 2110. Recommendations
- 2111. Suitability
- 2114. Recommendations to Customers in OTC Equity Securities
- 2120. Commissions, Mark Ups and Charges
- 2121. Fair Prices and Commissions
- 2122. Charges for Services Performed
- 2124. Net Transactions with Customers
- 2130. Approval Procedures for Day-Trading Accounts
- 2140. Interfering With the Transfer of Customer Accounts in the Context of Employment Disputes
- 2150. Improper Use of Customers' Securities or Funds; Prohibition Against Guarantees and Sharing in Accounts
- 2165. Financial Exploitation of Specified Adults
- 2200. COMMUNICATIONS AND DISCLOSURES
- 2210. Communications with the Public
- 2211. Communications with the Public About Variable Life Insurance and Variable Annuities
- 2212. Use of Investment Companies Rankings in Retail Communications
- 2213. Requirements for the Use of Bond Mutual Fund Volatility Ratings
- 2214. Requirements for the Use of Investment Analysis Tools
- 2215. Communications with the Public Regarding Security Futures
- 2216. Communications with the Public About Collateralized Mortgage Obligations (CMOs)
- 2220. Options Communications
- 2230. Customer Account Statements and Confirmations
- 2231. Customer Account Statements
- 2232. Customer Confirmations
- 2240. CONFLICTS OF INTEREST
- 2241. Research Analysts and Research Reports
- 2242. Debt Research Analysts and Debt Research Reports
- 2250. Proxy Materials
- 2251. Processing and Forwarding of Proxy and Other Issuer-Related Materials
- 2260. Disclosures
- 2261. Disclosure of Financial Condition
- 2262. Disclosure of Control Relationship with Issuer
- 2263. Arbitration Disclosure to Associated Persons Signing or Acknowledging Form U4
- 2264. Margin Disclosure Statement
- 2265. Extended Hours Trading Risk Disclosure
- 2266. SIPC Information
- 2267. Investor Education and Protection
- 2268. Requirements When Using Predispute Arbitration Agreements for Customer Accounts
- 2269. Disclosure of Participation or Interest in Primary or Secondary Distribution
- 2270. Day-Trading Risk Disclosure Statement
- 2272. Sales and Offers of Sales of Securities on Military Installations
- 2273. Educational Communication Related to Recruitment Practices and Account Transfers
- 2300. SPECIAL PRODUCTS
- 2310. Direct Participation Programs
- 2320. Variable Contracts of an Insurance Company
- 2330. Members' Responsibilities Regarding Deferred Variable Annuities
- 2340. Investment Companies
- 2341. Investment Company Securities
- 2342. "Breakpoint" Sales
- 2350. Trading in Index Warrants, Currency Index Warrants and Currency Warrants
- 2351. General Provisions Applicable to Trading in Index Warrants, Currency Index Warrants and Currency Warrants
- 2352. Account Approval
- 2353. Suitability
- 2354. Discretionary Accounts
- 2355. Supervision of Accounts
- 2356. Customer Complaints
- 2357. Communications with the Public and Customers Concerning Index Warrants, Currency Index Warrants and Currency Warrants
- 2358. Maintenance of Records
- 2359. Position and Exercise Limits; Liquidations
- 2360. Options
- 2370. Security Futures
- 3000. Supervision and Responsibilities Relating to Associated Persons
- 3100. SUPERVISORY RESPONSIBILITIES
- 3200. RESPONSIBILITIES RELATING TO ASSOCIATED PERSONS
- 3210. Accounts At Other Broker-Dealers and Financial Institutions
- 3220. Influencing or Rewarding Employees of Others
- 3230. Telemarketing
- 3240. Borrowing From or Lending to Customers
- 3241. Registered Person Being Named a Customer’s Beneficiary or Holding a Position of Trust for a Customer
- 3250. Designation of Accounts
- 3260. Discretionary Accounts
- 3270. Outside Business Activities of Registered Persons
- 3280. Private Securities Transactions of an Associated Person
- 3300. ANTI-MONEY LAUNDERING
- 4000. Financial and Operational Rules
- 4100. FINANCIAL CONDITION
- 4110. Capital Compliance
- 4111. Restricted Firm Obligations
- 4120. Regulatory Notification and Business Curtailment
- 4130. Regulation of Activities of Section 15C Members Experiencing Financial and/or Operational Difficulties
- 4140. Audit
- 4150. Guarantees by, or Flow Through Benefits for, Members
- 4160. Verification of Assets
- 4200. MARGIN
- 4300. OPERATIONS
- 4310. Member Agreements and Contracts
- 4311. Carrying Agreements
- 4314. Securities Loans and Borrowings
- 4320. Short Sale Delivery Requirements
- 4330. Customer Protection — Permissible Use of Customers' Securities
- 4340. Callable Securities
- 4360. Fidelity Bonds
- 4370. Business Continuity Plans and Emergency Contact Information
- 4380. Mandatory Participation in FINRA BC/DR Testing Under Regulation SCI
- 4500. BOOKS, RECORDS AND REPORTS
- 4510. Books and Records Requirements
- 4511. General Requirements
- 4512. Customer Account Information
- 4513. Records of Written Customer Complaints
- 4514. Authorization Records for Negotiable Instruments Drawn From a Customer's Account
- 4515. Approval and Documentation of Changes in Account Name or Designation
- 4517. Member Filing and Contact Information Requirements
- 4518. Notification to FINRA in Connection with the JOBS Act
- 4520. Financial Records and Reporting Requirements
- 4521. Notifications, Questionnaires and Reports
- 4522. Periodic Security Counts, Verifications and Comparisons
- 4523. Assignment of Responsibility for General Ledger Accounts and Identification of Suspense Accounts
- 4524. Supplemental FOCUS Information
- 4530. Reporting Requirements
- 4540. Reporting Requirements for Clearing Firms
- 4550. ATS Reporting
- 4551. Requirements for Alternative Trading Systems to Record and Transmit Order and Execution Information for Security Futures
- 4560. Short-Interest Reporting
- 4570. Custodian of Books and Records
- 4580. Books and Records Requirements for Government Distribution and Solicitation Activities
- 4590. Synchronization of Member Business Clocks
- 4100. FINANCIAL CONDITION
- 5000. Securities Offering and Trading Standards and Practices
- 5100. SECURITIES OFFERINGS, UNDERWRITING AND COMPENSATION
- 5110. Corporate Financing Rule — Underwriting Terms and Arrangements
- 5120. Offerings of Members’ Securities
- 5121. Public Offerings of Securities With Conflicts of Interest
- 5122. Private Placements of Securities Issued by Members
- 5123. Private Placements of Securities
- 5130. Restrictions on the Purchase and Sale of Initial Equity Public Offerings
- 5131. New Issue Allocations and Distributions
- 5140. Integrity of Fixed Price Offerings
- 5141. Sale of Securities in a Fixed Price Offering
- 5150. Fairness Opinions
- 5160. Disclosure of Price and Concessions in Selling Agreements
- 5190. Notification Requirements for Offering Participants
- 5200. QUOTATION AND TRADING OBLIGATIONS AND PRACTICES
- 5210. Publication of Transactions and Quotations
- 5220. Offers at Stated Prices
- 5230. Payments Involving Publications that Influence the Market Price of a Security
- 5240. Anti-Intimidation/Coordination
- 5250. Payments for Market Making
- 5260. Prohibition on Transactions, Publication of Quotations, or Publication of Indications of Interest During Trading Halts
- 5270. Front Running of Block Transactions
- 5280. Trading Ahead of Research Reports
- 5290. Order Entry and Execution Practices
- 5300. HANDLING OF CUSTOMER ORDERS
- 5100. SECURITIES OFFERINGS, UNDERWRITING AND COMPENSATION
- 6000. Quotation, Order, and Transaction Reporting Facilities
- 6100. QUOTING AND TRADING IN NMS STOCKS
- 6110. Trading Otherwise than on an Exchange
- 6120. Trading Halts
- 6121. Trading Halts Due to Extraordinary Market Volatility
- 6130. Transactions Related to Initial Public Offerings
- 6140. Other Trading Practices
- 6150. Obligation to Provide Information
- 6160. Multiple MPIDs for Trade Reporting Facility Participants
- 6170. Multiple MPIDs for Alternative Display Facility Participants
- 6180. Transaction Reporting
- 6181. Timely Transaction Reporting
- 6182. Trade Reporting of Short Sales
- 6183. Exemption from Trade Reporting Obligation for Certain Alternative Trading Systems
- 6184. Transactions in Exchange-Traded Managed Fund Shares ("NextShares")
- 6190. Compliance with Regulation NMS Plan to Address Extraordinary Market Volatility
- 6191. Compliance with Regulation NMS Plan to Implement a Tick Size Pilot Program
- 6200. ALTERNATIVE DISPLAY FACILITY
- 6210. General
- 6220. Definitions
- 6230. Use of Alternative Display Facility Data Systems
- 6240. Prohibition from Locking or Crossing Quotations in NMS Stocks
- 6250. Quote and Order Access Requirements
- 6260. Review of Direct or Indirect Access Complaints
- 6270. Quoting and Trading in ADF-Eligible Securities
- 6271. Registration as an ADF Market Maker or ADF ECN
- 6272. Character of Quotations
- 6273. Normal Business Hours
- 6274. Clearance and Settlement
- 6275. Withdrawal of Quotations
- 6276. Voluntary Termination of Registration
- 6277. Suspension and Termination of Quotations by FINRA Action
- 6278. Termination of Alternative Display Facility Data System Service
- 6279. Alternative Trading Systems
- 6280. Transaction Reporting
- 6281. Reporting Transactions in ADF-Eligible Securities
- 6282. Transactions Reported by Members to the ADF
- 6300. TRADE REPORTING FACILITIES
- 6300A. FINRA/NASDAQ TRADE REPORTING FACILITIES
- 6300B. FINRA/NYSE TRADE REPORTING FACILITY
- 6400. QUOTING AND TRADING IN OTC EQUITY SECURITIES
- 6410. General
- 6420. Definitions
- 6430. OTC Equity Quotation Requirements
- 6431. Recording of Quotation Information
- 6432. Compliance with the Information Requirements of SEA Rule 15c2-11
- 6433. Minimum Quotation Size Requirements For OTC Equity Securities
- 6434. Minimum Pricing Increment for OTC Equity Securities
- 6435. Withdrawal of Quotations in an OTC Equity Security in Compliance with SEC Regulation M
- 6437. Prohibition from Locking or Crossing Quotations in OTC Equity Securities
- 6438. Displaying Priced Quotations in Multiple Quotation Mediums
- 6439. Requirements for Member Inter-Dealer Quotation Systems
- 6440. Trading and Quotation Halt in OTC Equity Securities
- 6450. Restrictions on Access Fees
- 6460. Display of Customer Limit Orders
- 6480. Multiple MPIDs for Quoting and Trading in OTC Equity Securities
- 6490. Processing of Company-Related Actions
- 6600. OTC REPORTING FACILITY
- 6700. TRADE REPORTING AND COMPLIANCE ENGINE (TRACE)
- 6710. Definitions
- 6720. Participation in TRACE
- 6730. Transaction Reporting
- 6731. Exemption from Trade Reporting Obligation for Certain Alternative Trading Systems
- 6732. Exemption from Trade Reporting Obligation for Certain Transactions on an Alternative Trading System
- 6740. Termination of TRACE Service
- 6750. Dissemination of Transaction Information
- 6760. Obligation To Provide Notice
- 6770. Emergency Authority
- 6800. CONSOLIDATED AUDIT TRAIL COMPLIANCE RULE
- 6810. Definitions
- 6820. Clock Synchronization
- 6830. Industry Member Data Reporting
- 6840. Customer Information Reporting
- 6850. Industry Member Information Reporting
- 6860. Time Stamps
- 6865. Time Stamp and Clock Synchronization Rule Violations
- 6870. Connectivity and Data Transmission
- 6880. Development and Testing
- 6890. Recordkeeping
- 6893. Timely, Accurate and Complete Data
- 6895. Compliance Dates
- 6898. Consolidated Audit Trail—Fee Dispute Resolution
- 6100. QUOTING AND TRADING IN NMS STOCKS
- 7000. Clearing, Transaction and Order Data Requirements, and Facility Charges
- 7100. ALTERNATIVE DISPLAY FACILITY
- 7200. TRADE REPORTING FACILITIES
- 7200A. FINRA/NASDAQ TRADE REPORTING FACILITIES
- 7200B. FINRA/NYSE TRADE REPORTING FACILITY
- 7300. OTC REPORTING FACILITY
- 7500. CHARGES FOR ALTERNATIVE DISPLAY FACILITY SERVICES AND EQUIPMENT
- 7510. System Services
- 7520. FIX Connectivity Charge
- 7530. Other Services
- 7540. Partial Month Charges
- 7550. Late Fees
- 7560. Minor Modifications in Charges
- 7580. Capacity Fees and Penalties
- 7581. Excess Capacity Usage Fees
- 7582. Shortfall Capacity Usage Fees
- 7583. Penalties Incurred Pursuant to the National Market System Data Plans
- 7600. DATA PRODUCTS AND CHARGES FOR TRADE REPORTING FACILITY SERVICES
- 7600A. DATA PRODUCTS AND CHARGES FOR FINRA/NASDAQ TRADE REPORTING FACILITY SERVICES
- 7600B. CHARGES FOR FINRA/NYSE TRADE REPORTING FACILITY SERVICES
- 7700. CHARGES FOR OTC REPORTING FACILITY, OTC BULLETIN BOARD AND TRADE REPORTING AND COMPLIANCE ENGINE SERVICES
- 8000. Investigations and Sanctions
- 8100. GENERAL PROVISIONS
- 8200. INVESTIGATIONS
- 8300. SANCTIONS
- 8310. Sanctions for Violation of the Rules
- 8311. Effect of a Suspension, Revocation, Cancellation, Bar or Other Disqualification
- 8312. FINRA BrokerCheck Disclosure
- 8313. Release of Disciplinary Complaints, Decisions and Other Information
- 8320. Payment of Fines, Other Monetary Sanctions, or Costs; Summary Action for Failure to Pay
- 8330. Costs of Proceedings
- 9000. Code of Procedure
- 9100. APPLICATION AND PURPOSE
- 9110. Application
- 9120. Definitions
- 9130. Service; Filing of Papers
- 9131. Service of Complaint
- 9132. Service of Orders, Notices, and Decisions by Adjudicator
- 9133. Service of Papers Other Than Complaints, Orders, Notices, or Decisions
- 9134. Methods of, Procedures for Service
- 9135. Filing of Papers with Adjudicator: Procedure
- 9136. Filing of Papers: Form
- 9137. Filing of Papers: Signature Requirement and Effect
- 9138. Computation of Time
- 9140. Proceedings
- 9141. Appearance and Practice; Notice of Appearance
- 9142. Withdrawal by Attorney or Representative
- 9143. Ex Parte Communications
- 9144. Separation of Functions
- 9145. Rules of Evidence; Official Notice
- 9146. Motions
- 9147. Rulings On Procedural Matters
- 9148. Interlocutory Review
- 9150. Exclusion From Rule 9000 Series Proceeding
- 9160. Recusal or Disqualification
- 9200. DISCIPLINARY PROCEEDINGS
- 9210. Complaint and Answer
- 9211. Authorization of Complaint
- 9212. Complaint Issuance — Requirements, Service, Amendment, Withdrawal, and Docketing
- 9213. Assignment of Hearing Officer and Appointment of Panelists to Hearing Panel or Extended Hearing Panel
- 9214. Consolidation or Severance of Disciplinary Proceedings
- 9215. Answer to Complaint
- 9216. Acceptance, Waiver, and Consent; Plan Pursuant to SEA Rule 19d-1(c)(2)
- 9217. Violations Appropriate for Disposition Under Plan Pursuant to SEA Rule 19d-1(c)(2)
- 9220. Request for Hearing; Extensions of Time, Postponements, Adjournments
- 9221. Request for Hearing
- 9222. Extensions of Time, Postponements, and Adjournments
- 9230. Appointment of Hearing Panel, Extended Hearing Panel
- 9231. Appointment by the Chief Hearing Officer of Hearing Panel or Extended Hearing Panel or Replacement Hearing Officer
- 9232. Criteria for Selection of Panelists and Replacement Panelists
- 9233. Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Hearing Officers
- 9234. Hearing Panel or Extended Hearing Panel: Recusal and Disqualification of Panelists
- 9235. Hearing Officer Authority
- 9240. Pre-hearing Conference and Submission
- 9241. Pre-hearing Conference
- 9242. Pre-hearing Submission
- 9250. Discovery
- 9251. Inspection and Copying of Documents in Possession of Staff
- 9252. Requests for Information
- 9253. Production of Witness Statements
- 9260. Hearing and Decision
- 9261. Evidence and Procedure in Hearing
- 9262. Testimony
- 9263. Evidence: Admissibility
- 9264. Motion for Summary Disposition
- 9265. Record of Hearing
- 9266. Proposed Findings of Fact, Conclusions of Law, and Post-Hearing Briefs
- 9267. Record; Supplemental Documents Attached to Record; Retention
- 9268. Decision of Hearing Panel or Extended Hearing Panel
- 9269. Default Decisions
- 9270. Settlement Procedure
- 9280. Contemptuous Conduct
- 9285. Interim Orders and Mandatory Heightened Supervision While on Appeal or on Discretionary Review
- 9290. Expedited Disciplinary Proceedings
- 9291. Permanent Cease and Desist Orders
- 9300. REVIEW OF DISCIPLINARY PROCEEDING BY NATIONAL ADJUDICATORY COUNCIL AND FINRA BOARD; APPLICATION FOR SEC REVIEW
- 9310. Appeal to or Review by National Adjudicatory Council
- 9311. Appeal by Any Party; Cross-Appeal
- 9312. Review Proceeding Initiated By Adjudicatory Council
- 9313. Counsel to National Adjudicatory Council
- 9320. Transmission of Record; Extensions of Time, Postponements, Adjournments
- 9321. Transmission of Record
- 9322. Extensions of Time, Postponements, Adjournments
- 9330. Appointment of Subcommittee or Extended Proceeding Committee; Disqualification and Recusal
- 9331. Appointment of Subcommittee or Extended Proceeding Committee
- 9332. Disqualification and Recusal
- 9340. Proceedings
- 9341. Oral Argument
- 9342. Failure to Appear at Oral Argument
- 9343. Disposition Without Oral Argument
- 9344. Failure to Participate Below; Abandonment of Appeal
- 9345. Subcommittee or Extended Proceeding Committee Recommended Decision to National Adjudicatory Council
- 9346. Evidence in National Adjudicatory Council Proceedings
- 9347. Filing of Papers in National Adjudicatory Council Proceedings
- 9348. Powers of the National Adjudicatory Council on Review
- 9349. National Adjudicatory Council Formal Consideration; Decision
- 9350. Discretionary Review by FINRA Board
- 9351. Discretionary Review by FINRA Board
- 9360. Effectiveness of Sanctions
- 9370. Application to SEC for Review
- 9500. OTHER PROCEEDINGS
- 9520. Eligibility Proceedings
- 9521. Purpose and Definitions
- 9522. Initiation of Eligibility Proceeding; Member Regulation Consideration; and Requirements for an Interim Plan of Heightened Supervision
- 9523. Acceptance of Member Regulation Recommendations and Supervisory Plans by Consent Pursuant to SEA Rule 19h-1
- 9524. National Adjudicatory Council Consideration
- 9525. Discretionary Review by the FINRA Board
- 9526. Expedited Review
- 9527. Application to SEC for Review
- 9550. Expedited Proceedings
- 9551. Failure to Comply with Public Communication Standards
- 9552. Failure to Provide Information or Keep Information Current
- 9553. Failure to Pay FINRA Dues, Fees and Other Charges
- 9554. Failure to Comply with an Arbitration Award or Related Settlement or an Order of Restitution or Settlement Providing for Restitution
- 9555. Failure to Meet the Eligibility or Qualification Standards or Prerequisites for Access to Services
- 9556. Failure to Comply with Temporary and Permanent Cease and Desist Orders, or Orders that Impose Conditions or Restrictions
- 9557. Procedures for Regulating Activities Under Rules 4110, 4120 and 4130 Regarding a Member Experiencing Financial or Operational Difficulties
- 9558. Summary Proceedings for Actions Authorized by Section 15A(h)(3) of the Exchange Act
- 9559. Hearing Procedures for Expedited Proceedings Under the Rule 9550 Series
- 9561. Procedures for Regulating Activities Under Rule 4111
- 9600. PROCEDURES FOR EXEMPTIONS
- 9700. PROCEDURES ON GRIEVANCES CONCERNING THE AUTOMATED SYSTEMS
- 9800. TEMPORARY AND PERMANENT CEASE AND DESIST ORDERS
- 9900. RESTRICTIONS ON FORMER FINRA OFFICERS AND EMPLOYEES; NONPUBLIC INFORMATION
- 9100. APPLICATION AND PURPOSE
- 10000. Code of Arbitration Procedure
- 10100. ADMINISTRATIVE PROVISIONS
- IM-10100. Failure to Act Under Provisions of Code of Arbitration Procedure
- 10101. Matters Eligible for Submission
- 10102. National Arbitration and Mediation Committee
- 10103. Director of Arbitration
- 10104. Composition and Appointment of Panels
- 10105. Non-Waiver of FINRA Objects and Purposes
- 10106. Legal Proceedings
- 10200. INDUSTRY AND CLEARING CONTROVERSIES
- 10201. Required Submission
- 10202. Composition of Panels
- 10203. Simplified Industry Arbitration
- 10204. Applicability of Uniform Code
- 10205. Schedule of Fees for Industry and Clearing Controversies
- 10210. Statutory Employment Discrimination Claims
- 10211. Special Arbitrator Qualifications for Employment Discrimination Disputes
- 10212. Composition of Panels
- 10213. Discovery
- 10214. Awards
- 10215. Attorneys' Fees
- 10216. Coordination of Claims Filed in Court and in Arbitration
- 10217. Fees
- 10300. UNIFORM CODE OF ARBITRATION
- 10301. Required Submission
- 10302. Simplified Arbitration
- 10303. Hearing Requirements—Waiver of Hearing
- 10304. Time Limitation Upon Submission
- 10305. Dismissal of Proceedings
- 10306. Settlements
- 10307. Tolling of Time Limitation(s) for the Institution of Legal Proceedings and Extension of Time Limitation(s) for Submission to Arbitration
- 10308. Selection of Arbitrators
- 10309. Composition of Panels
- 10310. Notice of Selection of Arbitrators
- 10311. Peremptory Challenge
- 10312. Disclosures Required of Arbitrators and Director's Authority to Disqualify
- 10313. Disqualification or Other Disability of Arbitrators
- 10314. Initiation of Proceedings
- 10315. Determination of Hearing Location
- 10316. Representation by Counsel
- 10317. Attendance at Hearings
- 10318. Failure to Appear
- 10319. Adjournments
- 10320. Acknowledgement of Pleadings
- 10321. General Provisions Governing Pre-Hearing Proceedings
- 10322. Subpoenas and Power to Direct Appearances
- 10323. Evidence
- 10324. Interpretation of Provisions of Code and Enforcement of Arbitrator Rulings
- 10325. Determination of Arbitrators
- 10326. Record of Proceedings
- 10327. Oaths of the Arbitrators and Witnesses
- 10328. Amendments
- 10329. Reopening of Hearings
- 10330. Awards
- 10331. Incorporation by Reference
- 10332. Schedule of Fees for Customer Disputes
- 10333. Member Surcharge and Process Fees
- 10334. Direct Communication Between Parties and Arbitrators
- 10335. Temporary Injunctive Orders; Requests for Permanent Injunctive Relief
- 10100. ADMINISTRATIVE PROVISIONS
- 11000. Uniform Practice Code
- 11100. SCOPE OF UNIFORM PRACTICE CODE
- 11110. Committees
- 11111. Refusal to Abide by Rulings of the Committee
- 11112. Review by Panels of the UPC Committee
- 11120. Definitions
- 11121. Trade Date
- 11130. When, As and If Issued/Distributed Contracts
- 11140. Transactions in Securities "Ex-Dividend," "Ex-Rights" or "Ex-Warrants"
- 11150. Transactions "Ex-Interest" in Bonds Which Are Dealt in "Flat"
- 11160. "Ex" Liquidating Payments
- 11170. Transactions in "Part-Redeemed" Bonds
- 11190. Reconfirmation and Pricing Service Participants
- 11200. COMPARISONS OR CONFIRMATIONS AND "DON'T KNOW NOTICES"
- 11300. DELIVERY OF SECURITIES
- 11310. Book-Entry Settlement
- 11320. Dates of Delivery
- 11330. Payment
- 11340. Stamp Taxes
- 11350. Part Delivery
- 11360. Units of Delivery
- 11361. Units of Delivery — Stocks
- 11362. Units of Delivery — Bonds
- 11363. Units of Delivery — Unit Investment Trust Securities
- 11364. Units of Delivery — Certificates of Deposit for Bonds
- 11365. Trading Securities As "Units" or Bonds "With Stock"
- 11400. DELIVERY OF SECURITIES WITH DRAFT ATTACHED
- 11500. DELIVERY OF SECURITIES WITH RESTRICTIONS
- 11510. Delivery of Temporary Certificates
- 11520. Delivery of Mutilated Securities
- 11530. Delivery of Securities Called for Redemption or Which Are Deemed Worthless
- 11540. Delivery Under Government Regulations
- 11550. Assignments and Powers of Substitution; Delivery of Registered Securities
- 11560. Certificate of Company Whose Transfer Books Are Closed
- 11570. Certificates in Various Names
- 11571. Certificate in Name of Corporation
- 11572. Certificate in Name of Firm
- 11573. Certificate in Name of Dissolved Firm Succeeded by New Firm
- 11574. Certificate in Name of Deceased Person, Trustee, etc.
- 11580. Transfer of Limited Partnership Securities
- 11581. Limited Partnership Transfer Forms
- 11600. DELIVERY OF BONDS AND OTHER EVIDENCES OF INDEBTEDNESS
- 11700. RECLAMATIONS AND REJECTIONS
- 11800. CLOSE-OUT PROCEDURES
- 11810. Buy-In Procedures and Requirements
- 11820. Selling-Out
- 11830. Reserved.
- 11840. Rights and Warrants
- 11860. COD Orders
- 11870. Customer Account Transfer Contracts
- 11880. Settlement of Syndicate Accounts
- 11890. Clearly Erroneous Transactions
- 11891. General
- 11892. Clearly Erroneous Transactions in Exchange-Listed Securities
- 11893. Clearly Erroneous Transactions in OTC Equity Securities
- 11894. Review by the Uniform Practice Code (“UPC”) Committee
- 11900. CLEARANCE OF CORPORATE DEBT SECURITIES
- 11100. SCOPE OF UNIFORM PRACTICE CODE
- 12000. Code of Arbitration Procedure for Customer Disputes
- PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY
- IM-12000. Failure to Act Under Provisions of Code of Arbitration Procedure for Customer Disputes
- 12100. Definitions
- 12101. Applicability of Code and Incorporation by Reference
- 12102. National Arbitration and Mediation Committee
- 12103. Director of FINRA Dispute Resolution Services
- 12104. Effect of Arbitration on FINRA Regulatory Activities; Arbitrator Referral During or at Conclusion of Case
- 12105. Agreement of the Parties
- PART II GENERAL ARBITRATION RULES
- 12200. Arbitration Under an Arbitration Agreement or the Rules of FINRA
- 12201. Elective Arbitration
- 12202. Claims Against Inactive Members
- 12203. Denial of FINRA Forum
- 12204. Class Action Claims
- 12205. Shareholder Derivative Actions
- 12206. Time Limits
- 12207. Extension of Deadlines
- 12208. Representation of Parties
- 12209. Legal Proceedings
- 12210. Ex Parte Communications
- 12211. Direct Communication Between Parties and Arbitrators
- 12212. Sanctions
- 12213. Hearing Locations
- 12214. Payment of Arbitrators
- PART III INITIATING AND RESPONDING TO CLAIMS
- 12300. Filing and Serving Documents
- 12301. Service on Associated Persons
- 12302. Filing and Serving an Initial Statement of Claim
- 12303. Answering the Statement of Claim
- 12304. Answering Counterclaims
- 12305. Answering Cross Claims
- 12306. Answering Third Party Claims
- 12307. Deficient Claims
- 12308. Loss of Defenses Due to Untimely or Incomplete Answer
- 12309. Amending Pleadings
- 12310. Answering Amended Claims
- 12311. Amendments to Amount in Dispute
- 12312. Multiple Claimants
- 12313. Multiple Respondents
- 12314. Combining Claims
- PART IV APPOINTMENT, DISQUALIFICATION, AND AUTHORITY OF ARBITRATORS
- 12400. List Selection Algorithm and Arbitrator Rosters
- 12401. Number of Arbitrators
- 12402. Cases with One Arbitrator
- 12403. Cases with Three Arbitrators
- 12404. Additional Parties
- 12405. Disclosures Required of Arbitrators
- 12406. Arbitrator Recusal
- 12407. Removal of Arbitrator by Director
- 12408. Director's Discretionary Authority
- 12409. Jurisdiction of Panel and Authority to Interpret the Code
- 12410. Determinations of Arbitration Panel
- PART V PREHEARING PROCEDURES AND DISCOVERY
- 12500. Initial Prehearing Conference
- 12501. Other Prehearing Conferences
- 12502. Recording Prehearing Conferences
- 12503. Motions
- 12504. Motions to Dismiss
- 12505. Cooperation of Parties in Discovery
- 12506. Document Production Lists
- 12507. Other Discovery Requests
- 12508. Objecting to Discovery; Waiver of Objection
- 12509. Motions to Compel Discovery
- 12510. Depositions
- 12511. Discovery Sanctions
- 12512. Subpoenas
- 12513. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas
- 12514. Prehearing Exchange of Documents and Witness Lists, and Explained Decision Requests
- PART VI HEARINGS; EVIDENCE; CLOSING THE RECORD
- PART VII TERMINATION OF AN ARBITRATION BEFORE AWARD
- PART VIII SIMPLIFIED ARBITRATION, DEFAULT PROCEEDINGS, AND EXPUNGEMENT PROCEEDINGS
- PART IX FEES AND AWARDS
- PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY
- 13000. Code of Arbitration Procedure for Industry Disputes
- PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY
- IM-13000. Failure to Act Under Provisions of Code of Arbitration Procedure for Industry Disputes
- 13100. Definitions
- 13101. Applicability of Code and Incorporation by Reference
- 13102. National Arbitration and Mediation Committee
- 13103. Director of FINRA Dispute Resolution Services
- 13104. Effect of Arbitration on FINRA Regulatory Activities; Arbitrator Referral During or at Conclusion of Case
- 13105. Agreement of the Parties
- PART II GENERAL ARBITRATION RULES
- 13200. Required Arbitration
- 13201. Statutory Employment Discrimination Claims and Disputes Arising Under a Whistleblower Statute that Prohibits the Use of Predispute Arbitration Agreements
- 13202. Claims Involving Registered Clearing Agencies
- 13203. Denial of FINRA Forum
- 13204. Class Action and Collective Action Claims
- 13205. Shareholder Derivative Actions
- 13206. Time Limits
- 13207. Extension of Deadlines
- 13208. Representation of Parties
- 13209. Legal Proceedings
- 13210. Ex Parte Communications
- 13211. Direct Communication Between Parties and Arbitrators
- 13212. Sanctions
- 13213. Hearing Locations
- 13214. Payment of Arbitrators
- PART III INITIATING AND RESPONDING TO CLAIMS
- 13300. Filing and Serving Documents
- 13301. Service on Associated Persons
- 13302. Filing and Serving an Initial Statement of Claim
- 13303. Answering the Statement of Claim
- 13304. Answering Counterclaims
- 13305. Answering Cross Claims
- 13306. Answering Third Party Claims
- 13307. Deficient Claims
- 13308. Loss of Defenses Due to Untimely or Incomplete Answer
- 13309. Amending Pleadings
- 13310. Answering Amended Claims
- 13311. Amendments to Amount in Dispute
- 13312. Multiple Claimants
- 13313. Multiple Respondents
- 13314. Combining Claims
- PART IV APPOINTMENT, DISQUALIFICATION, AND AUTHORITY OF ARBITRATORS
- 13400. List Selection Algorithm and Arbitrator Rosters
- 13401. Number of Arbitrators
- 13402. Composition of Arbitration Panels in Cases Not Involving a Statutory Discrimination Claim
- 13403. Generating and Sending Lists to the Parties
- 13404. Striking and Ranking Arbitrators
- 13405. Combining Lists
- 13406. Appointment of Arbitrators; Discretion to Appoint Arbitrators Not on List
- 13407. Additional Parties
- 13408. Disclosures Required of Arbitrators
- 13409. Arbitrator Recusal
- 13410. Removal of Arbitrator by Director
- 13411. Replacement of Arbitrators
- 13412. Director's Discretionary Authority
- 13413. Jurisdiction of Panel and Authority to Interpret the Code
- 13414. Determinations of Arbitration Panel
- PART V PREHEARING PROCEDURES AND DISCOVERY
- 13500. Initial Prehearing Conference
- 13501. Other Prehearing Conferences
- 13502. Recording Prehearing Conferences
- 13503. Motions
- 13504. Motions to Dismiss
- 13505. Cooperation of Parties in Discovery
- 13506. Discovery Requests
- 13507. Responding to Discovery Requests
- 13508. Objecting to Discovery Requests; Waiver of Objection
- 13509. Motions to Compel Discovery
- 13510. Depositions
- 13511. Discovery Sanctions
- 13512. Subpoenas
- 13513. Authority of Panel to Direct Appearances of Associated Person Witnesses and Production of Documents Without Subpoenas
- 13514. Prehearing Exchange of Documents and Witness Lists, and Explained Decision Requests
- PART VI HEARINGS; EVIDENCE; CLOSING THE RECORD
- PART VII TERMINATION OF AN ARBITRATION BEFORE AWARD
- PART VIII SIMPLIFIED ARBITRATION; DEFAULT PROCEEDINGS; SEXUAL ASSAULT CLAIMS, SEXUAL HARASSMENT CLAIMS, OR STATUTORY EMPLOYMENT DISCRIMINATION CLAIMS; INJUNCTIVE RELIEF; EXPUNGEMENT PROCEEDINGS; AND PROMISSORY NOTE PROCEEDINGS
- 13800. Simplified Arbitration
- 13801. Default Proceedings
- 13802. Statutory Employment Discrimination Claims
- 13803. Coordination of Statutory Employment Discrimination Claims Filed in Court and in Arbitration
- 13804. Temporary Injunctive Orders; Requests for Permanent Injunctive Relief
- 13805. Expungement of Customer Dispute Information from the Central Registration Depository (CRD) System
- 13806. Panel to Decide Requests for Expungement of Customer Dispute Information Filed by an Associated Person under Rule 13805
- 13807. Promissory Note Proceedings
- PART IX FEES AND AWARDS
- PART I INTERPRETIVE MATERIAL, DEFINITIONS, ORGANIZATION AND AUTHORITY
- 14000. Code of Mediation Procedure
- 14100. Definitions
- 14101. Applicability of Code
- 14102. National Arbitration and Mediation Committee
- 14103. Director of Mediation
- 14104. Mediation under the Code
- 14105. Effect of Mediation on Arbitration Proceedings
- 14106. Representation of Parties
- 14107. Mediator Selection
- 14108. Limitation on Liability
- 14109. Mediation Ground Rules
- 14110. Mediation Fees