12313. Multiple Respondents

This rule is no longer applicable. NASD Rule 12313 has been superseded by FINRA Rule 12313. Please consult the appropriate FINRA Rule.

The Customer Code will apply to claims filed on or after April 16, 2007. In addition, the list selection provisions of the Customer Code will apply to previously filed claims in which a list of arbitrators must be generated after April 16, 2007; in these cases, however, the claim will continue to be governed by the remaining provisions of the old Code unless all parties agree to proceed under the new Code.

(a) One or more parties may name one or more respondents in the same arbitration if the claims contain any questions of law or fact common to all respondents and:
•  The claims are asserted against the respondents jointly and severally; or
•  The claims arise out of the same transaction or occurrence, or series of transactions or occurrences.
(b) After all responsive pleadings have been served, claims joined together under paragraph (a) of this rule may be separated into two or more arbitrations by the Director before a panel is appointed, or by the panel after the panel is appointed. A party whose claims were separated by the Director may make a motion to the panel in the lowest numbered case to reconsider the Director's decision.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.

Selected Notices: 07-07

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