The panel may reopen the record on its own initiative or upon motion of any party at any time before the award is rendered, unless prohibited by applicable law.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.Selected Notice: 07-07, 08-57.
(a) The panel will decide when the record is closed. Once the record is closed, no further submissions will be accepted from any party.
(b) In cases in which no hearing is held, the record is presumed to be closed when the Director sends the pleadings to the panel, unless the panel requests, or agrees to accept, additional submissions from any party. If so, the record is presumed to be
Generally, the claimant shall present its case, followed by the respondent's defense. The panel has the discretion to vary the order in which the hearing is conducted, provided that each party is given a fair opportunity to present its case.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.Selected Notice: 07-07, 08-57.
All witnesses must testify under oath or affirmation.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.Selected Notice: 07-07, 08-57.
If a party fails to appear at a hearing after having been notified of the time, date and place of the hearing, the panel may determine that the hearing may go forward, and may render an award as though all parties had been present.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.Selected Notice: 07-07, 08-57.
(a) The parties and their representatives are entitled to attend all hearings. Absent persuasive reasons to the contrary, expert witnesses should be permitted to attend all hearings.
(b) An attorney for a non-party witness may attend a hearing while that non-party witness is testifying. Unless otherwise authorized by the panel, the attorney's role is limited to the assertion of
(a) Postponement of Hearings
(1) When a Hearing Shall Be Postponed
A hearing shall be postponed:
(A) by agreement of the parties; or
(B) if FINRA notifies a customer that a member or an associated person has become inactive as set forth in Rule 12202, the scheduled hearing date is within 60 days of the date the customer receives the notice from FINRA, and the customer chooses to postpone the
(a) Upon motion of a party, the panel may order the following without the use of subpoenas:
(1) The appearance of any employee or associated person of a member of FINRA; or
(2) The production of any documents in the possession or control of such persons or members.
(b) The motion must include a draft order and must be filed with the Director. The requesting party must serve the motion and
(a) To the fullest extent possible, parties should produce documents and make witnesses available to each other without the use of subpoenas.
(1) Arbitrators shall have the authority to issue subpoenas for the production of documents or the appearance of witnesses.
(2) Unless circumstances dictate the need for a subpoena, arbitrators shall not issue subpoenas to non-party FINRA members and/or
