(a) Failure to cooperate in the exchange of documents and information as required under the Code may result in sanctions. The panel may issue sanctions against any party in accordance with Rule 12212(a) for:
• Failing to comply with the discovery provisions of the Code, unless the panel determines that there is substantial justification for the failure to comply; or
Depositions are strongly discouraged in arbitration. Upon motion of a party, the panel may permit depositions, but only under very limited circumstances, including:
• To preserve the testimony of ill or dying witnesses;
• To accommodate essential witnesses who are unable or unwilling to travel long distances for a hearing and may not otherwise be
(a) A party may make a motion asking the panel to order another party to produce documents or information if the other party has:
• Failed to comply with Rule 12506 or 12507; or
• Objected to the production of documents or information under Rule 12508.
(b) Motions to compel discovery must be made, and will be decided, in accordance with Rule
(a) If a party objects to producing any document described in Document Production Lists 1 or 2 or any document or information requested under Rule 12507, it must specifically identify which document or requested information it is objecting to and why. Objections must be in writing, and must be served on all other parties. Parties must produce all applicable listed documents, or other requested
(a) Making Other Discovery Requests
(1) Parties may also request additional documents or information from any party by serving a written request on the party. Requests for information are generally limited to identification of individuals, entities, and time periods related to the dispute; such requests should be reasonable in number and not require narrative answers or fact finding.
(a) Applicability of Document Production Lists
The Director will notify parties of the location of the FINRA Discovery Guide and Document Production Lists on FINRA's Web site, but will provide a copy to the parties upon request. Document Production Lists 1 and 2 describe the documents that are presumed to be discoverable in all arbitrations between a customer and a member or
The parties must cooperate to the fullest extent practicable in the exchange of documents and information to expedite the arbitration.
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) Prehearing conferences will not be recorded unless the panel determines otherwise, either on its own initiative or upon motion of a party.
(b) If a prehearing conference is recorded, it may be recorded using any of the methods discussed under Rule 12606. The Director will provide a copy of the recording to any party upon request.
Amended by SR-FINRA-2016-029 eff. April 3, 2017
All rulings and determinations of the panel must be made by a majority of the arbitrators, unless the parties agree, or the Code or applicable law provides, otherwise.
Amended by SR-FINRA-2010-053 eff. Feb. 1, 2011.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.Selected Notices: 07-07, 08-57, 11-05.
