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All witnesses must testify under oath or affirmation.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Adopted by SR-NASD-2004-011 eff. April 16, 2007.Selected Notices: 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-2004-011 eff. April 16, 2007.Selected Notices: 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 by agreement of the parties.
(2) When a Hearing May Be Postponed
A hearing may be postponed:
• By the Director, in extraordinary circumstances;
• By the panel, in its own discretion; or
• By the panel, upon motion of a party.
The panel
(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
(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 13212(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
• Frivolously
Depositions are strongly discouraged in arbitration. Upon motion of a party, the panel may permit depositions, but only under very limited circumstances, including:
(a) To preserve the testimony of ill or dying witnesses;
(b) To accommodate essential witnesses who are unable or unwilling to travel long distances for a hearing and may not otherwise be required to participate in the hearing;
(c
(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 Rules 13506 or 13507; or
• Objected to the production of documents or information under Rule 13508.
(b) Motions to compel discovery must be made, and will be decided, in accordance with Rule 13503. Such motions must include the