![]() ![]() ![]() Industry panelists (who may or may not be attorneys) are associated with or retired from employment with a FINRA member firm and have served in one of several qualifying positions on FINRA boards, councils, or district offices. With input from the hearing officer assigned to a case, the chief hearing officer then selects two industry panelists. A FINRA hearing officer (an attorney who is a current or retired employee of the OHO) must serve as the panel chair. Cases are heard by a three-member panel chosen by FINRA’s chief hearing officer. ![]() Respondents have 25 days to answer the complaint and must include a request for a hearing, if so desired. Disciplinary cases (governed by FINRA Rule 9000, et seq.) are initiated when Enforcement files a complaint with the OHO alleging that a respondent has violated FINRA rules or federal securities laws. Overview of FINRA OHO Disciplinary HearingsįINRA bylaws require that formal disciplinary proceedings be heard before the OHO. This article gives a brief overview of disciplinary hearings before the OHO and relays advice for achieving a successful outcome at trial. At the forum, FINRA hearing officers, industry panelists, and enforcement counsel provided their unique perspectives on what works in trying FINRA disciplinary cases. With these issues in mind, the Self-Regulatory Organizations (SRO) Subcommittee of the ABA Securities Litigation Committee recently hosted a regulatory forum in New York on strategies for effectively trying FINRA disciplinary cases. ![]()
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