FINRA Proposes WFH Rules for Disciplinary Matters

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On May 8, FINRA filed an expedited request for an immediate rule change that would allow service by email, extensions of time, and video-conference hearings in member-application, disciplinary proceedings and appeals.  FINRA notes that the COVID-19 work-from-home (“WFH”) environment makes it “exceedingly difficult to send and receive hard copy mail and conduct in-person meetings and hearings.”  The rule change is expected to be temporary through June 15, subject to another later filing extending the provisions if and as necessary.

FINRA previously made similar changes to its Dispute Resolution procedures for arbitrations, cancelling all hearings through July 3 and requiring all filing and service through its web-based  DR-Portal.

The proposal, SR-2020-015 is here.

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