FINRA Proposes Amending Procedures for Calling Witnesses or Producing Documents from FINRA Members

The SEC posted on its website a proposed rule change filed by FINRA to amend the Customer and Industry Codes of Arbitration Procedure (collectively “Codes”), to provide that when specified industry parties seek the appearance of witnesses or the production of documents from FINRA members (and individuals associated with the members) that are not parties to the arbitration, FINRA arbitrators shall issue orders for the appearance of witnesses or the production of documents, instead of issuing subpoenas. The proposed rule change would add procedures for non-parties to object to subpoenas and arbitrator orders of production (“arbitrator orders”). It would also standardize procedures under the Codes relating to service of motions for subpoenas and arbitrator orders, service of issued subpoenas and arbitrator orders, and time frames for responding to subpoenas and arbitrator orders, making them operationally consistent.
Rel. 34-67803 (Download 34-67803[1])