Series 14: 1.7.1.6. Release Of Disciplinary Complaints And Decisions

Taken from our Series 14 Online Guide

1.7.1.6. Release of Disciplinary Complaints and Decisions

FINRA must release information to the public about a disciplinary complaint that contains an allegation of any violation of a statute, rule, or regulation under FINRA’s jurisdiction. It may also release information on complaints that involve significant policy or enforcement issues if FINRA’s chief executive officer determines that such release of information is in the public interest.

FINRA must release information to the public with respect to any disciplinary decision imposing (1) a suspension, cancellation, or expulsion of a member firm or (2) a suspension or revocation of the registration of an associated person.

Disciplinary complaints and decisions are reported on the FINRA Disciplinary Actions Online database.

FINRA Rule 8313

Summary Table

Paths for a Respondent Who Is Subject to Allegations from FINRA

Admit allegation through an AWC letter

Done before formal complaint is issued

Decision is final (no appeal)

May be released to public

May appear on BrokerCheck

Admit allegation through an MRVP letter

Only for minor violations

Sanction will be $2,500 or less

Will not be released to public

Will not appear on BrokerCheck

Do not have to report on Form U4 or Form BD

Deny allegation and request hearing

Formal complaint will be issued

Hearing Officer will make decision after hearing

Decision will be released to the public

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