Series 14: 1.7.1.5. Appeals

1.7.1.5. Appeals

Within 25 days after a decision has been made, a respondent, the Enforcement Department, or the Market Regulation Department may file a written notice of appeal with the National Adjudicatory Council, which will appoint a subcommittee to hear the appeal and send a recommendation to the NAC. The NAC will affirm, modify, or reverse the subcommittee’s recommended sanction, and its decision will, in turn, be sent to the FINRA Board of Governors. The Board’s approval will make the NAC’s decision final. If the FINRA Board wishes to review the disciplinary hearing, it will accept, modify, or reverse the NAC’s decision at the next board meeting.

FINRA Rule 9311