FINRA Updates Electronic Filing for Disciplinary Documents

The SEC approved a FINRA rule change to make permanent a number of time-limited provisions in its rules that provide for electronic service and filing of documents in disciplinary and other proceedings and appeals.

The temporary amendments were adopted due to the COVID-19 pandemic. The rule changes will permit FINRA to serve documents via email and provides that if the email address of the respondent is unverifiable, FINRA will be permitted to use alternative approved methods until the email address can be verified. The rule change will also require parties in Office of Hearing Officers (OHO) proceedings to include a current email address at the first occurrence of a filing as well as notify all other relevant parties during the course of the proceeding of any change in email address.

The effective date will be published by FINRA via a Regulatory Notice at a later date. To provide continuity and avoid any lapses in regulation, FINRA stated that it may seek to extend the temporary amendments in the event the amendments expire prior to the effective date.