FINRA Issues Notice regarding Definition of "Hearing Officer" (FINRA Reg. Notice 14-32)

FINRA issued a regulatory notice regarding an amendment to FINRA Rule 9210 to modify the definition of "Hearing Officer."

The new definition includes any former FINRA employee who (i) previously acted as a Hearing Officer and (ii) is a licensed attorney. The previous rule limited the definition of "Hearing Officer" to current FINRA employees. This authorizes the Chief Hearing Officer to appoint former FINRA employees who acted previously as Hearing Officers to fulfill adjudicative responsibilities. A former employee who is appointed as a Hearing Officer will be subject to the same FINRA rules regarding impartiality, and the fairness of disciplinary proceedings, as current Hearing Officers.

The amendment will be effective as of August 12, 2014.

See: FINRA Regulatory Notice 14-32.Related news: FINRA Rule Proposal to Amend Definition of "Hearing Officer" (Fed. Reg.) (July 10, 2014); FINRA Proposes Rule to Amend Definition of "Hearing Officer" to Include Former FINRA Employees (July 2, 2014).