SEC Approves Amendments to Arbitration Codes to Direct Appearance of Witnesses and Production of Documents Without Subpoenas

The SEC approved amendments to the Customer and Industry Codes of Arbitration Procedures (Codes) which direct arbitrators, in most instances, to issue orders (arbitrator orders), instead of issuing subpoenas, when industry parties seek the appearance of witnesses or the production of documents from non-party firms or their employees or associated persons. The amendments add procedures for non-parties to object to subpoenas and for parties and non-parties to object to arbitrator orders of production.

The amendments 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.

Effective Date: February 18, 2013, for all motions filed on or after the effective date that request a subpoena under Rule 12512 or 13512, or an arbitrator order under Rule 12513 or 13513.

View Notice in full here (links externally to FINRA website).