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The official name of FINRA rule 8210 is “Provision of Information and Testimony and Inspection and Copying of Books.” The rule states that FINRA investigators can subpoena you, require you to testify on record, and compel you to produce critical documents. Many people think that FINRA is a government agency. Contrary to that, FINRA is a private institution. It is, therefore not bound, by the 5th Amendment. FINRA Rule 8210 makes it mandatory to respond to a Rule 8210 notice:
“No member or person shall fail to provide information or testimony or to permit an inspection and copying of books, records, or accounts pursuant to this Rule.”
There are severe penalties for failure to respond to a Rule 8210 notice. Usually, you will be suspended from the industry for 90 days. Within the 90 days, you have the opportunity to cooperate with the investigators and reverse the suspension. If you don’t cooperate, you will be banned from the industry permanently at the end of the 90 days.
Receiving a rule 8210 indicates that FINRA is suspecting that you have engaged in unlawful activities and is, therefore, launching an investigation into your conduct. The suspicion can arise due to a wide range of factors such as unusual activity in your clients’ accounts and complaints from your clients. You will be required to answer questions and avail documents relevant to the investigation.
A rule 8210 notice should not send chills down your spine. Instead, the situation calls for calm and composure. Many people have been able to carry on with their normal business activities despite FINRA investigations.
When you receive a FINRA notice, you should inform your firm especially the managers and the compliance department. FINRA often sends a copy of the notice to them. If you don’t notify your firm, and they learn about the investigations later, they might think you are hiding something. Furthermore, informing your firm will make it easy for you to get critical documents.
FINRA summons often have very short deadlines. Nevertheless, extensions are usually granted on request. When requesting an extension, it is important to be humble and coherent. Give reasons why you deserve an extension. For example, you can say that you will use the extension to gather the requested documents or seek legal representation.
Consulting a lawyer who understands FINRA disciplinary proceedings will go a long way towards getting over the case. You can even have an attorney representing you during the disciplinary sitting. Some firms and broker-dealers sacrifice their employees to save their interests. This makes it essential for you to have an attorney to take care of your interests even when your firm or broker-dealer has hired a lawyer.
This is the most significant step in the process. After gathering all the requested documents, it is now time to sit down and write a detailed response. The written response can change the course of the investigation. When writing this response, it is essential to have a FINRA defense attorney by your side.
You can contact Farar and Lewis LLP for the FINRA legal representation. Our attorneys have handled numerous FINRA defense cases in the past. We promise a no-nonsense FINRA defense and timely communication. Furthermore, we give honest and punctual case assessments. Contact us today
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Spodek Law is a great firm. They are super pragmatic
excellent lawyers
Spodek Law is a great firm. They are super pragmatic
Very diligent, organized associates; got my case dismissed. Hard working attorneys who can put up with your anxiousness. I was accused of robbing a gemstone dealer. Definitely A law group that lays out all possible options and alternative routes. Recommended for sure.
- ROBIN, GUN CHARGES ROBIN