FINRA—answering a statement of claim under the Customer Code and the Industry Code
FINRA—answering a statement of claim under the Customer Code and the Industry Code

The following Arbitration practice note provides comprehensive and up to date legal information covering:

  • FINRA—answering a statement of claim under the Customer Code and the Industry Code
  • Answer to the statement of claim
  • Loss of defences due to untimely or incomplete answer
  • Answering amended claims
  • Answering amended pleadings
  • Hearing locations

CORONAVIRUS (COVID-19): Many arbitral organisations have responded to the coronavirus pandemic with practical guidance and/or changes to their usual procedures and ways of working. For information on how this content and relevant arbitration proceedings may be impacted, see Practice Note: Arbitral organisations and coronavirus (COVID-19)—practical impact. For additional information, see: Coronavirus (COVID-19) and arbitration—overview.

The Financial Industry Regulation Authority (FINRA) has two Codes of Arbitration Procedure:

  1. the Code of Arbitration Procedure for Customer Disputes (the Customer Code or Section 12000 of the FINRA Rules)—which governs arbitration proceedings between investors and industry parties, and

  2. the Code of Arbitration Procedure for Industry Disputes (the Industry Code or Section 13000 of the FINRA Rules)—which governs arbitration proceedings between industry parties

For more information on FINRA, see Practice Note: FINRA—background, structure and purpose under the Customer Code and the Industry Code.

The process for initiating and responding to investor claims is set out at Part III of the Customer Code and the Industry Code. This note covers both Codes.

For information on the statement of claim itself, see Practice Notes: FINRA—commencing an arbitration under the Customer Code and FINRA—commencing an arbitration under the Industry Code.

Answer to the statement of claim

The Customer Code, Pt II, r 12303 and the Industry Code, Pt III, r 13303 require an answer to the statement of claim within 45 days of receipt. The deadline for serving an

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