Nasdaq Grabs Control of Its Own Market Discipline Cases
Published Date: 2/14/2025
Notice
Summary
Nasdaq is taking charge of handling certain tough disciplinary cases that FINRA used to manage, giving Nasdaq Regulation the same power as FINRA to serve complaints and legal documents. This change affects anyone involved in Nasdaq investigations and enforcement, making the process smoother and more direct. The new rules kick in soon, with no extra costs announced, aiming for faster and clearer discipline actions.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Nasdaq Will Litigate Its Own Enforcement Cases
If you are involved in a Nasdaq-led investigation or enforcement action, Nasdaq Regulation will now be responsible in the first instance for litigating contested disciplinary proceedings arising from those investigations. The Securities and Exchange Commission approved this change on February 10, 2025; Nasdaq may still refer cases to FINRA if Nasdaq’s resources are strained.
Nasdaq Authorized To Serve Complaints and Memos
Nasdaq amended its Code of Procedure (Rules 9131 and 9810) so that Nasdaq Regulation has the same authority as FINRA to serve complaints and memoranda of authority in contested disciplinary proceedings. The Commission approved this rule change on February 10, 2025, and the amendment may facilitate quicker and more efficient litigation.
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