FINRA Rule Proposal to Amend Definition of "Hearing Officer" (Fed. Reg.)

FINRA filed with the SEC proposed amendments to Rule 9120, including to the definition of "Hearing Officer." This proposal was published in the Federal Register.The FINRA proposal would amend the definition of "Hearing Officer" to include a former employee of FINRA who is a licensed attorney and who is appointed by the Chief Hearing Officer. Additionally, the proposed rule would allow the Chief Hearing Officer to appoint a former employee of FINRA, who acted previously as a Hearing Officer, to act in an adjudicative role and fulfill the various adjudicative responsibilities and duties of a Hearing Officer. At present, the rule limits the definition of "Hearing Officer" to current FINRA Employees.

Although the rule is immediately effective, the SEC is soliciting comments regarding the proposal which must be submitted by July 31, 2014.

See: 79 FR 39440.