Frequently Asked Questions about FINRA Rule 8210 (Information and Testimony Requests)
1. What is a FINRA Rule 8210 request?
FINRA Rule 8210 (Provision of Information and Testimony and Inspection and Copying of Books) grants FINRA staff and adjudicators authority to inspect and copy the books, records and accounts of member firms, associated persons and other persons over whom FINRA has jurisdiction relating to investigations, complaints, examinations or proceedings. These records include documents relating to compliance with just and equitable principles of trade, other FINRA rules, MSRB rules and federal securities laws. Rule 8210 serves as FINRA's primary tool to obtain information necessary to conduct investigations, including investigations concerning a member firm's and associated person's obligation to observe high standards of commercial honor and just and equitable principles of trade.
2. Why did I receive a FINRA Rule 8210 request?
A FINRA Rule 8210 request may be sent to an individual or a firm for a variety of reasons. It generally indicates that FINRA is seeking information that it has determined the recipient may have. It does not reflect a determination of wrongdoing by FINRA.
3. If I received a Rule 8210 request does that mean FINRA has determined to take formal action against me or my firm?
No. A FINRA Rule 8210 inquiry does not mean that FINRA or its staff has determined that any violations of federal securities laws, FINRA or MSRB rules have occurred.
4. My firm has answered many requests from FINRA on this exam. Why are we now getting requests in this same matter in a Rule 8210 letter?
There are a variety of reasons why FINRA may shift to using Rule 8210 requests. For example, it could relate to an internal assessment of the progression of the matter, or a determination that this method is needed to efficiently resolve the matter. In addition, FINRA seeks to apply a common approach to the use of Rule 8210 requests internally, so it could reflect an effort to standardize the use of Rule 8210 requests in similar matters.
5. What are the consequences of not responding to a FINRA request for information issued under Rule 8210?
There can be serious consequences to a failure to respond to a Rule 8210 request. FINRA member firms, associated persons, and formerly associated person who are subject to FINRA’s jurisdiction are required to respond to requests for information and testimony under FINRA Rule 8210. If a firm or individual fails to respond to a Rule 8210 request, an expedited proceeding can be initiated, or disciplinary action can be taken. This can result in a fine, a suspension, or a bar or expulsion. If a response is incomplete or inaccurate and is not promptly corrected or supplemented, similar consequences can result. FINRA can also sanction individuals responsible for responding on behalf of a firm.
6. Should I obtain legal representation if I receive a Rule 8210 Request?
FINRA cannot provide guidance as to whether you should obtain legal representation, but you may use counsel to assist in your response.
7. Where can I find the instructions included in the Rule 8210 request letter?
You can view the supplemental information that accompanies Rule 8210 request letters here. This document includes additional information about Rule 8210 requests, including definitions of key terms such as “document” and “control.”
8. What if I cannot provide all of the requested information by the specified deadline?
You should promptly bring any requests for additional time to the requesting FINRA staff.
9. What if I cannot make the specified testimony date that had been requested pursuant to Rule 8210?
You can direct requests to reschedule testimony to the FINRA staff who sent the letter.
10. What can I do if I think the scope of the request is overly broad or burdensome?
You should address concerns about the content or scope of a request to the FINRA staff who sent the letter. You can also escalate this concern to the FINRA staff member’s manager, who is also identified on the Rule 8210 request.
11. What do I do if some of the requested documents or information do not exist?
If any of the requested documents or information do not exist, please state so in the response and explain why they do not exist. You can also reach out to FINRA staff who sent the letter to discuss the request.
12. What if I need to withhold or redact certain information?
FINRA does not seek the production of privileged materials on an involuntary basis. If any documents or information are withheld or redacted on the basis of attorney-client privilege, please follow the instructions provided in the supplemental information that accompanied your Rule 8210 request letter or reach out to the requesting FINRA staff with questions.
13. What if I am not able to provide all of the data requested, not able to provide it in one file or spreadsheet, or not able to provide it in the format requested?
If you are having any issues gathering or providing requested data or having trouble formatting it for production, reach out to the FINRA staff who sent the letter to discuss the request and production prior to submission.
14. Can we give Gateway access to another person to respond to a request on our behalf?
If you would like an individual who does not have access to the firm’s Gateway account, such as counsel, to respond to the request, please reach out to the FINRA staff that sent the letter.
15. When we submit responses in Gateway can we submit all responses under one item within a request?
For clarity, please respond to each Request Item under the Item in which it was requested. If you have any questions or difficulty submitting items, please reach out to the FINRA staff who sent the request.
16. When a Rule 8210 request is directed to me personally, can I comply by giving the requested information/ documents to my firm (or, by showing that I gave the information/documents to my firm previously)?
No. You must additionally provide this information to FINRA.
17. Do I have to respond to a Rule 8210 request even if I’m experiencing medical or other personal problems?
You should promptly bring any requests for additional time to respond the requesting FINRA staff.
18. Can FINRA require me to answer a Rule 8210 request that I didn’t receive?
Under Rule 8210 a request is deemed received by a firm if it is transmitted through FINRA Gateway or directed to the last known address of the member. Similarly, a request is deemed received by an individual if it is transmitted to the last known residential address of the person as reflected in the Central Registration Depository. You are responsible for keeping that address current.