FINRA proposed a rule change that would implement minimum fees for requests for the expungement of customer dispute information.

Under the proposal, FINRA Rule 12000 ("Code of Arbitration Procedure for Customer Disputes") and Rule 13000 ("Code of Arbitration Procedure for Industry Disputes") would be amended to apply:

  • minimum filing fees to requests for the expungement of customer dispute information, including in instances where the request is made (i) in part with a customer arbitration or (ii) in a separate arbitration (a/k/a a "straight-in request");
  • minimum process fees and member surcharges to straight-in requests; and
  • minimum hearing session fees to expungement-only hearings.

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