A FINRA proposal to implement minimum fees for requests for the expungement of customer dispute information was published in the Federal Register. Comments on the proposed rule amendments must be submitted by March 18, 2020.

As previously covered, the proposal would amend FINRA Rule 12000 ("Code of Arbitration Procedure for Customer Disputes") and Rule 13000 ("Code of Arbitration Procedure for Industry Disputes") 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 for straight-in requests; and
  • minimum hearing session fees for expungement-only hearings.

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