Comment Period Regarding FINRA Discovery Guide May Be Extended

FINRA recently filed a request with the SEC seeking an extension of the public-comment period regarding proposed changes to the regulator's arbitration discovery guide, according to an August 11 Dow Jones Newswires article by Suzanne Barlyn. The comment period was originally set to expire on August 24.

The FINRA discovery guide lists the types of documents and information parties in a securities arbitration proceeding typically exchange. It is also used by arbitrators to settle disputes regarding the admission of contested documents and information. FINRA's proposed changes to the guide expand the lists of "typical" documents for both the investor and the securities firm/broker.

There is a possibility that expanding the list of "typical" discovery documents could make it more difficult to overcome the assumption that the items listed in the guide are the only documents necessary to an investor's case. If that happens, investors - and their attorneys - may face an uphill battle when requesting the admission of non-listed, case-specific discovery items.

FINRA has requested that the public-comment period be extended until October 8. As of the August 11 article, the SEC had declined to comment on the requested extension.

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