SEC Approves New Discovery Guide for FINRA

After more than 6 years during its development and hundreds of comment letters, the SEC has announced approval of a revised Discovery Guide to be used in FINRA securities arbitration cases. In FINRA arbitration cases certain “presumptively discoverable” documents are to be exchanged automatically as established by the NASD, FINRA’s predecessor, in Notice to Members 99-90, which ultimately became the Discovery Guide. Reform was sought by attorneys for both sides and the new version reduces the fourteen lists in the Discovery Guide to only two: the documents customers must produce in all cases and documents that industry parties have to produce in all cases. The new revised Discovery Guide will be published in the Federal Registry soon.

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