Table of Contents
SERIES 24 | FINANCIAL REGULATION COURSES
FINRA Rule 9136 establishes the physical and substantive form requirements that all papers filed in connection with proceedings under the Rule 9200 series — disciplinary proceedings before the Office of Hearing Officers — and the Rule 9300 series — appellate proceedings before the National Adjudicatory Council — must satisfy.
The rule specifies six physical format requirements covering paper size, typeface, title page content, pagination and margins, line spacing, and fastening; requires that all papers be signed and dated pursuant to FINRA Rule 9137; prescribes the number of copies to be filed; imposes specific structural requirements for briefs exceeding ten pages; and grants Adjudicators authority to strike scandalous or impertinent matter from any filing or oral presentation.
Together these requirements ensure that the official record of FINRA disciplinary proceedings is legible, organized, consistently formatted, and free of improper content — creating a professional standard for adversarial filings that serves both the integrity of the adjudicative process and the efficiency of Adjudicators reviewing what may be extensive documentary records in complex cases.
FINRA Rule 9136 sits within the 9130 Service; Filing of Papers subsection of the 9100 Application and Purpose section of the 9000 Code of Procedure series. It was adopted by SR-NASD-97-28 effective August 7, 1997, amended by SR-FINRA-2008-021 effective December 15, 2008 as part of the consolidated FINRA rulebook transition announced in Regulatory Notice 08-57, and most recently amended by SR-FINRA-2011-044 effective March 30, 2012 announced in Regulatory Notice 12-12, which reduced the number of required copies of filed papers from three to one, reflecting the increasing use of electronic document management in OHO proceedings. The rule has not been amended since March 2012.
FINRA Rule 9136(a) establishes six specific physical format requirements for all papers filed in Rule 9200 series and Rule 9300 series proceedings. Each requirement serves a specific practical function in maintaining the legibility and consistency of the official proceeding record.
The paper size requirement — unglazed white paper measuring 8½ by 11 inches — establishes the universal standard document size that ensures all papers in the case file are physically compatible and can be stored, duplicated, and handled consistently.
The exception for larger paper where reduction would render a document illegible — such as oversized charts, technical diagrams, financial models, or trading records with many columns — prevents the format requirement from compromising the evidentiary value of exhibits that cannot be meaningfully reduced without losing content. The unglazed requirement prevents the use of glossy or coated paper that does not reproduce well on standard photocopiers and may be difficult to annotate.
The typeface requirement — 10 or 12 point typeface or a process producing a permanent and plainly legible copy — establishes the minimum readable type size while permitting either of the two most common professional document sizes.
The permanent and plainly legible copy standard for non-typewritten or non-printed reproduction methods addresses fax copies, photocopies, and other reproduction methods that may produce temporary images or illegible output — only permanent, clear reproductions are acceptable. This requirement is particularly relevant for exhibits reproduced from original documents, which must be clearly legible rather than faded or distorted.
The title page requirement — including at the head of the paper or on a title page the title of the proceeding, the names of the parties, the subject of the particular paper or pleading, and the number assigned to the proceeding — provides the identification information that allows OHO staff, Adjudicators, and parties to instantly determine what a document is and which case it belongs to without reading the body text.
The proceeding number — assigned by OHO at docketing following complaint service — is the unique identifier that links every document in the case file to the specific proceeding. A document filed without a proceeding number risks misfiling or processing delay if OHO staff cannot immediately match it to the correct case file.
The pagination and margin requirement — paginated at the bottom of each page with all margins at least one inch wide — serves readability and annotation purposes. Bottom-page pagination allows cross-referencing by page number in briefs and hearing transcripts. One-inch margins provide adequate white space for Adjudicator annotations and ensure that content is not lost at the edges of photocopied documents. These requirements align with standard federal court formatting rules and reflect the same professional document standards that practitioners in legal proceedings recognize across regulatory and judicial forums.
The spacing requirement — double-spaced body text with single-spaced footnotes and single-spaced indented quotations — balances readability with document economy. Double-spaced body text allows Adjudicators to annotate between lines, improves readability for dense legal analysis, and provides the visual separation that helps readers navigate complex arguments. Single-spaced footnotes and indented quotations are the universally recognized exceptions to double-spacing in legal documents — footnotes and quotations in single spacing are visually distinguishable from the body text they support, which aids comprehension without reducing the readability that double-spacing provides for the primary analysis.
The fastening requirement — stapled, clipped, or otherwise fastened in the upper left corner but not bound — reflects a practical document management preference. Bound documents — those with spiral binding, comb binding, or similar permanent binding — cannot be easily disassembled for copying, scanning, or insertion into the case file. Stapled or clipped documents can be separated if needed for processing while remaining organized as a unit during normal handling. The upper left corner standard ensures consistent document orientation across all filings.
FINRA Rule 9136(b) requires that all papers be signed and dated pursuant to FINRA Rule 9137. This cross-reference to FINRA Rule 9137 — the filing signature requirement and effect rule — makes FINRA Rule 9136's form requirements incomplete without FINRA Rule 9137's signature standard. The signed and dated requirement ensures that every document in the official case record carries a dated certification from the filing party or counsel, creating both accountability for the document's content and a chronological record that complements the service and filing date documentation required by FINRA Rule 9135(c)'s certificate of service.
FINRA Rule 9136(c) requires that a signed original and one copy of all papers be filed with the Adjudicator unless otherwise ordered. The reduction from three copies — the requirement prior to the March 2012 amendment — to one copy plus the original reflects the transition away from the multi-copy paper management system that preceded electronic document administration. Prior to the increasing use of electronic document management in OHO proceedings, three physical copies were needed to distribute the filed document to the Hearing Officer, the OHO administrative file, and the FINRA enforcement record. With electronic scanning and distribution now handling document routing, one physical copy alongside the original provides sufficient redundancy without the administrative burden of producing and handling three-copy sets of potentially voluminous filing packages.
The unless otherwise ordered qualifier preserves Adjudicator flexibility to require additional copies in unusual circumstances — a very complex case with a large panel requiring individual copies, for example — without requiring a rule amendment. For OHO Portal filings, the electronic submission architecture effectively replaces the physical copy requirement: Portal submission creates a single authoritative electronic record accessible by all parties and Adjudicators simultaneously, eliminating the need for multiple physical copies entirely.
FINRA Rule 9136(d) imposes specific structural requirements for briefs exceeding ten pages: a table of contents and an alphabetized table of cases, statutes, and other authorities cited, with references to the pages of the brief where they are cited. These requirements — standard features of appellate briefs in federal and state courts — serve essential navigational functions in complex disciplinary proceedings where briefs may extend to dozens or hundreds of pages addressing multiple causes of action, contested factual findings, and contested legal standards.
The table of contents requirement enables Adjudicators and opposing parties to locate specific sections of a lengthy brief without reading sequentially. In a fifty-page brief addressing ten causes of action, a Hearing Officer reviewing the argument on a specific charge needs to navigate directly to the relevant section rather than searching through the full document. The table of contents provides that navigation without requiring the reader to scan the entire document.
The alphabetized table of authorities — cases, statutes, and other authorities with page references — serves two distinct functions. First, it identifies all legal authorities cited in the brief, enabling the Adjudicator to assess the scope and quality of the legal support for the filing party's positions before reading the brief's text. Second, it allows any cited authority to be located in the brief by page reference without requiring a full document search — a function that is particularly valuable when a specific precedent is the focus of the opposing party's response and both parties need to locate quickly the context in which it was cited.
The ten-page threshold — below which the table of contents and table of authorities are not required — reflects the practical judgment that short briefs do not present the navigational challenge that longer documents do. A ten-page brief covering a single procedural motion is navigable without a table of contents; a forty-page brief covering the merits of a complex churning case is not.
FINRA Rule 9136(e) grants Adjudicators the authority to strike scandalous or impertinent matter from any brief, pleading, or other filing, or from any oral presentation in the proceeding. Matter that is stricken must be marked Stricken and preserved — it does not disappear from the record but is designated as having been excluded from consideration. In proceedings governed by the Rule 9200 series, stricken matters are preserved pursuant to FINRA Rule 9267(b), which governs the maintenance of the official hearing record.
Scandalous matter in the disciplinary proceeding context typically involves allegations or characterizations that are irrelevant to the charges, inflammatory in nature, designed to prejudice the Adjudicator against a party rather than to advance a legitimate legal argument, or personally demeaning to witnesses, parties, or counsel without any connection to the issues in the proceeding. Impertinent matter involves content that has no relationship to the subject matter of the proceeding — extraneous legal arguments, irrelevant factual assertions, or digressions into matters outside the scope of the charges.
The mark Stricken and preserve requirement ensures that the stricken material remains part of the official record for appellate review purposes — if a party contends on appeal that the Adjudicator improperly struck legitimate substantive matter from a filing, the stricken content must be available in the record for the appellate body to assess whether the striking was appropriate. The preservation obligation prevents the striking power from becoming a mechanism for suppressing legitimate advocacy — any striking decision is reviewable on appeal with the full context preserved.
The extension of FINRA Rule 9136(e)'s striking authority to oral presentations — not just written filings — ensures that scandalous or impertinent matter introduced during hearing testimony, opening statements, closing arguments, or procedural conferences can be immediately addressed by the Adjudicator through a striking order and the corresponding record notation, without waiting for a written brief to be filed.
FINRA Rule 9136(a)'s physical format specifications apply specifically to papers filed in connection with Rule 9200 series disciplinary proceedings and Rule 9300 series appellate proceedings before the NAC. This two-series scope covers the core adversarial proceedings in FINRA's disciplinary framework — the initial OHO hearing and the NAC appeal — while leaving open the possibility that different formatting requirements may apply in other Code proceedings. The Rule 9136(d) brief format requirements and the Rule 9136(e) striking authority are not similarly limited — they apply to briefs and filings generally, suggesting that these provisions reach across all Code proceedings through the general applicability principle of FINRA Rule 9110(a).
FINRA Rule 9136 is tested on the Series 24 General Securities Principal examination in the context of the Code of Procedure's filing requirements, the form requirements for disciplinary proceeding papers, and the Adjudicator's authority to manage the content and format of the official case record.
The key points to retain are these: FINRA Rule 9136 establishes six physical format requirements for papers filed in Rule 9200 series and Rule 9300 series proceedings — 8½ by 11 inch unglazed white paper with an exception for oversized documents that cannot be reduced without losing legibility; 10 or 12 point typeface or a permanent and plainly legible reproduction process; a title page identifying the proceeding title, party names, paper subject, and proceeding number; bottom-page pagination and one-inch minimum margins; double-spaced body text with single-spaced footnotes and indented quotations; and stapled, clipped, or otherwise fastened in the upper left corner but not bound; all papers must be signed and dated pursuant to FINRA Rule 9137; the 2012 amendment through SR-FINRA-2011-044 reduced required copies from three to one signed original plus one copy, unless the Adjudicator orders otherwise; briefs exceeding ten pages must include a table of contents and an alphabetized table of cases, statutes, and other authorities cited with page references to the brief; Adjudicators may strike scandalous or impertinent matter from any filing or oral presentation with stricken matter marked Stricken and preserved in the official record under FINRA Rule 9267(b) for Rule 9200 series proceedings; and the rule was adopted in 1997, last amended March 30, 2012, and has not been amended since.
