Table of Contents
SERIES 24 | FINANCIAL REGULATION COURSES
FINRA Rule 9146 is the comprehensive motions rule for all Code of Procedure proceedings — the provision that governs how parties initiate, brief, argue, and obtain decisions on every procedural and substantive motion from complaint through appeal. The rule establishes the general right to make written or oral motions, the conditions under which oral motions may be required to be put in writing, the specificity requirements for all motions, the fourteen-day response period and waiver consequence for non-response, the permissibility of oral argument, the Adjudicator's authority to summarily deny dilatory or frivolous motions, the no-stay default pending motion resolution, the conditions for movant reply submissions, the ten-page limit for motion papers, the allocation of decision-making authority among different Adjudicators for procedural versus substantive motions across all proceeding types, the protective order mechanism for confidential documents and testimony, and the service and filing requirements for all motion papers. Together these twelve provisions create the complete procedural infrastructure through which parties and Adjudicators manage the motion practice that shapes every stage of a FINRA disciplinary proceeding.
FINRA Rule 9146 sits within the 9140 Proceedings 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 and has been amended eight times: by SR-NASD-97-81 effective January 16, 1998, SR-NASD-99-76 effective September 11, 2000, SR-NASD-2003-110 effective June 28, 2004 — which added the protective order provisions — SR-FINRA-2008-021 effective December 15, 2008, SR-FINRA-2011-044 effective March 30, 2012, SR-FINRA-2018-027 effective August 3, 2018, SR-FINRA-2022-009 effective August 22, 2022 — which made email the mandatory default for motion service in non-OHO proceedings — and most recently SR-FINRA-2025-013 effective October 7, 2025 — which updated paragraph (l) to require OHO Portal service for motion papers in OHO proceedings. Nine selected notices are associated with the rule.
FINRA Rule 9146(a) establishes the foundational motion right: any party may make a written or oral motion, subject to the limitations set forth in the rule. The parenthetical carve-out — that a party or other person may make a motion under FINRA Rule 9146(k) — identifies the protective order motion as a special category that non-parties may also file, distinguishing it from the general motion right available only to parties.
The written or oral formulation preserves flexibility for different procedural contexts. At a pre-hearing conference or during a hearing session that is being transcribed, oral motions can be made and ruled upon in real time — a party may orally move to exclude a document, compel a response to a discovery request, or seek a brief continuance without the formality of a written submission. Written motions are the standard for substantive motions outside of hearing sessions — motions to dismiss, motions for summary disposition, discovery motions, and other motions that require formal briefing and careful consideration.
FINRA Rule 9146(b) grants Adjudicators the discretionary authority to require that an oral motion be set forth in writing, considering two specific factors: whether the hearing or conference in which the oral motion is made is being recorded, and whether opposing parties are fully informed and have adequate notice and opportunity to respond. The recording factor reflects the principle that a recorded oral motion creates a reliable memorialization without a written submission — the transcript preserves the motion's content with the same reliability as a written document. The opposing party notice factor reflects the fairness dimension — if opposing parties are present and able to respond orally, the oral motion format may be adequate; if they are not fully informed or cannot adequately respond without time to research and brief the issue, a written submission may be necessary.
Every motion must state the specific relief requested and the basis therefor. This specificity requirement serves the Adjudicator and all parties by requiring the moving party to articulate precisely what they are asking for and why — preventing vague or omnibus motions that force other parties and the Adjudicator to guess at the specific relief being sought. A motion to compel that fails to identify the specific documents being sought, or a motion to dismiss that fails to identify the specific legal basis for dismissal, does not satisfy FINRA Rule 9146(c). The specificity requirement also focuses the responding party's opposition — a clearly stated motion with an articulated basis allows the opponent to address the specific relief and specific legal arguments rather than presenting a scattershot response to an amorphous request.
Unless otherwise ordered by an Adjudicator, any party may file an opposition or other response to a written motion within fourteen days after service of the motion. The fourteen-day response period is a moderately short window reflecting the need for reasonably prompt resolution of motions — extended briefing schedules that might be appropriate in federal appellate litigation are generally not needed for the motions that arise in FINRA disciplinary proceedings, which are designed to proceed efficiently to hearing and resolution.
The waiver consequence for non-response is operationally significant: a party that fails to file any response within the fourteen-day period is deemed to have waived any objection to the granting of the motion. This deemed waiver does not automatically result in the motion being granted — the Adjudicator still decides the motion — but it removes the non-responding party's ability to contest the relief sought on the merits. A respondent who fails to oppose a motion to exclude a key defense document within fourteen days has waived the objection and may find the exclusion motion granted without further briefing from either side.
For oral motions, the response opportunity is immediate — the opposing party may respond at the time the oral motion is made, unless the Adjudicator grants additional time. This real-time response opportunity for oral motions preserves the efficiency of in-hearing motion practice while ensuring that the responding party is not sandbagged by an oral motion for which they have no opportunity to respond.
FINRA Rule 9146(e) permits Adjudicators to allow oral argument on motions — in person or by telephone. The permissive rather than mandatory formulation confirms that oral argument is not a matter of right but a privilege granted at the Adjudicator's discretion. Many FINRA motions are decided on the papers — the written motion and opposition — without oral argument, reflecting the relatively focused and practical nature of most disciplinary proceeding motions compared to appellate legal issues that might benefit from extended oral discourse.
FINRA Rule 9146(f) grants Adjudicators the authority to deny dilatory, repetitive, or frivolous motions without awaiting a response. This summary denial authority is an important case management tool — a party that files multiple successive motions on the same issue, or motions that are patently without merit, or motions designed to delay rather than to advance legitimate rights, can be turned away by the Adjudicator immediately rather than forcing the opposing party to respond and the Adjudicator to wait for the full fourteen-day response period before denying an obviously deficient filing. The same professional responsibility concerns underlying FINRA Rule 9137's certification requirement — the prohibition on filings made for improper purposes such as to harass or cause unnecessary delay — are enforced through this summary denial authority.
FINRA Rule 9146(g) establishes the default no-stay rule: filing a motion does not stay a proceeding unless the Adjudicator orders otherwise. This default prevents motion practice from being used as a delay mechanism — a party cannot halt all proceedings by simply filing a motion and arguing that the proceeding should pause pending its resolution. The Adjudicator retains discretionary authority to grant a stay when the motion's subject matter genuinely warrants pausing the proceeding — a motion challenging the Adjudicator's authority to proceed, for example, might warrant a brief stay pending resolution — but this stay must be affirmatively granted, not assumed from the fact of filing.
FINRA Rule 9146(h) addresses reply submissions — the movant's response to the opposition. The moving party has no right to reply unless the Adjudicator specifically permits one. This no-right-to-reply default prevents unbounded briefing cycles — without it, a moving party could file a reply to the opposition, the opponent could file a surreply, the movant could file a reply to the surreply, and briefing could continue indefinitely. When a reply is permitted, it must be filed within five days after the Adjudicator serves the order granting the motion to file a reply, or within five days after the opposition to which the Adjudicator previously authorized a reply is served.
Unless otherwise ordered by an Adjudicator, motion papers — submissions in support of or in opposition to motions — shall not exceed ten double-spaced pages, including double-spaced footnotes, but excluding any table of contents, table of authorities, or addenda. This ten-page limit reflects the practical judgment that most FINRA disciplinary motions can and should be briefed concisely — the issues in motion practice before OHO are typically focused and discrete, and lengthy submissions are generally not necessary or appropriate. The exclusion of tables of contents, tables of authorities, and addenda from the page count accommodates the practical reality that procedurally necessary reference materials should not consume the pages available for substantive argument.
The double-spaced footnote requirement — which counts toward the ten-page limit — prevents the common practice of front-loading argument into single-spaced footnotes to circumvent page limits. All substantive argument, whether in the body or in footnotes, must be double-spaced and counts against the limit. An Adjudicator may grant leave to exceed the page limit for unusually complex motions, but the default ten-page limit applies to the full universe of motion papers absent such leave.
FINRA Rule 9146(j) allocates decision-making authority among different Adjudicators depending on the proceeding series and the nature of the motion — one of the most operationally important provisions in the rule.
In Rule 9200 series disciplinary proceedings, procedural motions may be decided by the Hearing Officer alone — the chair of the Hearing Panel who serves as the proceeding's administrative manager. Motions for summary disposition of a cause of action in the complaint — the Code's analog to summary judgment — must be decided by majority vote of the full Hearing Panel or Extended Hearing Panel. This distinction tracks the allocation of authority between the Hearing Officer's administrative and case management functions and the Hearing Panel's substantive adjudicative function. A Hearing Officer may rule on discovery disputes, scheduling matters, and procedural issues unilaterally; the Panel's collective judgment is required for decisions that could result in disposition of substantive charges without a full hearing.
In Rule 9300 series appellate proceedings before the NAC, procedural motions may be decided by Counsel to the NAC, the Review Subcommittee, a Subcommittee, an Extended Proceeding Committee, or the full NAC itself. Motions for disposition of a cause of action must be decided by the full NAC, except that a motion to dismiss for abandonment under FINRA Rule 9344 may be decided by the Review Subcommittee. In Rule 9500 series expedited proceedings, motions are decided by an Adjudicator, with the specific accommodation that procedural motions in eligibility proceedings under the Rule 9520 series or under FINRA Rule 9559(q)(3) may be decided by Counsel to the NAC — providing efficient handling of procedural matters in the more streamlined expedited context.
FINRA Rule 9146(k) is the most architecturally complex provision in the rule — governing the protective order mechanism that allows confidential business information and personal privacy interests to be shielded from disclosure to parties, witnesses, and other persons while remaining accessible to the Department of Enforcement and other FINRA staff for regulatory purposes.
Three categories of persons may file a protective order motion under FINRA Rule 9146(k)(1): a party, a person who owns, is the subject of, or created a document subject to production under FINRA Rule 8210 or any other rule that may be introduced as evidence, or a witness who testifies at a hearing. This broad standing to seek protective orders extends to non-parties — a third party whose confidential business records have been subpoenaed by FINRA and are being introduced into the proceeding may seek a protective order limiting disclosure of those records to other parties, even though the third party is not itself a respondent in the proceeding.
The grounds for a protective order are specific: the order shall be granted only upon a finding that disclosure would have a demonstrated adverse business effect on the movant or would involve an unreasonable breach of the movant's personal privacy. The demonstrated adverse business effect standard requires more than speculation — the movant must show with specificity how disclosure of the particular documents or testimony would actually harm their business, not merely assert that the information is generally sensitive.
When a protective order is granted, FINRA Rule 9146(k)(2) imposes two critical limitations on what an Adjudicator may order. First, the Adjudicator cannot issue a protective order that limits in any manner the use by FINRA staff of protected documents or testimony in FINRA's regulatory and self-regulatory functions — including transmittal to state, federal, or foreign regulatory authorities or other SROs. A protective order that shields confidential business records from other parties in the proceeding does not prevent FINRA from sharing those records with the SEC, state securities regulators, or MSRB. Second, the Adjudicator cannot issue a protective order that purports to shield documents from production if FINRA is subject to a subpoena requiring their production. These two limitations ensure that protective orders in FINRA proceedings serve legitimate privacy interests without creating confidentiality shields that obstruct the broader regulatory mission.
FINRA Rule 9146(l) — as most recently amended by SR-FINRA-2025-013 effective October 7, 2025 — requires that all motions, oppositions, replies, and other filings comply with FINRA Rules 9133, 9135, 9136, and 9137 — the service, filing procedure, form, and signature rules respectively. For OHO proceedings, motion papers must be served through the OHO Portal pursuant to FINRA Rule 9134(c), with Portal service complete upon submission. For all other proceedings, motion papers must be served by electronic mail as the mandatory default unless the Adjudicator orders otherwise, with email service complete upon sending. This service requirement — updated through SR-FINRA-2022-009 effective August 22, 2022 to make email mandatory for non-OHO proceedings and further updated by SR-FINRA-2025-013 to add the OHO Portal requirement — ensures that all motion papers flow through FINRA's modern electronic service infrastructure rather than the prior paper-based system.
FINRA Rule 9146 is tested on the Series 24 General Securities Principal examination as the comprehensive motions framework for Code proceedings — candidates must understand the response period and waiver, the page limits, the no-stay default, the allocation of decision-making authority, and the protective order grounds and limitations.
The key points to retain are these: FINRA Rule 9146 governs all motions in all Code proceedings; parties may make written or oral motions — Adjudicators may require oral motions to be put in writing; all motions must state the specific relief requested and its basis; written motion oppositions must be filed within fourteen days after service or any objection is waived; Adjudicators may permit oral argument in person or by telephone; dilatory, repetitive, or frivolous motions may be summarily denied without awaiting a response; filing a motion does not stay the proceeding unless the Adjudicator orders otherwise; a movant has no right to reply without Adjudicator permission — permitted replies must be filed within five days; motion papers may not exceed ten double-spaced pages including double-spaced footnotes, excluding tables and addenda; in Rule 9200 series proceedings procedural motions may be decided by the Hearing Officer alone while summary disposition motions require majority vote of the full Hearing Panel; protective orders may be granted only upon a demonstrated adverse business effect or unreasonable breach of personal privacy — they cannot limit FINRA staff's regulatory use of protected materials or shield documents from subpoena production; motion papers in OHO proceedings must be served through the OHO Portal following SR-FINRA-2025-013 effective October 7, 2025 and in non-OHO proceedings must be served by email as the mandatory default following SR-FINRA-2022-009 effective August 22, 2022; and the rule was last amended by SR-FINRA-2025-013 effective October 7, 2025 with prior amendments in 2022, 2018, 2012, 2008, 2004, 2000, 1998, and original adoption in 1997.
