FINRA Rule 9830(a) sets the outer limit for holding the hearing in a cease and desist proceeding. What is it, and from what does it run?

Not later than thirty days after the Chief Hearing Officer has constituted the Hearing Panel

Not later than twenty days after service of the notice initiating the proceeding

Not later than forty-five days after the respondent files an answer to the initiating notice

A Hearing Officer is disqualified partway through a cease and desist proceeding and a replacement is appointed. What happens to the hearing deadline?

It resets, the hearing then being due not later than five days after the replacement is appointed

It restarts in full, with a fresh fifteen-day period running from the date on which the replacement is appointed

It is unaffected, the original period continuing to run from service of the initiating notice

It is suspended until the replacement certifies readiness to the Chief Hearing Officer

FINRA Rule 9830(a) permits a hearing to be conducted by video conference. What activates that authority?

A motion by either party for good cause shown, which the Hearing Officer may then grant in its discretion

A Chief or Deputy Chief Hearing Officer determination of danger or impracticability, or a joint motion for good cause

The consent of the respondent alone, the Department of Enforcement having no standing to object

A determination by the Hearing Panel once constituted that attendance would be unduly costly

Video conference authority under FINRA Rule 9830 did not begin as a permanent feature of the rule. How did it arrive?

As a permanent provision from the rule's original adoption, suspended during the pandemic and later restored

As an SEC-imposed requirement in 2020 that FINRA subsequently adopted into its own rule text

As a temporary pandemic measure in 2020, extended repeatedly, lapsing in 2023 before being made permanent

As a Hearing Officer practice tolerated for years before being written into the rule in 2023

Where video conference authority is exercised under FINRA Rule 9830, how much of the hearing may be conducted that way?

Only the testimony of witnesses who cannot attend in person for good cause

All of it, the rule not permitting some sessions to proceed in person

Only pre-hearing matters, the evidentiary hearing itself remaining in person

All of it or any part, so a hybrid hearing is permitted

The Office of Hearing Officers must serve notice of the hearing's date, time and place. By when?

Not later than seven days before the hearing, unless the Hearing Officer orders otherwise

Not later than three days before the hearing, in view of the compressed overall timetable

At the same time as the notice initiating the proceeding is served on the respondent

Not later than fourteen days before the hearing, matching the standard disciplinary framework

Evidence offered at a cease and desist hearing but not accepted is nonetheless retained by the custodian. What does retaining it achieve?

It allows the Hearing Panel to reconsider the rejected material before it issues its written decision

It keeps the complete evidentiary history available to any tribunal that later reviews the proceeding

It lets the party that offered it substitute admissible evidence of the same facts at a later stage

It preserves the material for use in any separate disciplinary proceeding brought against the respondent

What authority does FINRA Rule 9830(c) give the Hearing Officer in a cease and desist proceeding?

Authority over scheduling and pre-hearing conferences only, with all evidence rulings resting with the Panel itself

Authority limited to matters the Hearing Panel has expressly delegated to the officer

The full FINRA Rule 9235 authority — scheduling, motions, evidence rulings and management of witnesses

Authority to rule on procedure but not to exclude evidence a party has proffered

A person subject to FINRA's jurisdiction is to testify at a cease and desist hearing. Under what obligation, and administered by whom?

Under a written declaration of truth signed before testimony rather than any spoken oath

Under oath or affirmation, administered by the Hearing Officer presiding over the hearing

Under no formal obligation, the compressed timetable displacing the usual requirement

How does the pre-hearing information exchange under FINRA Rule 9830(e) operate?

At the Hearing Officer's discretion, who may order a party to furnish what is appropriate

Automatically, each party furnishing the FINRA Rule 9242(a) submissions before the hearing

On the request of either party, which the Hearing Officer must grant unless it is abusive

Only where the Hearing Panel has directed it after considering the initiating notice

A party furnishes documentary evidence under FINRA Rule 9830(e)'s pre-hearing exchange. What is its status in the record?

Within the record from the moment it is furnished to the other parties and the Panel

Outside the record unless the Hearing Officer or Panel orders that it be included

Within the record only for the pre-hearing stage, falling away when the hearing opens

Outside the record in every case, the exchange serving preparation rather than proof

During deliberation the Hearing Panel directs a party to submit additional information. What protection does FINRA Rule 9830(e) attach?

The hearing must be reopened so that the information can be tested by the other party

The information may be received by the Panel alone, deliberation being a closed stage

All parties must receive it at least one day before the Panel renders its decision

The party furnishing it may require that it be excluded from the record of the proceeding

What does FINRA Rule 9830(f) require of the record of the oral proceedings?

An audio recording retained by the Office of Hearing Officers in place of a transcript

Recording by a court reporter, a transcript being prepared only if a party requests one

A written transcript for in-person hearings, video conference hearings being recorded instead

Recording by a court reporter and a written transcript, whatever format the hearing takes

A party believes the hearing transcript is inaccurate. How does FINRA Rule 9830(f) allow that to be raised?

By affidavit to the Hearing Panel within a reasonable time the Panel determines

By motion to the Chief Hearing Officer, whose ruling on the point is final

By application to the court reporter, who alone may amend what was recorded

By objection at the next stage of review, the transcript being fixed once prepared

What does FINRA Rule 9830(g) provide that the record of a cease and desist proceeding consists of?

The transcript and the Hearing Panel's order, the initiating materials sitting outside the record

The initiating notice materials, the transcript, the evidence considered, and anything else accepted

Everything either party filed or proffered, whether or not the Panel accepted or considered it

The evidence considered and the transcript, documentary exhibits being held separately by OHO

Evidence is proffered at the hearing and the Hearing Panel does not accept it. What becomes of it?

It is returned to the party that proffered it once the Panel has ruled it inadmissible

It is destroyed with the Panel's other working papers when the order is issued

The custodian retains it until the decision is final or any court or Commission review ends

It enters the record in any event, its exclusion going only to the weight the Panel gives it

A respondent has notice of a cease and desist hearing and does not appear. What may the Hearing Panel do?

Proceed to hear the Department's evidence but issue no order until the respondent is heard

Adjourn once and issue the order only if the respondent again fails to appear

Refer the matter to the Council, a first-instance order requiring the respondent's participation

Deem the allegations admitted and issue the order sought without further proceedings

FINRA Rule 9830(h) attaches different consequences to a respondent's non-appearance and to the Department of Enforcement's. What follows if the Department fails to appear having had notice?

The Panel must adjourn and fix a fresh date within the remaining hearing period

The allegations are deemed withdrawn but may be brought again on fresh authorization

The Panel proceeds on the papers, the initiating notice standing as the Department's case

The Department of Enforcement initiates a cease and desist proceeding seeking a permanent order rather than a temporary one. How does that choice affect the requirements governing the hearing?

The hearing deadline does not apply, since it exists only to halt harm under a temporary order

They are unaffected, since one set of hearing provisions governs temporary and permanent proceedings alike

They give way to the ordinary disciplinary hearing rules, whose longer timetable suits a permanent remedy

A hearing is held only if the respondent requests one, the order otherwise issuing on the papers

When does the notice stating the date, time and place of a cease and desist hearing take effect?

When the Hearing Officer signs and dates it, regardless of when it is later served

When the respondent acknowledges in writing that it has received the notice of hearing

When service of the notice is complete, under whichever method of service is used

When it is filed with the Hearing Panel, service on the parties following afterwards

The parties to a cease and desist proceeding jointly move for the hearing to be held by video conference, giving as their only reason that it would be more convenient for both sides. How should the motion fare?

It succeeds unless the Hearing Officer finds that the format would prejudice one party

It succeeds, since the parties' agreement on the format is itself the good cause required

It is referred to the full Hearing Panel, which alone decides the format of the hearing

It fails, since shared convenience alone is not the good cause a joint motion must show

Notice of the date, time and place of a cease and desist hearing must be served before the hearing. On whom?

On the Department of Enforcement and the respondent, or on authorised counsel who agrees to accept service

On the respondent and on each FINRA member firm with which the respondent is currently associated

On the respondent alone, since the Department of Enforcement initiated the proceeding and already knows the timetable

On the respondent's counsel of record, whether or not that counsel has agreed to accept service for it

FINRA Rule 9830(d) prescribes who administers the oath or affirmation to a witness at a cease and desist hearing. What does that prescription achieve?

A means for a sworn written statement to stand in place of the witness's live testimony at the hearing

A presumption binding on the Hearing Panel that the facts stated by the sworn witness are accurate

A documentary record that the witness was properly sworn, grounding any later action for false testimony

A basis for using the testimony in later civil litigation without the witness being sworn again

A witness who is not a party to a cease and desist proceeding wants a copy of the hearing transcript. What may the witness purchase?

The complete transcript, provided the Hearing Panel grants leave

The complete hearing transcript, on the same terms as a party

Nothing, transcripts being sold to the parties to the proceeding only

A copy of the transcript of the witness's own testimony

Can the transcript of a cease and desist hearing be corrected where no party or witness has proposed a correction?

Yes, the Hearing Panel may order a correction on its own motion, with notice to all parties

Yes, the Hearing Officer may correct it acting alone, without notice to the parties or the other Panelists

Only where every party to the proceeding consents in writing to the proposed change to the record

No, the court reporter's certified transcript cannot be altered once it has been prepared and certified as verbatim

Who is designated as the custodian of the record in a cease and desist proceeding under FINRA Rule 9830?

The Department of Enforcement, as the party that brought the proceeding

A staff attorney from the Office of General Counsel who advises the Council

The National Adjudicatory Council, from the moment the order is issued

A respondent served with notice of a cease and desist hearing does not attend. Which allegations does FINRA Rule 9830(h) allow the Hearing Panel to deem admitted?

Only those the respondent failed to deny in a written answer filed before the hearing

Those in the Department's pre-hearing submissions ordered by the Hearing Officer

Those in the notice initiating the proceeding and in the declaration accompanying it

Those in the proposed order, the notice and declaration being read as argument

The period for moving to disqualify a Hearing Officer or Panelist in a cease and desist proceeding is much shorter than in an ordinary disciplinary proceeding. Why?

Because the motion may be brought only by the respondent, whose interest in delay the rule curbs

Because a respondent is taken to have known of any disqualifying facts before the proceeding began

Because the motion is decided on the papers without the supporting affidavit an ordinary motion needs

Because it must fit the compressed hearing timetable, which a longer motion period could outlast

FINRA Rule 9830: Cease and Desist Hearing Procedures Explained

FINRA Rule 9830

FINRA Rule 9830 governs the hearing in temporary and permanent cease and desist proceedings under the Rule 9800 series — establishing the compressed timeline within which every TCDO and PCDO hearing must be held, the good-cause extension authority available to the Chief Hearing Officer or Deputy Chief Hearing Officer, the reset timeline when a disqualification or recusal requires a replacement adjudicator, the video conference hearing authority added permanently in 2023, the notice of hearing service requirements, the Hearing Officer's comprehensive authority throughout the hearing, the witness oath requirement, the pre-hearing information exchange mechanism, the mandatory transcript requirement, the record composition and custodian designation, and the failure-to-appear consequences for both respondents and the Department of Enforcement.

The rule operates through eight lettered paragraphs — paragraph (a) governing when the hearing is held; paragraph (b) governing service of the notice of hearing; paragraph (c) governing the Hearing Officer's authority; paragraph (d) governing witness testimony; paragraph (e) governing pre-hearing information and additional information during deliberation; paragraph (f) governing the transcript; paragraph (g) governing the record; and paragraph (h) governing failure to appear. Last amended by SR-FINRA-2025-013 effective October 7, 2025 as announced in Regulatory Notice 25-10 — the OHO Portal implementation amendment that updated the service completion provision. Six selected notices are associated — 03-35, 08-57, 15-35, 17-22, 23-13, and 25-10.

FINRA Rule 9830 sits within the 9800 Temporary and Permanent Cease and Desist Orders series of the 9000 Code of Procedure as the hearing rule following FINRA Rule 9820's appointment framework. It was adopted through SR-NASD-98-80 effective June 23, 2003 and has been amended eight times since adoption.

FINRA Rule 9830(a): When the Hearing Is Held

FINRA Rule 9830(a) establishes the most compressed mandatory hearing timeline in the entire Code of Procedure — the hearing shall be held not later than fifteen days after service of the notice and filing initiating the proceeding. Fifteen calendar days from service of the initiating notice to a formal evidentiary hearing before a three-person Hearing Panel is an extraordinary compression relative to standard disciplinary proceedings, which may take six months or more to reach a hearing. This compression is the operational expression of the Rule 9800 series' fundamental purpose — the TCDO exists to halt ongoing investor harm urgently, and a hearing timeline of months would defeat that purpose entirely.

The fifteen-day period is measured from the date of service of the notice under FINRA Rule 9810(a)'s service provisions — meaning from the day service is complete, whether by personal delivery, overnight commercial courier, facsimile, or email. The notice and filing are contemporaneous acts under FINRA Rule 9810(a) and (d) — the same notice that is served on the respondent is also filed with OHO, and both acts occur simultaneously, meaning the fifteen-day clock and the OHO case administration process begin at the same moment.

The good-cause extension authority — unless otherwise extended by the Chief Hearing Officer or Deputy Chief Hearing Officer for good cause shown — preserves administrative flexibility for genuine emergencies without making the fifteen-day deadline optional. Good cause in the TCDO context is a demanding standard. Administrative inconvenience, scheduling conflicts of counsel who took the engagement knowing the timeline, and inadequate hearing preparation time resulting from delayed engagement of counsel do not constitute good cause. Circumstances that would qualify include serious illness of the respondent preventing meaningful participation, extraordinary logistical failures outside any party's control, or other genuinely unforeseeable impediments that make proceeding on the standard timeline fundamentally unfair.

When a Hearing Officer or Hearing Panelist is recused or disqualified during the proceeding — triggering the FINRA Rule 9820(b) replacement process — the fifteen-day clock resets. The hearing shall be held not later than five days after a replacement Hearing Officer or Hearing Panelist is appointed. This five-day reset window from replacement appointment is itself compressed relative to the original fifteen-day window, reflecting the reality that by the time a disqualification is identified and resolved, much of the pre-hearing preparation has already occurred and both parties are substantially ready to proceed.

The Video Conference Hearing Authority: The 2023 Amendment

The third sentence of FINRA Rule 9830(a) — upon a determination that proceeding in person may endanger the health or safety of the participants or would be impracticable, or upon consideration of a joint motion of the parties for good cause shown, the Chief Hearing Officer or Deputy Chief Hearing Officer may, in the exercise of reasonable discretion, order the hearing to be conducted, in whole or in part, by video conference — was added permanently to FINRA Rule 9830 by SR-FINRA-2023-008 effective August 23, 2023 as announced in Regulatory Notice 23-13.

This permanent video conference authority is the direct legacy of the COVID-19 pandemic response. SR-FINRA-2020-027 had originally added temporary video conference authority to FINRA Rule 9830 as an emergency measure in September 2020. That temporary authority was extended multiple times through SR-FINRA-2020-042, SR-FINRA-2021-006, and SR-FINRA-2021-019 before expiring in April 2023. SR-FINRA-2023-008 — approved by the SEC on July 31, 2023 as confirmed from the Federal Register — made the video conference authority permanent based on FINRA's experience that virtual hearings can be conducted effectively and efficiently without compromising the integrity of the proceeding.

Two distinct triggering conditions activate the video conference authority. The first — a determination that proceeding in person may endanger the health or safety of the participants or would be impracticable — is a unilateral finding by the Chief Hearing Officer or Deputy Chief Hearing Officer, made without requiring a party motion. This covers health emergencies, natural disasters, geographic impediments, and other circumstances where in-person hearings would pose genuine risks or be logistically impossible. The second — consideration of a joint motion of the parties for good cause shown — requires both parties to agree on video conference format and to demonstrate good cause for the departure from the in-person default. A joint motion by parties who simply prefer the convenience of video conference without a specific good cause showing does not satisfy this condition.

The in whole or in part formulation preserves flexibility — portions of the hearing may be conducted by video conference while other portions proceed in person when circumstances warrant a hybrid approach.

FINRA Rule 9830(b): Service of Notice of Hearing

FINRA Rule 9830(b) requires OHO to serve a notice of the date, time, and place of the hearing on the Department of Enforcement and the Respondent — or upon authorized counsel or representative under FINRA Rule 9141 who agrees to accept service — not later than seven days before the hearing. The seven-day advance notice standard gives parties and their counsel adequate preparation time within the compressed fifteen-day overall hearing window. This means OHO must serve the notice of hearing within eight days of the initiating notice service — leaving at most seven days of the fifteen-day window for the hearing notice period itself.

Service shall be made pursuant to FINRA Rule 9134(c). The October 2025 amendment through SR-FINRA-2025-013 added the OHO Portal service provision — service through the OHO Portal shall be deemed complete upon submitting the document to the OHO Portal — reflecting the operational integration of OHO's case management system with the Portal infrastructure established by the October 2025 OHO Portal implementation. The notice shall be effective when service is complete under whichever method is used.

The Hearing Officer may order a different notice period — the unless otherwise ordered by the Hearing Officer qualifier preserves flexibility when the specific circumstances of a TCDO proceeding require a shorter or longer notice period within the overall fifteen-day hearing window.

FINRA Rule 9830(c): Authority of Hearing Officer

FINRA Rule 9830(c) establishes that the Hearing Officer has authority to do all things necessary and appropriate to discharge their duties as set forth under FINRA Rule 9235. This cross-reference to FINRA Rule 9235 — the Hearing Officer Authority rule in the standard disciplinary proceedings framework — imports the full scope of Hearing Officer case management powers into cease and desist proceedings without restating them. FINRA Rule 9235's comprehensive authority encompasses scheduling, pre-hearing conferences, rulings on motions and procedural matters, evidence rulings, management of witnesses, and all other adjudicative management functions that a presiding officer exercises throughout a proceeding.

The breadth of this authority cross-reference is deliberate — the cease and desist proceeding context, with its compressed timeline and high stakes, demands that the Hearing Officer have full and unquestioned authority to manage the proceeding efficiently without gaps that could be exploited to delay or derail the hearing.

FINRA Rule 9830(d): Witnesses

FINRA Rule 9830(d) establishes that a person subject to FINRA's jurisdiction who testifies at a cease and desist hearing shall testify under oath or affirmation, administered by a court reporter or a notary public. This witness oath requirement is the same standard applicable in standard disciplinary proceedings under FINRA Rule 9262 — the fact that the proceeding is expedited and the timeline compressed does not diminish the solemnity and legal effect of testimony. Testimony under oath in a cease and desist proceeding is subject to the same truthfulness obligations as testimony in any other legal proceeding, and false testimony carries corresponding legal consequences.

The court reporter or notary public administration requirement creates a documentary record of the oath administration — confirming that the witness was properly sworn before testifying and providing a foundation for any subsequent enforcement action for false testimony.

FINRA Rule 9830(e): Pre-Hearing Information and Additional Information During Deliberation

FINRA Rule 9830(e) establishes two distinct information exchange mechanisms operating at different points in the proceeding. The pre-hearing mechanism — prior to the hearing, the Hearing Officer may order a party to furnish to all other parties and the Hearing Panel such information as deemed appropriate, including any or all of the pre-hearing submissions described in FINRA Rule 9242(a) — is a discretionary pre-hearing exchange tool. The Hearing Officer assesses what pre-hearing information would meaningfully advance the hearing's efficiency and orders production accordingly. The documentary evidence submitted pursuant to this paragraph does not automatically become part of the record — it enters the record only if the Hearing Officer or Hearing Panel orders its inclusion under FINRA Rule 9830(g).

The deliberation mechanism — at any time during the Hearing Panel's consideration, the Hearing Panel may direct a party to submit additional information — enables the Panel to fill factual gaps identified during deliberation without reopening the hearing itself. Any additional information submitted must be provided to all parties at least one day before the Hearing Panel renders its decision — a due process protection ensuring that no information influences the Panel's decision without the opposing party having the opportunity to review and address it.

FINRA Rule 9830(f): Transcript

FINRA Rule 9830(f) establishes the mandatory transcript requirement — the hearing shall be recorded by a court reporter and a written transcript prepared. This mandatory recording requirement applies regardless of whether the hearing is conducted in person or by video conference. The transcript is the official documentary record of the oral proceedings and serves as the foundation for any subsequent review under FINRA Rule 9850, any NAC review, and any SEC review under FINRA Rule 9870.

Parties may purchase a transcript copy from the court reporter at prescribed rates, and witnesses may purchase a copy of their own testimony. Proposed corrections to the transcript may be submitted by affidavit to the Hearing Panel within a reasonable time determined by the Panel, and the Panel may order corrections as requested or on its own motion with notice to all parties.

FINRA Rule 9830(g): Record and Evidence Not Admitted

FINRA Rule 9830(g) defines the composition of the official record of the cease and desist proceeding. The record consists of: the notice initiating the proceeding, the declaration, and the proposed order described in FINRA Rule 9810(b) — the three mandatory components of the initiating notice that form the factual and legal foundation of the proceeding; the transcript of the hearing; all evidence considered by the Hearing Panel; and any other document or item accepted into the record by the Hearing Officer or the Hearing Panel.

OHO is designated as the custodian of the record — the institutional repository responsible for maintaining the complete official record throughout the proceeding and any subsequent review. Evidence proffered but not accepted into the record by the Hearing Panel — rejected or excluded evidence — is retained by the custodian until FINRA's decision becomes final or until the conclusion of any SEC or federal court review. This retention requirement ensures that the complete evidentiary history of the proceeding, including what was offered but rejected, is available for any reviewing tribunal.

FINRA Rule 9830(h): Failure to Appear at Hearing

FINRA Rule 9830(h) establishes asymmetric consequences for the two possible failure-to-appear scenarios — respondent non-appearance and Department of Enforcement non-appearance — reflecting the different institutional positions of the parties.

When a respondent fails to appear at a hearing for which it has notice, the consequences are severe: the allegations in the notice and accompanying declaration may be deemed admitted, and the Hearing Panel may issue a temporary cease and desist order in a TCDO proceeding or a permanent cease and desist order in a PCDO proceeding without further proceedings. A respondent who receives proper notice of a cease and desist hearing and simply does not appear has effectively conceded every allegation in the initiating notice and the declaration, and the Hearing Panel may enter the requested order immediately. The may formulations preserve Panel discretion — in theory the Panel could decline to enter the order even after a respondent's non-appearance — but in practice a respondent's failure to appear at a cease and desist hearing leaves the Panel with a fully documented record of alleged violations and no countervailing evidence.

When the Department of Enforcement fails to appear at a hearing for which it has notice, the Hearing Panel may order that the proceeding be dismissed. This dismissal power is the appropriate remedy for the Department's failure — if FINRA's own enforcement staff does not appear to prosecute the proceeding, the respondent should not remain subject to a pending cease and desist action.

Connection to FINRA Rules 9235, 9242, 9810, 9820, and 9840

FINRA Rule 9830 connects to FINRA Rule 9235 — whose comprehensive Hearing Officer authority is incorporated by reference into cease and desist proceedings through FINRA Rule 9830(c). It connects to FINRA Rule 9242(a) — whose pre-hearing submission categories may be ordered by the Hearing Officer under FINRA Rule 9830(e). It connects to FINRA Rule 9810(b) — whose notice, declaration, and proposed order form the initial components of the FINRA Rule 9830(g) record. It connects to FINRA Rule 9820 — whose appointment framework produces the Hearing Panel that conducts the FINRA Rule 9830 hearing and whose five-day disqualification motion deadline is calibrated to the fifteen-day hearing timeline. And it connects to FINRA Rule 9840 — whose issuance of order provisions govern what the Hearing Panel does following the FINRA Rule 9830 hearing.

Examination Relevance and Key Takeaways

FINRA Rule 9830 is tested on the Series 7 and Series 24 examinations as the cease and desist hearing rule — a rule with specific testable timelines, a significant recent amendment adding permanent video conference authority, and asymmetric failure-to-appear consequences.

The key points to retain are these: the TCDO or PCDO hearing must be held not later than fifteen days after service of the notice and filing initiating the proceeding — the most compressed mandatory hearing timeline in the Code; the Chief Hearing Officer or Deputy Chief Hearing Officer may extend this period for good cause shown; when a Hearing Officer or Panelist is recused or disqualified the hearing must be held not later than five days after a replacement is appointed; SR-FINRA-2023-008 effective August 23, 2023 permanently added video conference hearing authority — available upon a Chief or Deputy Chief Hearing Officer determination of health or safety endangerment or impracticability, or upon a joint party motion for good cause shown — confirmed from Regulatory Notice 23-13; OHO must serve notice of hearing on the parties not later than seven days before the hearing under FINRA Rule 9134(c); the October 2025 amendment through SR-FINRA-2025-013 added OHO Portal service completion language; the Hearing Officer has full FINRA Rule 9235 authority throughout the proceeding; witnesses subject to FINRA jurisdiction testify under oath administered by a court reporter or notary public.

Pre-hearing information exchanges are discretionary and submitted evidence does not enter the record unless ordered by the Hearing Officer or Panel; the hearing must be recorded by a court reporter with a written transcript prepared; the record consists of the FINRA Rule 9810(b) notice materials, the transcript, all evidence considered, and any other accepted documents with OHO as custodian; when a respondent fails to appear with notice the allegations may be deemed admitted and the order may be issued without further proceedings; when the Department of Enforcement fails to appear with notice the Hearing Panel may dismiss the proceeding; and the rule was last amended October 7, 2025 through SR-FINRA-2025-013 with six selected notices — 03-35, 08-57, 15-35, 17-22, 23-13, and 25-10.