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Financial advisors and registered brokers who receive a FINRA 8210 request form should hire a FINRA defense attorney and then take the necessary steps to comply with the document requests laid out in the letter. The costs of ignoring the letter or not complying with its demands are steep, and can even lead to a permanent ban from the industry.
FINRA 8210 Request Letters are Often the First Step of an Investigation
Financial advisors and brokers who are registered with FINRA have certain obligations to comply with FINRA rules and regulations. One of them is to comply with FINRA 8210 requests, which ask for certain records or documents that FINRA has reason to believe will be helpful in its investigation of a matter. Failing to comply with FINRA’s request does not stop the investigation. FINRA can suspend or even permanently ban financial advisors or brokers from the entire securities industry on the basis of failing to comply with its requests.
FINRA 8210 Request Triggers
Common situations that trigger FINRA 8210 requests include:
- Customer complaints
- FINRA’s routine examinations of brokerage firms
- FINRA’s routine investigations into the financial professionals or firms
- Other red flags that FINRA finds suspicious
How to Respond to a FINRA 8210 Request
1. Determine Whether the FINRA 8210 Request is Valid
FINRA can only issue a request to financial professionals and firms that fall under its jurisdiction. If you are not or are no longer registered with FINRA, the request may not be valid. However, FINRA retains jurisdiction for two years after the effective date of resignation under FINRA Rule 8312.
2. Hire a FINRA Defense Lawyer
A FINRA defense lawyer can ensure that you have done everything necessary to satisfy the 8210 request, while also preventing you from oversharing and providing FINRA with information that it did not ask for.
3. Identify the Relevant Documents
Your FINRA defense attorney can help you identify the relevant documents that FINRA has requested.
4. Collect the Documents
Many of the documents that FINRA requests are financial statements or other types of records held by third parties, like banks or brokerage firms. Gathering these documents can take time.
5. Disclose the Documents to FINRA
Once all relevant documents have been collected, provide FINRA with them within the allotted time frame.
Frequently Asked Questions
How Long Do I Have to Respond to a FINRA 8210 Request?
You generally have 30 days from when you received the request to comply. You can request an extension for “good cause.”
Are FINRA 8210 Requests Given Under Oath?
Yes, all FINRA 8210 requests are made under oath. It is a civil crime to lie in your response to FINRA.
What Can Happen if I Don’t Comply With the 8210 Request?
FINRA can suspend or bar you from the securities industry if you do not comply.
Reduction in pretrial jail population since NJ bail reform implementation.
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Source: NJ Courts Statistical ReportCommon Mistakes to Avoid
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New Jersey reformed its bail system in 2017. Instead of a cash-based system, judges now use a Public Safety Assessment (PSA) to determine whether a defendant should be released pretrial. Most defendants are released with conditions, while those deemed high-risk may be detained. An experienced attorney can argue for favorable release conditions at your detention hearing.
No. You have the constitutional right to remain silent and to have an attorney present during questioning. Anything you say to police can be used against you in court. Politely invoke your rights by saying "I want to speak with my attorney before answering any questions." This cannot be held against you.
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An arraignment is your first court appearance after being charged with a crime. The judge will read the charges against you, and you'll enter a plea (usually not guilty at this stage). The judge will also set bail or release conditions. Having an attorney at your arraignment is critical, as they can advocate for favorable bail terms and begin building your defense strategy from day one.
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