Investor Rights for the 21st Century 12) Complaints/Statements of Claim and Answers filed in all civil actions involving securities matters and securities arbitration proceedings in which the customer has been a party, and all final decisions and awards entered in these matters.
13) All documents showing action taken by the customer to limit losses in the transaction(s) at issue.
In addition, other documents will have to be turned over depending on the type of claim involved.
89)
Are there problems with the current pre-hearing document discovery process?
Yes. Despite the NASD and other self-regulatory organizations best efforts, certain abuses still occur. Brokerage firms many times are reluctant to provide even the most basic and legitimate documents requested by the investor’s counsel. While most arbitrators can see through the remedial attempts by the defense bar to avoid turning over particularly damaging documents, sometimes key documents are left out of the arbitration pre-hearing discovery production because of defense attorneys delay tactics or subterfuge.
90)
What is the NASD’s pre-hearing exchange?
The NASD’s Code of Arbitration Procedure, 10321(c), mandates that at least twenty calendar days prior to the first scheduled hearing date, all the parties exchange copies of documents in their possession that they intend to present at the hearing and shall identify witnesses they intend to present at the hearing. Any documents not exchanged or witnesses not identified may be excluded by the arbitrators. The rule does not require service of copies of documents or identification of witnesses that the parties may use for cross-examination or rebuttal.
55