FINRA’s Acceptance, Waiver and Consent Settlement (AWC)-Part 2
From the Desk of Jim Eccleston at Eccleston Law LLC:
This is the second of three posts to discuss FINRA Rule 9216. This post will discuss the “waiver” portion of the rule related to regulatory (disciplinary) settlement agreements.
As the term implies, the “waiver” portion of the AWC occurs once the financial advisor accepts the sanctions (the “acceptance” we previously discussed), and now is waiving any right to claim bias or prejudgment of the General Counsel, the National Adjudicatory Council, or any member of the National Adjudicatory Council.
Moreover, it is important to note that even if the AWC eventually is rejected by FINRA, the financial advisor still will be bound by the waiver for any conduct occurring during the period beginning on the date the AWC was executed and submitted and ending upon the date of the rejection of the AWC.
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