FINRA Amends Arbitration Codes to Accelerate Proceedings for Parties Aged 70 or Older or with Serious Health Conditions

Notice Type
X Rule Amendment
Suggested Routing
X Compliance
X Legal
X Operations
X Registered Representatives
X Senior Management
Key Topics
X Arbitration
X Arbitrator List Selection
X Codes of Arbitration Procedure
X Discovery
X Dispute Resolution
X Initiating and Responding to
Claims
X Senior Investors
Referenced Rules
X FINRA Rule 12000 Series
X FINRA Rule 13000 Series
FINRA Adopts Amendments to the
Arbitration Codes to Accelerate the Processing of Arbitration Proceedings for Parties Who Qualify Based on Their Age or Health Condition Effective Date: March 30, 2026 Summary FINRA has adopted amendments to its Codes of Arbitration Procedure (Codes) to accelerate the processing of arbitration proceedings for parties who qualify based on their age or health condition. The amendments add new Rules 12808 and 13808 (Accelerated Processing) to the Codes, and are effective for arbitration cases filed on or after March 30, 2026. The text of the rule change is set forth in Attachment A. Questions concerning this Notice should be directed to:
X Victoria Crane, Vice President and Associate General Counsel, Office of General Counsel (OGC), at (202) 728-8104 or email; or X Kristine Vo, Assistant General Counsel, OGC, at (212) 858-4106 or email. 1 Regulatory Notice 25-18 December 9, 2025

Background & Discussion
FINRA currently offers a program to expedite arbitration proceedings in the forum administered by FINRA Dispute Resolution Services (DRS) for parties who have a serious health condition or are at least 65 years old (current program).1 When an eligible party makes a request to expedite the proceedings under the current program, DRS staff will expedite the case-related tasks that they can control, such as completing the arbitrator selection process, scheduling the initial prehearing conference, and serving the final award.2 However, the current program does not provide for shortened, rules-based deadlines for parties or provide arbitrators with guidance on how quickly the arbitration should be completed. As a result, cases that qualify for the current program close only marginally more quickly than cases that are not in the current program. FINRA has amended the Codes to accelerate case processing by codifying shortened case-processing deadlines for eligible parties and providing guidance to arbitrators regarding how quickly they should endeavor to complete an arbitration proceeding.3 The amendments also establish eligibility requirements for accelerated case processing, based on the party’s age or heath condition.4
I. Requesting Accelerated Case Processing
(A) Eligibility Based on Age
The amendments provide that parties may request accelerated processing of a case when initiating an arbitration or filing an answer provided that the party making the request is at least 70 years of age at the time of the request.5 (B) Eligibility Based on Health The amendments allow a party to request accelerated processing of a case when initiating an arbitration or filing an answer if the party making the request certifies, in the manner and form required by the Director of DRS, that (i) the party has received a medical diagnosis and prognosis, and (ii) based on that medical diagnosis and prognosis, the party has a reasonable belief that accelerated processing of the case is necessary to prevent prejudicing the party’s interest in the arbitration (eligible health condition).6 (C) Requests by Parties Ineligible for Accelerated Processing The amendments allow parties who may benefit from shortened proceedings but do not qualify for accelerated processing under the age or health eligibility requirements, to request that the panel consider other factors, including a party’s age and health, when scheduling hearings and discovery, briefing and motions deadlines.7 Thus, although these proceedings are not subject to the shortened, rules-based deadlines of the amendments, the panel may determine, at a party’s request, to expedite the proceedings based on the party’s particular circumstances. 2 Regulatory Notice 25-18 December 9, 2025

II. Determination of Eligibility
The amendments provide that the Director is responsible for determining whether a party’s request for accelerated processing complies with the requirements of the amendments.8 Under the amendments, the Director will make an objective determination as to whether the requesting party is at least 70 years of age or has submitted the required certification regarding an eligible health condition.9 This determination will not require any assessment by the Director regarding the reasonableness of the requesting party’s belief that accelerated processing is necessary.10
III. Accelerated Proceedings
If the Director determines that a request complies with the requirements for accelerated processing, the amendments accelerate the proceedings in three ways. (A) Accelerated Arbitrator Selection The first way that proceedings are accelerated is by requiring that the Director send out the lists of potential arbitrators to the parties more quickly than under the current program.11 Currently, the Director must send the lists of potential arbitrators to the parties “within approximately 30 days after the last answer is due,” regardless of the parties’ agreement to extend any answer due date.12 By contrast, the amendments require the Director to send the arbitrator lists “as soon as practicable after the last answer is due, notwithstanding any agreement of the parties to extend any answer due date.”13 (B) Arbitrator Guidance Regarding Arbitration Completion Timeframe The second way that proceedings are accelerated is by providing arbitrators with guidance as to how quickly they should endeavor to complete arbitrations. Specifically, under the amendments, the panel must endeavor to render an award within 10 months of the date the Director determines that a case is subject to accelerated processing.14 In addition, the amendments require the panel to hold a prehearing conference to set discovery, briefing and motions deadlines, and schedule hearing sessions, that are consistent with rendering an award within 10 months or less.15 (C) Shortened Party Deadlines Finally, proceedings are accelerated by shortening the following default deadlines that apply to parties under the Codes:
X Serving an Answer. Under the Codes, a respondent must serve the signed and dated Submission Agreement16 and answer on each party within 45 days of receipt of the statement of claim.17 In an accelerated proceeding, this deadline is shortened to within 30 days.18 Regulatory Notice 3 December 9, 2025 25-18

X Responding to a Third Party Claim. Under the Codes, a party responding to a third party claim must serve all other parties with the signed and dated Submission Agreement and answer within 45 days of receipt of the third party claim.19 In an accelerated proceeding, this deadline is within 30 days.20 X Completing Arbitrator Lists. Under the Codes, parties must return the ranked arbitrator lists of each separately represented party to the Director no more than 20 days after the date upon which the Director sends the arbitrator lists to the parties.21 In an accelerated proceeding, this deadline is no more than 10 days.22 X Discovery in Customer Cases. Under the Code of Arbitration Procedure for Customer Disputes, parties in customer cases are required to produce to all other parties documents that are described in the Document Production Lists on FINRA’s website,23 explain why specific documents cannot be produced, or object and file an objection with the Director within 60 days of the date that the answer to the statement of claim is due, or, for parties added by amendment or third party claim, within 60 days of the date that their answer is due, unless the parties agree otherwise.24 In an accelerated proceeding, these deadlines are shortened to within 35 days unless the parties agree otherwise.25 X Other Discovery Requests. Under the Codes, the party receiving the request must respond within 60 days from the date a discovery request other than the Document Production Lists is received, unless the parties agree otherwise.26 In an accelerated proceeding, this deadline is within 30 days unless the parties agree otherwise.27 Effective Date The amendments are effective for arbitration cases filed on or after March 30, 2026. 4 Regulatory Notice 25-18 December 9, 2025

1 See FINRA, Expedited Proceedings for Senior or Seriously Ill Parties, https://www.finra.org/ arbitration-mediation/rules-case-resources/ special-procedures/expedited-proceedings￾seniors-seriously-ill. 2 Id. 3 See Rules 12808 and 13808. See Securities Exchange Act Release No. 103755 (August 21, 2025), 90 FR 41603 (August 26, 2025) (Order Approving File No. SR-FINRA-2024-021). 4 See Rules 12808(a)(1) and 13808(a)(1). 5 See Rules 12808(a)(1)(A) and 13808(a)(1)(A). 6 See Rules 12808(a)(1)(B) and 13808(a)(1) (B). Under the amendments, the party is not required to disclose the details of their medical diagnosis or prognosis with the certification. Additionally, a party’s certification alone is not sufficient grounds to compel the production of information concerning, or allow questioning at any hearing about, the party’s medical condition, diagnosis or prognosis. See Rules 12808(a)(2) and 13808(a)(2). 7 See Rules 12808(a)(3) and 13808(a)(3). 8 See Rules 12808(b)(1) and 13808(b)(1). 9 Id. 10 Id. 11 See Rules 12808(b)(2)(A) and 13808(b)(2) (A). FINRA uses a list selection algorithm that generates, on a random basis, lists of arbitrators from FINRA’s rosters of arbitrators for the selected hearing location for each proceeding. The parties select their panel through a process of striking and ranking the arbitrators on the lists generated by the list selection algorithm. See Rules 12400(a) and 13400(a). Endnotes 12 See Rules 12402(c)(1), 12403(b)(1) and 13403(c) (1). 13 See Rules 12808(b)(2)(A) and 13808(b)(2)(A). 14 See Rules 12808(b)(2)(B) and 13808(b)(2)(B). 15 See Rules 12808(b)(2)(C) and 13808(b)(2)(C). 16 See Rules 12100(dd) and 13100(ee). The FINRA Submission Agreement is a document that parties must sign at the outset of the arbitration in which they agree to submit to arbitration under the Codes. 17 See Rules 12303 and 13303. 18 See Rules 12808(b)(2)(D)(i) and 13808(b)(2)(D)(i). 19 See Rules 12306 and 13306. 20 See Rules 12808(b)(2)(D)(ii) and 13808(b)(2)(D)(ii). 21 See Rules 12403 and 13404. 22 See Rules 12808(b)(2)(D)(iii) and 13808(b)(2)(D) (iii). 23 Rule 12506 (Document Production Lists) describes the documents that are presumed to be discoverable in all arbitrations between a customer and a member or associated person. 24 Id. 25 See Rule 12808(b)(2)(D)(iv). 26 See Rules 12507 and 13507. 27 See Rules 12808(b)(2)(D)(v) and 13808(b)(2)(D)(iv). Regulatory Notice 5 December 9, 2025 25-18 ©2025. FINRA. All rights reserved. Regulatory Notices attempt to present information to readers in a format that is easily understandable. However, please be aware that, in case of any misunderstanding, the rule language prevails.

---

ATTACHMENT A
New language is underlined; deletions are in brackets.

---

12000. CODE OF ARBITRATION PROCEDURE FOR CUSTOMER DISPUTES

---

PART VIII SIMPLIFIED ARBITRATION, ACCELERATED PROCESSING, AND
DEFAULT PROCEEDINGS

---

12808. Accelerated Processing
(a) Requests for Accelerated Processing
(1) A party may request accelerated processing of a case when initiating an arbitration pursuant to Rule 12302 or filing an answer pursuant to Rule 12303, provided that the party making the request:
(A) is at least 70 years of age at the time of the request; or (B) certifies, in the manner and form required by the Director, that: (i) the party has received a medical diagnosis and prognosis and (ii) based on that medical diagnosis and prognosis, the party has a reasonable belief that accelerated processing of the case is necessary to prevent prejudicing the party’s interest in the arbitration. The party shall not be required to disclose the details of their medical diagnosis or prognosis with the certification. (2) A party’s certification made pursuant to paragraph (a)(1)(B) of this Rule shall not alone be sufficient grounds to compel the production of information concerning, or allow questioning at any hearing about, the party’s medical condition, diagnosis or prognosis.

(3) A party who does not meet the requirements of paragraph (a)(1) of this Rule may request that the panel consider other factors, including a party’s age and health, when scheduling hearings and discovery, briefing, and motions deadlines, but shall not qualify for accelerated processing pursuant to paragraph (a). (b) Accelerating the Proceedings in Eligible Arbitrations (1) The Director shall determine if a party’s request for accelerated processing complies with the requirements of paragraph (a)(1) of this Rule. (2) If the Director determines that a request complies with the requirements of paragraph (a)(1) of this Rule:
(A) the Director shall send the arbitrator lists generated by the list selection algorithm to all parties at the same time, as soon as practicable after the last answer is due, notwithstanding any agreement of the parties to extend any answer due date; (B) the panel shall endeavor to render an award within 10 months of the date the Director determines that a case shall be subject to accelerated processing; (C) the panel shall hold a prehearing conference at which it shall set discovery, briefing, and motions deadlines, and schedule hearing sessions, that are consistent with rendering an award within 10 months or less; and, (D) all other provisions of the Code shall apply, except as modified as follows:
(i) respondent(s) must serve the signed and dated Submission Agreement and answer on each party, pursuant to Rule 12303, within 30 days of receipt of the statement of claim;

(ii) a party responding to a third party claim must serve all other parties with the signed and dated Submission Agreement and answer, pursuant to Rule 12306, within 30 days of receipt of the third party claim; (iii) no more than 10 days after the date upon which the Director sends the arbitrator lists to the parties, the ranked arbitrator lists of each separately represented party, pursuant to Rule 12402 or Rule 12403, must be completed via the Party Portal or, if the party is a pro se customer who opted out of using the Party Portal pursuant to Rule 12300(a), returned to the Director by first-class mail, overnight mail service, hand delivery, email or facsimile; (iv) unless the parties agree otherwise, within 35 days of the date the answer to the statement of claim is due, or, for parties added by amendment or third party claim, within 35 days of the date their answer is due, parties must respond to Document Production Lists pursuant to Rule 12506; and (v) unless the parties agree otherwise, within 30 days from the date a discovery request other than the Document Production Lists is received, the party receiving the request must respond to the discovery request pursuant to Rule 12507(b)(1).

---

13000. CODE OF ARBITRATION PROCEDURE FOR INDUSTRY DISPUTES

---

PART VIII SIMPLIFIED ARBITRATION; DEFAULT PROCEEDINGS; SEXUAL
ASSAULT CLAIMS, SEXUAL HARASSMENT CLAIMS, OR STATUTORY

EMPLOYMENT DISCRIMINATION CLAIMS; [AND] INJUNCTIVE RELIEF; AND ACCELERATED PROCESSING

---

13808. Accelerated Processing
       (a) Requests for Accelerated Processing
       (1) A party may request accelerated processing of a case when initiating an arbitration pursuant to Rule 13302 or filing an answer pursuant to Rule 13303, provided that the party making the request:
       (A) is at least 70 years of age at the time of the request; or (B) certifies, in the manner and form required by the Director, that: (i) the party has received a medical diagnosis and prognosis and (ii) based on that medical diagnosis and prognosis, the party has a reasonable belief that accelerated processing of the case is necessary to prevent prejudicing the party’s interest in the arbitration. The party shall not be required to disclose the details of their medical diagnosis or prognosis with the certification. (2) A party’s certification made pursuant to paragraph (a)(1)(B) of this Rule shall not alone be sufficient grounds to compel the production of information concerning, or allow questioning at any hearing about, the party’s medical condition, diagnosis or prognosis. (3) A party who does not meet the requirements of paragraph (a)(1) of this Rule may request that the panel consider other factors, including a party’s age and health, when scheduling hearings and discovery, briefing, and motions deadlines, but shall not qualify for accelerated processing pursuant to paragraph (a). (b) Accelerating the Proceedings in Eligible Arbitrations

(1) The Director shall determine if a party’s request for accelerated processing complies with the requirements of paragraph (a)(1) of this Rule. (2) If the Director determines that a request complies with the requirements of paragraph (a)(1) of this Rule:
(A) the Director shall send the arbitrator lists generated by the list selection algorithm to all parties at the same time, as soon as practicable after the last answer is due, notwithstanding any agreement of the parties to extend any answer due date; (B) the panel shall endeavor to render an award within 10 months of the date the Director determines that a case shall be subject to accelerated processing; (C) the panel shall hold a prehearing conference at which it shall set discovery, briefing, and motions deadlines, and schedule hearing sessions, that are consistent with rendering an award within 10 months or less; and, (D) all other provisions of the Code shall apply, except as modified as follows:
(i) respondent(s) must serve the signed and dated Submission Agreement and answer on each party, pursuant to Rule 13303, within 30 days of receipt of the statement of claim; (ii) a party responding to a third party claim must serve all other parties with the signed and dated Submission Agreement and answer, pursuant to Rule 13306, within 30 days of receipt of the third party claim; (iii) no more than 10 days after the date upon which the Director sends the arbitrator lists to the parties, the ranked

arbitrator lists of each separately represented party, pursuant to Rule 13404, must be completed via the Party Portal; and (iv) unless the parties agree otherwise, within 30 days from the date a discovery request is received, the party receiving the request must respond to the discovery request pursuant to Rule 13507.

---