FINRA cases in Puerto Rico suspended until October
SAN JUAN – The Financial Industry Regulatory Authority (FINRA) has temporarily suspended about 900 cases in Puerto Rico until Oct. 20, due to the island’s devastation as a result of Hurricane María, Caribbean Business has learned.
“FINRA Office of Dispute Resolution has continued to monitor the situation in Puerto Rico and based upon the latest information available, is administratively staying all cases venued in Puerto Rico until October 20, 2017. This includes canceling all hearings, conference calls and deadlines scheduled during this time. FINRA will begin the process of rescheduling any impacted hearings and pre-hearings as soon as reasonably practicable, once the stay is lifted,” the entity said in a statement.
“Notwithstanding the foregoing, if parties mutually agree otherwise, they should communicate that agreement to FINRA at their earliest convenience. Cases not venued in Puerto Rico may also be affected by the events in Puerto Rico. For example, parties, witnesses or records necessary to a case may be located in Puerto Rico and may be unavailable. In such an instance, the parties may agree to stay the case. If such an agreement is reached, the parties should notify FINRA in writing at their earliest convenience. FINRA will then alert the panel in the affected case of the agreed upon stay,” the entity added. “FINRA will continue to monitor the situation in Puerto Rico and will make any necessary adjustments to the foregoing as conditions warrant.”
The FINRA cases stem from the island’s financial crisis and center on the sale of Puerto Rico municipal bonds and closed end funds that owned Puerto Rico muni bonds on margin.