Q: At a disciplinary hearing I went through recently, the hearing officer allowed FINRA to present testimony from someone they claimed to be an expert, but whom I objected to as not having experience with the specific types of investments at issue. How is that allowed?

A: Hearing officers have broad discretion to accept or reject expert testimony. They get to decide whether an expert is qualified to address the issues involved in the hearing. And they get to determine whether the testimony meets the requirements for admissibility set forth in FINRA Rule 9263, which allows a hearing officer to exclude evidence deemed irrelevant, immaterial, unduly repetitious, or unduly prejudicial.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access