Ever wonder whether FINRA allowed for reply briefs in motion practice? You weren’t alone. Until recently, the FINRA Arbitration Rules were silent about whether a party was allowed to file a reply brief, and if so, when. Effective Monday, June 6, 2011, new FINRA rules make clear that reply briefs are permitted and must be filed within five days of service of the opposing party's responsive brief.
FINRA has determined that the new five-day deadline allows parties to fully brief the motion at issue and ensures that the arbitrators will have all the motion briefs before issuing a decision. See the full Regulatory Notice here.