Review of Direct or Indirect Access Complaints

What this video covers

• Who may file a direct or indirect access complaint, and why the complainant must serve the alternative display facility (ADF) trading center at the same time and by the same method
• The five permitted delivery methods for an initial complaint and appeal: facsimile, email, personal delivery, courier, and overnight mail
• Why a designated FINRA officer must promptly determine whether access was denied, while any further investigation remains within the officer's sole discretion
• The difference between what the officer shall do and may do: direct access to ADF quotes, but limit participation only if the trading center does not comply promptly
• The appeal deadline at the close of the next business day, the requirement to serve both FINRA and the opposite party, and why an appeal does not stay the determination
• How the two sequential 24-hour information windows work, why the responding party's clock starts after receipt of supporting information, and why email is excluded from this exchange
• How a properly filed appeal reaches a three-member subcommittee that may affirm or reverse the determination, but may not modify it