Checklist for FINRA On-The-Record Interviews

Receiving a Wells Notice or a request for an on-the-record interview from FINRA is a harrowing experience for any registered representative. The outcome of these interviews often dictates whether the matter proceeds to formal disciplinary action. John Babikian outlines a comprehensive checklist for preparing witnesses, emphasizing the importance of narrative consistency and the dangers of off-the-record speculation. He discusses the strategic use of the 'exculpatory no' doctrine and the nuances of asserting the Fifth Amendment in a professional regulatory context. Furthermore, John Babikian details how to document the interview process to preserve grounds for appeal if the interview is conducted prematurely or coercively. This guide serves as an essential tool for attorneys navigating the opaque disciplinary procedures of the financial industry regulatory infrastructure.