In first of a series of articles on FINRA enforcement and the disciplinary process, Scott Matasar gave some sage advice on dealing with an 8210 request. The biggest take away is that ignoring the request or providing a half-assed response is not the way to make friends at FINRA.
First, ignoring an 8210 request will result in your registration being suspended. If you don’t respond after being suspended, just throw your registration in the garbage because you could likely face permanent exclusion.
Second, get your assets working for you. Make sure your firm knows; it may provide assistance, including a lawyer. If not, make sure you have adequate representation with a knowledgeable lawyer.
Third, respond fully and completely to the request whether it is for documents or written answers. FINRA may already have the documents it seeks, but may want to see if you will share the same materials. Don’t try to outsmart the process; you will lose.
Fourth, if appropriate, use the response to frame the issues as you see them. You may be able to convince FINRA that it is looking down a rabbit hole with no carrot at the end of the tunnel.
An 8210 request is not the end of the world, but you must act fast and take the process seriously. Cover you bases, get the help you need and keep your head up. You may have nothing to worry about.