SEC Grants FINRA Extension for Kaplan Review

SEC: Commission Opinions & Adjudicatory Orders

Filed March 11th, 2026

Detected March 14th, 2026

Summary

The SEC has granted FINRA an extension to file the certified record in the administrative proceeding concerning Adam Scott Kaplan and Daniel Evan Kaplan. FINRA must now file the record by March 31, 2026. The SEC also requested briefing from FINRA on the applicants' stay request.

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What changed

The Securities and Exchange Commission (SEC) has granted FINRA an extension to file the certified record in the administrative proceeding against Adam Scott Kaplan and Daniel Evan Kaplan (Admin. Proc. File No. 3-22605). FINRA's unopposed motion for good cause shown was granted, pushing the deadline for filing the certified record and its index to March 31, 2026. The SEC also requested FINRA's views on the applicants' request to stay their suspension pending appeal, with FINRA due to respond by March 13, 2026, and applicants by March 16, 2026.

This action primarily affects the procedural timeline of the enforcement case. Compliance officers should note the new deadlines for FINRA's filings and responses related to the stay request. While this is a procedural extension, it is part of an ongoing enforcement action where the applicants were suspended for failure to pay an arbitration award, highlighting the importance of timely compliance with arbitration decisions and SEC/FINRA directives.

What to do next

Monitor the SEC's administrative proceeding file for further updates regarding the Kaplan review.
Ensure awareness of FINRA's procedural filings and deadlines in ongoing enforcement matters.

Source document (simplified)

UNITED STATES OF AMERICA before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 104972 / March 11, 2026 Admin. Proc. File No. 3-22605 In the Matter of the Application of ADAM SCOTT KAPLAN and DANIEL EVAN KAPLAN For Review of Action Taken by FINRA ORDER REQUESTING BRIEFING AND GRANTING EXTENSION OF TIME On March 2, 2026, Adam Scott Kaplan and Daniel Evan Kaplan (together, “Applicants”) filed an application for review of a FINRA expedited decision suspending them from associating with any FINRA member firm for failure to pay an arbitration award. On March 9, 2026, FINRA filed an unopposed motion to extend the time to file the certified record in this matter. It appears appropriate to grant FINRA’s motion for good cause shown. Accordingly, it is ORDERED that FINRA shall file the certified record (and an index to the certified record) by March 31, 2026. In their application, Applicants request that the Commission “stay the suspension against [them] during the pendency of this appeal.” The Commission would benefit from FINRA’s views on Applicants’ request for a stay. Accordingly, it is FURTHER ORDERED that FINRA See Rule of Practice 161(a), 17 C.F.R. § 201.161(a); see also Pending Administrative Proceedings, Exchange Act Release No. 88415, 2020 WL 1322001 (Mar. 18, 2020) (providing that, pending further order of the Commission, reasonable requests for extensions of time will not be disfavored as stated in Rule of Practice 161).

file a response to Applicants’ stay request by March 13, 2026. Applicants may file a reply by March 16, 2026. For the Commission, by its Secretary and General Counsel, pursuant to delegated authority. Vanessa A. Countryman Secretary 17 C.F.R. §§ 200.30-7(a)(4), .30-14(h)(1)(vii).