Capellini v. FINRA - SEC Grants Motion for Supplemental Briefing on Constitutionality of FINRA Disciplinary Process
Summary
Suzanne Marie Capellini filed a motion on April 10, 2026, requesting leave to submit supplemental briefing addressing recent case law concerning the constitutionality of the process by which FINRA disciplined her. The SEC has granted this motion and accepted Capellini's proposed supplemental brief as filed. FINRA may file a response not to exceed 5,000 words by May 22, 2026.
“We have determined to grant Capellini's request for supplemental briefing.”
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GovPing monitors SEC: Commission Opinions & Adjudicatory Orders for new securities & markets regulatory changes. Every update since tracking began is archived, classified, and available as free RSS or email alerts — 45 changes logged to date.
What changed
The SEC granted Suzanne Marie Capellini's motion for leave to submit supplemental briefing concerning recent case law on the constitutionality of FINRA disciplinary proceedings. The SEC accepted Capellini's proposed supplemental brief filed with her motion and set a May 22, 2026 deadline for FINRA to respond. The order explicitly reserves judgment on the merits of the parties' arguments and whether those arguments have been waived, forfeited, or properly exhausted before FINRA.
Broker-dealers and registered persons under FINRA jurisdiction should monitor this proceeding closely. If courts or the SEC find that FINRA's disciplinary process is constitutionally deficient, it could affect the validity of prior disciplinary actions and alter the procedural rights afforded to respondents in FINRA proceedings.
What to do next
- FINRA may file a response, not to exceed 5,000 words, by May 22, 2026
Archived snapshot
Apr 22, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
UNITED STATES OF AMERICA before the SECURITIES AND EXCHANGE COMMISSION SECURITIES EXCHANGE ACT OF 1934 Release No. 105286 / April 22, 2026 Admin. Proc. File No. 3-22284
ORDER GRANTING MOTION TO SUBMIT SUPPLEMENTAL BRIEFING On April 10, 2026, Suzanne Marie Capellini filed a motion requesting leave to submit supplemental briefing to address recent case law concerning the constitutionality of the process by which FINRA disciplined her. Capellini filed her proposed supplemental brief with her motion. FINRA opposes the motion. We have determined to grant Capellini's request for supplemental briefing. Accordingly, we accept the supplemental brief Capellini filed with her motion. FINRA may file a response, 1not to exceed 5,000 words, by May 22, 2026. For the Commission, by the Office of the General Counsel, pursuant to delegated authority. Vanessa A. Countryman Secretary
This order should not be construed as expressing any view as to the merits of the parties' 1In the Matter of the Application of arguments, or whether those arguments have been waived, forfeited, or properly exhausted before FINRA. SUZANNE MARIE CAPELLINI For Review of Action Taken by FINRA
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