SEC Extends Filing Deadline in Sterz FINRA Arbitration Review
Summary
The SEC issued an order granting FINRA's request to extend the time to file the certified record in Brian Michael Sterz's application for review of FINRA's denial of arbitration forum access. The extension was granted pending further order of the Commission. The SEC found that all four Rule 161 factors weighed in favor of the extension, as the proceeding was less than two weeks old, no prior extensions had been granted, and filing the record would be unnecessary if FINRA granted Sterz's pending request for reconsideration.
What changed
The SEC issued an order granting FINRA's request to extend the filing deadline for the certified record in Admin. Proc. File No. 3-22613. Brian Michael Sterz filed an application for review on March 20, 2026, challenging FINRA's denial of access to the arbitration forum, and FINRA subsequently moved to dismiss arguing the matter is not ripe given a pending request for reconsideration. Applying the four factors under Rule 161 (17 C.F.R. § 201.161(b)), the Commission found the proceeding was only two weeks old, no prior extensions existed, and efficiency supported the extension since the record would be unnecessary if reconsideration were granted.
No immediate action is required by regulated entities. This is a procedural order affecting only the parties in this specific proceeding (Brian Michael Sterz and FINRA). The SEC granted the extension until further order, meaning a subsequent order will establish a new deadline once FINRA's motion to dismiss is resolved. Industry participants generally are not required to take any action but should note this as an example of SEC procedural practice in FINRA arbitration access cases.
Archived snapshot
Apr 2, 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. 105148 / April 2, 2026 Admin. Proc. File No. 3-22613 In the Matter of the Application of BRIAN MICHAEL STERZ For Review of Action Taken by FINRA ORDER EXTENDING FILING OF THE CERTIFIED RECORD On March 20, 2026, Brian Michael Sterz filed an application for review of a FINRA decision denying him access to the FINRA arbitration forum. FINRA subsequently moved to dismiss Sterz's application for review, arguing that, because Sterz currently has a request for reconsideration pending before FINRA, this matter is not ripe for adjudication. FINRA also cites Rule of Practice 161 to request that the Commission stay the requirement to file the certified record and issue a briefing schedule in this matter. Sterz opposes both requests. Rule 161 directs the Commission to consider the following factors in determining whether to grant what we construe as FINRA's motion for an extension of time: (i) the length of the proceeding to date, (ii) the number of postponements, adjournments, or extensions already granted, (iii) the stage of the proceedings at the time of the request, and (iv) any other such matters as justice may require. Those factors all weigh in favor of extending the time to file the 1 certified record here. This proceeding is less than two weeks old, and FINRA requested an extension of the time to file the record shortly after Sterz filed his application for review. No prior extensions have been granted. Extending the time to file the certified record would also promote administrative efficiency, since filing the record would not be necessary if FINRA were to grant Sterz's request for reconsideration. Conversely, the proceeding would not be unduly delayed if the Commission were to deny FINRA's motion to dismiss. 17 C.F.R. § 201.161(b). 1
2 Accordingly, IT IS ORDERED that FINRA's request to extend the time to file the certified record until further order of the Commission is GRANTED. For the Commission, by its Secretary, pursuant to delegated authority. 2 Vanessa A. Countryman Secretary
17 C.F.R. § 200.30-7(a)(4). 2
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