Answer: FINRA’s National Adjudicatory Council (NAC)
Explanation:
Decisions made by the Department of Enforcement may be appealed to FINRA’s National Adjudicatory Council (NAC).
The NAC is the national committee established to recheck or review initial pronouncements or decisions made in FINRA’s Department of Enforcements proceedings.
An individual or firm is given the right to appeal a hearing panel decision to the NAC under FINRA's disciplinary procedures. Sometimes the NAC may initiate a review of a decision on its own.
In the process of appeal, the NAC will evaluate whether the hearing panel's findings are right in legal context or not and in accordance with FINRA's Sanction Guidelines.
During a panel decision is on appeal, the sanction of the former proceeding on an individual or firm is not enforced.
However, an individual or firm can further appeal FINRA's decision to the U.S. Securities and Exchange Commission (SEC) and then to federal court.