15 U.S.C. 77a et seq., to make periodic reports under Exchange Act Section 13, if required by our rules. 68 SEC Docket at 2753. Rule 420 provides that applications for review may be filed by any person aggrieved by NASD action with respect to a final disciplinary sanction, denial of NASD membership, denial of access to services of the NASD or members thereof, or a bar from association with an NASD member. The showings demanded by the four criteria may vary with the equities and circumstances of the particular case. Exchange Act Rel.
Probability of success is inversely proportional to the degree of irreparable injury evidenced.
A stay may be granted with either a high probability of success and some injury, or vice versa. In the alternative, the NASD may at any time request that this proceeding be remanded to it, for resolution pursuant to appropriate existing NASD procedures. See, e.g., John Kahal, Order Remanding Proceeding to Registered Securities Association, Exchange Act Rel. We do not intend to suggest any view as to the outcome of such a remand. We disfavor requests for extensions of time to file briefs.