The SEC approved amendments to certain FINRA rules regarding arbitration procedures (Rules 12402, 12403, and 13403; see previous coverage of proposed rule change). Under the newly adopted changes, the FINRA Office of Dispute Resolution will be required to send an arbitrator list, from which the parties would select arbitrators, to all parties at the same time within approximately 30 days of the original date on which the last answer was due. Pursuant to the amendments, party agreements to extend any answer due dates will no longer affect the timing of providing the arbitrator list or lists to the parties.
The amendments will become effective on September 18, 2017.
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