FINRA proposed amending Rule 12400 of the Code of Arbitration Procedure for Customer Disputes and Rule 13400 of the Code of Arbitration Procedure for Industry Disputes. The amendments would permit an attorney arbitrator to be eligible for the chairperson roster if that attorney completed chairperson training and had served as an arbitrator through award on at least one SRO arbitration in which hearings were held. FINRA observed that it "has had limited success in enrolling new public chairpersons," which it attributed to a low arbitration caseload, and to the number of public arbitrators who had not served on a "sufficient number of cases through award to meet the case experience requirements for attorney arbitrators." However, FINRA explained, an increase of 20% in case filings in 2016 suggests that the "need for more public chairpersons could outpace the qualification pipeline under the current eligibility criteria."
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