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Most Read Contributor in United States, September 2017
FINRA
reported taking action on 35 of the 51
recommendations issued by the FINRA Dispute Resolution Task
Force in December 2015. The recommendations are intended to enhance
FINRA's arbitration and mediation proceedings.
Specifically, FINRA reported that:
the SEC approved two FINRA proposals that address Task Force
recommendations to (a) increase the number of public arbitrators
from which parties may choose during the panel selection process
and (b) permit arbitrators to grant a party's motion to dismiss
if the arbitrators determine that the non-moving party previously
brought a claim regarding the same dispute against the same party
and the claim was fully and finally adjudicated on its merits;
the FINRA Board approved four proposals relating to (a)
expungement relief, (b) case management, (c) ensuring that the new
definitions of public and non-public arbitrators do not overly
exclude qualified individuals as public arbitrators, and (d)
developing an intermediate forum for small claims; and
FINRA staff implemented recommendations that did not require
rulemaking, particularly those involving forum transparency,
arbitrator recruitment and training, and case administration
processes.
FINRA stated that additional action on the remaining 16
recommendations is still pending and that FINRA staff will provide
periodic updates going forward.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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