The SEC approved FINRA amendments revising the definition of a non-public arbitrator.

The amendments affect FINRA Rules 12100 and 13100, and expand the scope of individuals eligible to serve as non-public arbitrators (see previous coverage). Under the revised rules, a non-public arbitrator is defined as a "person who is otherwise qualified to serve as an arbitrator, and is disqualified from service as a public arbitrator." The new amendments are intended to resolve an eligibility gap created by a 2015 amendment to the arbitrator definitions that resulted in the disqualification of a significant number of public arbitrators.

The amendments will become effective on October 9, 2017.

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