FINRA filed a proposed rule change with the SEC that would eliminate a $400 fee charged to the parties of a FINRA arbitration procedure for electing to have arbitrators provide an "explained decision" (i.e., a fact-based award outlining the reasons for the arbitrator's decision). The rule change would affect FINRA Rules 12214(e)(1) and 12904(g)(5) of the Code of Arbitration Procedure for Customer Disputes, and FINRA Rules 13214(e)(1) and 13904(g)(5) of the Code of Arbitration Procedure for Industry Disputes.
The proposed rule change was filed for immediate effectiveness with an operative date of February 21, 2018.
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