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In brief: Proposed FINRA rule change after ‘eligibility gap’ excludes arbitrators

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Published on: 13 July 2017

Published by a LexisNexis Arbitration expert

Table of contents

Original news
Practical implications
Background
‘Eligibility gap’
Proposed amendments to Codes

Article summary

Arbitration analysis: The Financial Industry Regulatory Authority Inc (FINRA) has encountered a significant decrease in the number of arbitrators on its roster due to the restrictive criteria for its arbitrators, introduced to address user issues concerning neutrality. FINRA is filing a proposed rule change with the Securities and Exchange Commission (SEC) to allow it to appoint applicants to the non-public arbitrator roster if they meet FINRA’s general arbitrator qualification criteria but cannot be classified as public arbitrators under the Code of Arbitration Procedure for Customer Disputes (the Customer Code) and the Code of Arbitration Procedure for Industry Disputes (the Industry Code). The proposal will amend FINRA Rule 12100 and 13100 of the Customer Code and Industry Code respectively.

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