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FINRA Dispute Resolution Update - March
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(March 19, 2009 - Thursday) - March 19, 2009
The following items have recently been added to the Arbitration & Mediation section of the FINRA Web site.
Topics in this Announcement:
-- SEC Approves Amendments to Require Arbitrators to Provide an Explained Decision at Parties' Joint Request
-- SEC Approves Amendments Raising the Threshold for Single Arbitrator Cases to $100,000
-- Proposed Rule Change to Amend the Customer and Industry Codes
-- SEC Approves New Motion to Dismiss Rule and Amendment to the Eligibility Rule in Arbitration
-- Revised Expungement Training Course
-- Neutral Workshop
-- The Neutral Corner, Volume 1--2009
-- Statistics
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SEC Approves Amendments to Require Arbitrators to Provide an Explained Decision at Parties' Joint Request
Effective April 13, 2009, FINRA will require arbitrators to provide an explained decision at the parties' joint request. An explained decision is a fact-based award stating the general reasons for the arbitrators' decision. Parties will be required to submit any joint request for an explained decision at least 20 days before the first scheduled hearing date.
Read more of Regulatory Notice 09-16 (http://www.finra.org/Industry/Regulation/Notices/2009/P118142) for additional information.
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SEC Approves Amendments Raising the Threshold for Single Arbitrator Cases to $100,000
Effective March 30, 2009, FINRA will raise the threshold for appointing a single chair-qualified arbitrator. The SEC approved amendments to FINRA Rule 12401 of the Code of Arbitration Procedure for Customer Disputes ("Customer Code") and FINRA Rule 13401 of the Code of Arbitration Procedure for Industry Disputes ("Industry Code") to raise the amount in controversy for appointing a single chair-qualified arbitrator to $100,000.
Read more of Regulatory Notice 09-13 (http://www.finra.org/Industry/Regulation/Notices/2009/P118035) for additional information.
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Proposed Rule Change to Amend the Customer and Industry Codes
FINRA filed a proposed rule change to amend the Customer Code and the Industry Code to insert rule language from the Code of Arbitration Procedure ("old Code") that was inadvertently omitted, to correct inaccurate cross-references, to codify current practices concerning the administration of existing rules and to correct typographical errors.
Read more of SR-FINRA-2009-003 (http://www.finra.org/Industry/Regulation/RuleFilings/2009/P117705) for additional information.
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SEC Approves New Motion to Dismiss Rule and Amendment to the Eligibility Rule in Arbitration
Effective February 23, 2009, FINRA implemented new procedures for handling motions to dismiss in arbitration. The amendments to its dispute resolution rules will significantly reduce the frequency of motions to dismiss in arbitration before investors have a chance to present their case.
For more information, see Regulatory Notice 09-07 (http://www.finra.org/Industry/Regulation/Notices/2009/P117759) or read the press release (http://www.finra.org/Newsroom/NewsReleases/2009/P117686).
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Revised Expungement Training Course
This mandatory online course has been revised to include additional guidance on expungement procedures outlined in our new Code of Arbitration Procedure Rules 12805 and 13805.
Learn more about the course. (http://www.finra.org/ArbitrationMediation/Neutrals/Education/ArbitratorTraining/P010882)
Register for the course. (https://guest.cvent.com/EVENTS/Register/IdentityConfirmation.aspx?e=8cbcbb1f-f9fb-47c1-a779-472074f6c286)
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Neutral Workshop
FINRA has adopted new rules to govern motions to dismiss. The rules significantly limit motions to dismiss filed prior to the conclusion of a party's case-in-chief, and impose stringent sanctions against parties for engaging in abusive practices under the rules. In this neutral workshop, senior FINRA staff discuss the new rules and address various case scenarios.
Listen to the workshop. (http://www.finra.org/ArbitrationMediation/Neutrals/Education/P009530)
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The Neutral Corner, Volume 1--2009
The latest issue of The Neutral Corner (http://www.finra.org/ArbitrationMediation/Neutrals/Education/NeutralCorner/index.htm) is now available, featuring articles such as "New Motion to Dismiss Rule" and "FINRA Takes Steps to Enhance Finality in Arbitration--New Rules Limit Submissions on Closed Cases."
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Statistics
View the latest Dispute Resolution statistics (http://www.finra.org/ArbitrationMediation/AboutFINRADR/Statistics/index.htm).
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