New Recommendations by the FINRA Dispute Resolution Task Force

Posted on February 15th, 2017 at 9:03 AM
New Recommendations by the FINRA Dispute Resolution Task Force

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the first in a series of posts to discuss the 51 recommendations the FINRA Dispute Resolution Task Force (Task Force) has made to the National Arbitration and Mediation Committee (NAMC). NAMC is FINRA’s standing Board advisory committee.

To begin, the Task Force recommends that in instances where all non-public arbitrators are struck from the arbitrator selection process, FINRA will provide a new list of 10 public arbitrators. Even though FINRA staff generally agreed with the Task Force’s recommendation, the staff believed that the panel selection process likely would incur unnecessary expenses and additional time in vetting an additional list of 10 public arbitrators.

Therefore, FINRA proposed to amend FINRA Rule 12403 of the Code of Arbitration Procedure for Customer Disputes (Customer Code), to increase the number of public arbitrators on the list that FINRA sends parties during the arbitration panel selection process from 10 to 15 arbitrators in cases with three arbitrators. The SEC approved the proposed rule change on September 14, 2016 and the change became effective on January 3, 2017. 

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of securities for financial investors including Securities FraudUnauthorized TradingBreach of Fiduciary DutyRetirement Planning Negligence, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today. 

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, Eccleston Law LC, James Eccleston, FINRA, FINRA Dispute Resolution Task Force, National Arbitration and Mediation Committee, NAMC, advisory committee, Task Force, non-public arbitrators, FINRA Rule 12403, Code of Arbitration

Return to Archive

TESTIMONIALS

Previous
Next

If you find yourself in trouble with the regulators, call Eccleston Law, you won't regret it.

Rick R.

LATEST NEWS AND ARTICLES

January 18, 2022
New York Advisor Receives 17-Year Prison Sentence Over Ponzi Scheme

A New York-based advisor, Perry Santillo, received a 17-year prison sentence for his role in operating a Ponzi scheme that generated at least $115 million from more than 1,000 investors.

January 17, 2022
J.P. Morgan Seeks TRO Over Departing Advisor

J.P. Morgan Chase’s brokerage business has requested that a Louisville, Kentucky, federal court issue a temporary restraining order (TRO) barring one of its former advisors from soliciting its clients.

January 14, 2022
Ohio Advisor Pleads Guilty In $9.3 Million Ponzi Scheme

A former Northeast Ohio-based advisor, Tara Brunst, has pleaded guilty to her role in a $9.3 million Ponzi scheme.