New Recommendations by the FINRA Dispute Resolution Task Force (3rd Article)

Posted on February 21st, 2017 at 10:00 AM
New Recommendations by the FINRA Dispute Resolution Task Force (3rd Article)

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the third 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.

The Task Force recommended that one additional category should be implemented for which a motion to dismiss may be made before the conclusion of the case in chief.

FIRNA agreed with the Task Force and proposed to amend FINRA Rule 12504 of the Customer Code and FINRA Rule 13504 of the Code of Arbitration Procedure for Industry Disputes. The amendments state that arbitrators may act upon a motion to dismiss a party or claim prior to the conclusion of a party’s case in chief if the arbitrators determine that the non-moving party previously brought a claim regarding the same dispute against the same party, which the claim was fully and finally adjudicated on the merits and memorialized in an order, judgment, award, or decision.

The SEC approved the proposed rule change on November 10, 2016 and the rule change became effective on January 23, 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, Baord advisory committee, Task Force, FINRA Rule 12504, Customer Code, FINRA Rule 13504, Code

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