New Recommendations by the FINRA Dispute Resolution Task Force (7th Article)

Posted on March 8th, 2017 at 3:43 PM
New Recommendations by the FINRA Dispute Resolution Task Force (7th Article)

From the Desk of Jim Eccleston at Eccleston Law LLC:

This is the seventh 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 the IPHC (Initial Prehearing Conference) script should specifically state that the parties have the right to ask appropriate questions during the conference. The Task Force also recommended that the script should emphasize that arbitrators should expect questions and will not take exception to them in any manner.

FINRA generally agreed with the Task Force’s recommendation that the parties have the right to ask appropriate questions to arbitrators and that the arbitrators should not take exception to requests for additional information. However, FINRA does not believe that the IPHC is the best setting for asking additional questions. Therefore, FINRA does not believe that the script needs to be revised. Instead, FINRA published an article in the December 2016 issue of The Neutral Corner that emphasizes the importance of arbitrators’ prompt and complete responses to requests for additional information (Volume 4—2016).                   

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.

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