January 22, 2022

Volume XII, Number 22

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January 21, 2022

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January 19, 2022

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FINRA Proposes Rule Change To Provide Additional Hearing Options for Parties in Certain Arbitrations

On January 30, the Financial Industry Regulatory Authority filed a proposed rule change with the Securities and Exchange Commission to adopt amendments to FINRA Rules 12600 and 12800 of the Code of Arbitration Procedures for Customer Disputes (Customer Code) and FINRA Rules 13600 and 13800 of the Code of Arbitration Procedure for Industry Disputes (Industry Code).

The proposed rule change will amend the provisions of the Customer Code and Industry Code to provide an additional hearing option for parties in arbitration with claims of $50,000 or less, excluding interest and expenses. It will give the applicable parties, under both the Customer Code and the Industry Code, the ability to choose between (1) arbitration under the current provisions or (2) a special proceeding held by telephone (or another method agreed to by the parties) and limited in time.

FINRA’s proposed rule change is available here.

©2022 Katten Muchin Rosenman LLPNational Law Review, Volume VIII, Number 33
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About this Author

Our Financial Services Practice advises a broad spectrum of domestic and international fund managers, trading advisors, banks, brokerages and proprietary trading firms in all aspects of exchange-traded and over-the-counter commodities, securities and derivatives transactions. We help clients find business-based solutions and make business-driven decisions that are in compliance with applicable regulatory requirements. Our lawyers have extensive experience in the financial markets and are fully attuned to the need to provide advice quickly and efficiently in light of the time-sensitive and...

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