⚖️FINRA Proposed Rule Change
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving a Proposed Rule Change To Amend the Codes of Arbitration Procedure To Make Clarifying, Technical, and Procedural Changes to the Arbitrator List Selection Process
Summary
The FINRA proposed rule changes aim to amend the Codes of Arbitration Procedure to enhance transparency and efficiency in the arbitrator selection process, particularly by increasing the selection opportunities for non-chair-qualified public arbitrators. These adjustments are designed to benefit businesses by improving arbitration outcomes and fostering a more diverse arbitrator panel.
Agencies
- Securities and Exchange Commission
Business Impact
$$ - Med
The proposed rule changes by FINRA will enhance the arbitration process for businesses involved in disputes, as they improve the selection process of arbitrators, potentially leading to a more diverse panel. This impacts businesses directly engaged in arbitration by providing clearer guidelines and reducing delays, thereby supporting dispute resolution efficiency.