18 Mar 2025
⚖️FINRA Proposes Accelerated Arbitration Rules for Older and Ill Parties
Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To Amend the Codes of Arbitration Procedure To Adopt FINRA Rules 12808 and 13808 (Accelerated Processing) To Accelerate the Processing of Arbitration Proceedings for Parties Who Qualify Based on Their Age or Health Condition
Summary
The SEC published a notice regarding FINRA's proposed rule change to amend the Codes of Arbitration Procedure, enabling accelerated processing for arbitration cases involving parties aged 70 or older or those with qualifying health conditions. This rule aims to shorten arbitration timelines significantly, enhancing accessibility for vulnerable populations in financial disputes.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed rule change by FINRA aims to expedite arbitration proceedings for parties based on age or health conditions. This has compliance implications for businesses involved in arbitration and could affect their legal strategies and operational timelines.