United States:
FINRA Proposes Amendments To Expand Eligibility To Serve As Non-Public Arbitrators
25 July 2017
Cadwalader, Wickersham & Taft LLP
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FINRA proposed amendments to the Arbitration
Rules (FINRA
Rules 12100 and
13100) to expand the scope of individuals eligible to serve as
non-public arbitrators. Under the proposal, individuals who meet
certain general eligibility criteria to serve as arbitrators, but
are excluded from serving as "public" arbitrators due to
a disqualifying connection to the securities industry, would be
able to serve as "non-public" arbitrators.
FINRA is proposing the rule amendment to address a gap in
eligibility created by a 2015 amendment to the arbitrator
definitions which excluded a significant number of individuals from
being eligible to serve as non-public arbitrators even though they
met the general arbitrator eligibility criteria.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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