The SEC requested comments on a FINRA proposal to amend FINRA Rule 12504 of the Code of Arbitration Procedure for Customer Disputes and FINRA Rule 13504 of the Code of Arbitration Procedure for Industry Disputes. The proposal would allow arbitrators to act upon a motion to dismiss a party or claim prior to the conclusion of a party's case in chief, if the arbitrators determine that: (i) the non-moving party previously brought a claim regarding the same dispute against the same party, and (ii) the dispute was fully and finally adjudicated on the merits and memorialized in an order, judgment, award or decision. The solicitation of comments was published in the Federal Register.
Comments on the proposal must be submitted by September 7, 2016.
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.