Securities Law Updates | New Statutes, Regulations and Rules
August 17, 2010
SEC Approves Rule to Increase Arbitrator List
Release No. 34-62480; File No. SR-FINRA-2010-022
Order Approving Proposed Amendment of the Codes of Arbitration Procedure to Increase the Number of Arbitrators, 7/9/2010
The Securities and Exchange Commission (“SEC,” or “Commission”) has approved a proposed rule change (SR-FINRA-2010-022), filed by the Financial Industry Regulatory Authority (“FINRA”) to amend the Codes of Arbitration Procedure to increase the number of arbitrators on lists generated by the Neutral List Selection System (“NLSS”).
By way of background, the NLSS is a computer system that generates, on a random basis, lists of arbitrators from FINRA’s rosters of arbitrators (i.e., public, non-public, and chair rosters) for each arbitration case. The parties select their panel through a process of striking and ranking the arbitrators on the lists.
Currently, FINRA sends the…
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