Are there any special considerations for securities arbitration?
Yes, securities arbitration is subject to different considerations than other types of arbitration in Utah. Securities arbitration is typically handled through the Financial Industry Regulatory Authority (FINRA). FINRA is a non-profit organization that is mandated by Congress to arbitrate disputes between customers and their financial institutions. FINRA has a special set of rules for securities arbitration, which are very different from those used for other types of arbitration. For example, parties do not have the same access to discovery during securities arbitration that they have in other forms of arbitration. Discovery is the process of obtaining information, such as documents or witness statements, that is relevant to a case. FINRA rules also limit the amount of time and money that can be spent on a securities arbitration case. Securities arbitration also has a different form of appeal. Instead of appealing to a court, parties in a securities arbitration have the option of appealing to the Securities and Exchange Commission (SEC). The SEC has the authority to review a FINRA decision and decide whether to uphold it or overturn it. Overall, parties involved in securities arbitration in Utah should be aware that the process is subject to different considerations than other types of arbitration. It is important to be aware of these differences in order to have a successful outcome.
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