What is the role of the FINRA Code of Arbitration Procedure?
The FINRA Code of Arbitration Procedure (“FINRA Code”) is a set of rules and procedures that govern the arbitration of securities disputes in Kansas. It is applicable to all FINRA-regulated broker-dealers, their customers, employees, and others in the securities industry. The FINRA Code ensures that disputes are resolved in a fair and timely manner. It sets out rules governing arbitrator selection, discovery procedures, case management, hearings, and post-award proceedings. The FINRA Code also provides guidance on the roles of the claimant and respondent during the arbitration process. The FINRA Code is binding on all parties to a securities arbitration. All parties must comply with its provisions and are expected to do so in good faith. This means they must provide truthful and accurate information to both the arbitrator and the other party. The FINRA Code also provides guidance on the amount of damages that can be awarded. Certain awards may be limited to the amount of the customer’s total costs associated with the claim, including attorney’s fees, damages, and expenses. Overall, the FINRA Code is an important document that helps ensure the fair and timely resolution of securities disputes in Kansas. It sets out the rules and procedures governing the arbitration process and provides guidance on the roles of the parties involved. The FINRA Code also sets out the limits on awards that can be given to parties.
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