What is the role of the FINRA Code of Arbitration Procedure?
The FINRA Code of Arbitration Procedure (FINRA Code) plays a key role in securities arbitration law in Oregon. It is a comprehensive set of rules that outline the process of mediation and arbitration of disputes between investors and financial firms. The Code is designed to ensure a fair and efficient resolution of investor disputes in a timely manner. The FINRA Code outlines the procedures for filing a complaint and provides guidance for how the arbitration hearing should proceed. All participants must be provided a copy of the Code and have the option to opt-out of the arbitration process. The Code includes rules specific to how documents must be prepared, how witnesses should be examined, and how the arbitrators must reach their decision. The FINRA Code also provides for the selection of arbitrators, the rules governing their qualifications, and the rules governing the arbitration hearing itself. The Code also outlines the scope of the arbitrator’s authority and guides how decisions may be appealed. Under the Code, all awards are final and binding on the parties involved. In Oregon, the FINRA Code is essential in providing investors with access to a fair and impartial mechanism to resolve disputes with financial firms. By ensuring that all parties follow a uniform set of rules, the Code helps ensure that all parties receive a fair hearing and that there is a consistent system for resolving disputes.
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