What is the role of the FINRA Code of Arbitration Procedure?
The Financial Industry Regulatory Authority (FINRA) Code of Arbitration Procedure (FINRA Code) is an extremely important document for securities arbitration law in Tennessee and across the United States. The FINRA Code provides a set of rules and procedures that govern the arbitration process when disputes arise between customers and brokers or other members of the securities industry. The FINRA Code outlines the rules that must be followed when filing for arbitration, what type of evidence can be presented, and how discovery works in an arbitration hearing. It also defines the decision-making process the arbitrators must use when deliberating on the dispute. The FINRA Code also outlines the procedures for appeal of a decision, such as which court can hear the case and what evidence is required for an appeal. The FINRA Code also sets out the rights and obligations of the parties involved in the dispute and makes sure that both parties receive fair and equal treatment during the proceedings. The FINRA Code also ensures that the arbitrators remain unbiased and impartial throughout the process. In short, the FINRA Code of Arbitration Procedure is important for securities arbitration law in Tennessee because it provides a standard set of rules and procedures that must be followed, as well as protecting the rights of the parties involved in the dispute and making sure that the arbitrators remain impartial.
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