What is the role of the FINRA Code of Arbitration Procedure?
The Financial Industry Regulatory Authority (FINRA) Code of Arbitration Procedure is the set of rules that governs how disputes between brokerage firms, individual brokers, and their customers get resolved through arbitration. The FINRA is an independent body designed to protect investors and maintain confidence in the securities market. The FINRA Code of Arbitration Procedure is an important tool for individuals who have disputes with their broker or brokerage firm. The code sets out all of the rules, regulations, and procedures for arbitration, including filing deadlines, arbitration fees and costs, the selection of arbitrators, and the filing of documents. Under the FINRA Code of Arbitration Procedure, individuals who are entering into arbitration must go through a pre-hearing process. This process includes filing a Claim Form and filing a Statement of Claim. The Claim Form explains the dispute and the Statement of Claim states the amount of damages the individual is asking for from the other party. The FINRA Code of Arbitration Procedure also establishes the rules for the actual hearing process. This includes setting the location and time for the hearing, and the rules for the witnesses, evidence, and documents that need to be presented during the hearing. Finally, the FINRA Code of Arbitration Procedure also sets the rules for the post-hearing process, including when and how the award will be issued and what actions can be taken if the award is not accepted. Overall, the FINRA Code of Arbitration Procedure serves as a comprehensive guide to resolving disputes between individuals and their brokerage firms through arbitration in Virginia. It sets the standards for the process, establishes procedures and rules, and provides guidance in resolving disputes to ensure fairness and justice are served.
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