What is the role of the FINRA Code of Arbitration Procedure?
The Financial Industry Regulatory Authority (FINRA) Code of Arbitration Procedure is a set of rules governing how securities arbitration proceedings are handled. This code was created to provide a fair and consistent forum for resolving disputes between investors, brokers, and Wall Street firms. The FINRA Code of Arbitration Procedure defines how securities arbitration cases are initiated, administered, and resolved. It sets out the circumstances under which parties can file claims in securities arbitration and provides guidance on the scope of the proceedings. It also includes rules governing the filing of claims and motions, service of papers, discovery, and hearings. The FINRA Code of Arbitration Procedure also outlines the procedures for selecting arbitrators and handing down final rulings. It requires that at least three arbitrators be appointed, who are approved by FINRA and have expertise in securities law. The arbitrators must review all relevant evidence and make decisions based on the facts and legal issues at dispute. This ensures a fair and impartial system for resolving securities disputes. In addition, the FINRA Code of Arbitration Procedure provides for the enforcement of arbitral awards, which allows parties to seek relief from state and federal courts if the arbitrator’s ruling is not followed. This is an important part of the arbitration process, as it gives investors, brokers and Wall Street firms the assurance that their disputes will be directed in a manner that respects the law and is fair to all parties.
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