Is there a difference between a tentative and a final award in a securities arbitration proceeding?

Yes, there is a difference between a tentative and a final award in a securities arbitration proceeding in Virginia. A tentative award is an interim award that typically summarizes the Panel’s tentative view on how the dispute should be decided, and is sent to the parties for review and comment. The decision of the Panel becomes a final award when the filing is accepted by the President of the Financial Industry Regulatory Authority (FINRA), or the designated panel submitter. The tentative award must be in writing and must set forth the panel’s resolution of the dispute, the bases for the resolution, and any remedy awarded. The award must be dated and signed by the Chair of the Panel. The tentative award may be modified by the Panel in a final award. The Panel must provide a copy of the final award to the parties within forty-five days of the date on which the decision was rendered. The final award must be in writing and must set forth the panel’s resolution of the dispute, the bases for the resolution, and any remedy awarded. The award must be dated and signed by the Chair of the Panel. The award must also be accepted by the President of FINRA or the designated panel submitter before it becomes a final award. The parties may seek judicial review of the award if they disagree with it.

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