Is there a special set of rules for securities arbitration proceedings?
Yes, securities arbitration proceedings have some special rules that are slightly different from traditional court proceedings. In Washington, the rules of the Financial Industry Regulatory Authority (FINRA) govern most securities arbitration proceedings. These rules are designed to provide a fair and efficient process while protecting the interests of all parties involved. FINRA Rule 12200 outlines the basics of securities arbitration procedures. This includes details such as how the proceedings will be conducted, the timeline for the proceedings, what evidence can be presented, and how much time is allowed for each party to make their argument. This rule also covers the process for settling disputes through arbitration, as well as any necessary documents or forms. FINRA Rule 12200 also outlines the qualifications for the arbitrators that will be handling securities arbitration cases. Arbitrators must have a strong background in the industry in order to make informed decisions. They must also have the authority to render decisions and order appropriate remedies. Finally, FINRA Rule 12200 covers costs related to securities arbitration proceedings. These costs can include filing fees, arbitration panel costs, and attorney and expert witness fees in some cases. These rules are in place to ensure that securities arbitration proceedings are conducted in a professional and fair manner, while also protecting the rights of all parties involved.
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