What is the process for amending a securities arbitration award?

A securities arbitration award can be amended in Texas in certain circumstances. The process is overseen by the Financial Industry Regulatory Authority (FINRA). First, a motion to amend must be filed within 30 days of the award being issued, and a hearing must be held where both parties can present their arguments. The panel that issued the original award also hears this motion. If the motion is granted, the panel will either issue a corrected award or allow the parties to file a new agreement in order to amend the award. The panel will consider several factors when deciding whether or not to grant a motion to amend. This includes evidence of fraud, mutual mistake, or other error in the original award. The panel will also consider whether the proposed amendment would result in a more just result. The panel will also look at whether any of the parties have been prejudiced by the delay in filing the motion to amend and whether the existing agreement has become impossible to perform. After considering these factors, the panel may grant the motion to amend. If the motion is granted, the panel will issue a corrected order or the parties may enter into a new agreement. This agreement must be in writing and approved by the panel. Once approved, the parties may implement the amendment and give effect to it. Ultimately, the decision to grant a motion to amend lies with the FINRA arbitration panel.

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