Are there any restrictions on the arbitrators who can handle a securities arbitration case?
Yes, there are restrictions on the arbitrators who can handle securities arbitration cases in Texas. Generally, an arbitrator must meet certain qualifications prescribed by the expungement order of the State Securities Board. In addition, the arbitrator must be approved by the State Securities Board, the parties involved, and any applicable self-regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA). Arbitrators must have specialized knowledge of securities law and experience in the securities industry or arbitration. In addition, an arbitrator must not have a direct financial interest in the outcome of or any involvement in the dispute. Moreover, any arbitrator with a close relationship to any of the parties involved in the dispute or their counsel is disqualified. Arbitrators are expected to be impartial and must act independently in reaching their conclusions. A determination of partiality may lead to disqualification. As a result, arbitrators must be aware of any potential conflict of interest and must avoid any situation that could lead to a potential conflict of interest. In summary, there are specific requirements for arbitrators who can handle securities arbitration cases in Texas. These requirements help ensure that the arbitrator is unbiased and knowledgeable about securities law and arbitration.
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