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Deadline for Comments on Regulatory Notice 17-33 – Code of Arbitration
December 18, 2017
FINRA seeks comments on emerging issues facing the industry, regulatory initiatives, rulemaking proposals, and other areas of regulatory interest.
When respondents are no longer in business, recovery of arbitration awards against them often is unavailing. Accordingly, FINRA is proposing to amend the Code of Arbitration Procedure for Customer Disputes (Code) to expand a customer’s options to withdraw an arbitration claim if a firm or an associated person becomes inactive before a claim is filed or during a pending arbitration. In addition, the proposed amendments would allow customers to amend pleadings, postpone hearings and receive a refund of filing fees under these situations.
The text of the proposed amendments can be found at www.finra.org/industry/notices/17-33.