Everybody Out Of The (Public Arbitrator) Pool

Law360, New York (July 3, 2014, 10:17 AM EDT) -- On June 18, the Financial Industry Regulatory Authority filed a proposed rule change with the U.S. Securities and Exchange Commission to narrow the pool of eligible public arbitrators in a few significant areas.[1] Reflecting more concern over “perceptions about the fairness and neutrality of the public arbitrator roster”[2] than its actual capacity to handle FINRA’s customer arbitration caseload, the proposed rule would undercut the breadth and competence of the public arbitrator roster.

The Proposed Rule Would Purge Many Worthy Arbitrators From the Public Roster

If approved, the proposed amendments would reclassify many current public arbitrators as nonpublic and narrow the pool...

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