NASD Proposes Amended Arbitration Code

Law360, New York (April 13, 2006, 12:00 AM EDT) -- Looking to counteract discovery abuse and protect investors, the National Association of Securities Dealers has filed a proposal with the U.S. Securities and Exchange Commission to revise its arbitration code, which would give arbitrators sole authorization to issue subpoenas.

The original rule proposal granted both arbitrators and counsel in proceedings subpoena powers in an arbitration forum. The rules currently vary between states. Arbitrators issue subpoenas in some jurisdictions, while lawyers who are part of the action issue them in other jurisdictions.

The rule proposal was revised...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.