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Out With The Old: Finra's New Rules: Redefining public arbitrators and deciding when to scrutinize producing branch managers.
- Article from:
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On Wall Street
- Article date:
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July 1, 2008
- Author:
- Kearney, Helen
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Copyright informationCOPYRIGHT 2008 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Financial Industry Regulatory Authority is moving ahead with its biggest task to date-the consolidation of the rulebooks of the National Association of Securities Dealers and New York Stock Exchange regulatory unit.
As a result, FINRA's new rule concerning who is eligible to serve as a public arbitrator in customer and industry disputes went into effect on June 9. The rule addresses a charge from critics who complained that the so-called public arbitrator often had significant ties to the securities industry and an interest in the outcome of the proceedings.
Under the current arbitration rules, investors can have their complaints heard by either a single public ...