FINRA Proposes Easing Arbitrator Chair Requirements

Attorneys with only one arbitration under their belt would be able to chair Financial Industry Regulatory Authority arbitration proceedings, under a rule change proposed by the self-regulatory organization Aug. 12.

Currently, attorney arbitrators who have served as an arbitrator on at least two arbitrations in which awards were granted are eligible to join the SRO’s chairperson roster.

Under the proposed rule, an attorney arbitrator would be eligible if he or she completes FINRA’s chairperson training and serves as a panel member in just one proceeding.

‘Public Arbitrator’ Reclassification.

The change is expected to address the rising concern of a diminished ...