Proposed Standard of Qualified Immunity from Arbitration Proceedings

The Legal and Compliance Division and the Federal Regulation and the Self Regulation Committees of the Securities Industry Association (SIA)* provide comments to the National Association of Securities Dealers Regulation, Inc. (NASDR) on a proposal to establish a national, uniform standard of qualified immunity from arbitration proceedings filed against member firms with respect to statements they make on Forms U-4 and U-5.  SIA acknowledges the progress the proposal would make on the issue, but believe that certain aspects of the NASD’s proposal require further consideration before the final rule is adopted.

*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.