*Letters

SIA Submits Comments to the SEC on Proposed Rule Changes to the Code of Arbitration

Published on:
August 2, 2005

The Litigation and Arbitration Committee of the Securities Industry Association (SIA)*provides comments to the Securities and Exchange Commission (SEC) on a proposed rule to change the National Association of Securities Dealers, Inc. (NASD) code of arbitration relating to written explanations in arbitration awards, File No. SR-NASD-2005-032. The proposal would require arbiters to issue an explanation of their decision if one of the parties submitted a request prior to the proceeding.

The Committee believes the proposal would negatively impact the advantages of an arbitration system, such as, finality, efficiency, and cost-effectiveness.

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

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