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Accelerated Processing of Arbitration Proceedings

Summary

SIFMA provided comments to FINRA on Notice 22-09 (Accelerated Processing of Arbitration Proceedings). The Notice proposes new rules to allow senior or seriously ill parties to request accelerated processing of their arbitration proceedings. SIFMA supports the intent of the Notice to ensure that parties to FINRA arbitration are able to participate meaningfully in their proceedings and obtain a fair outcome.

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Submitted To

FINRA

Submitted By

SIFMA

Related Committee(s)

  • Private Client & Wealth Management

Date

16

May

2022

Excerpt

May 16, 2022

Via E-Mail to [email protected]
Jennifer Piorko Mitchell
Office of the Corporate Secretary
FINRA
1735 K Street, NW
Washington, DC 20006-1506

Re: Regulatory Notice 22-09 (Accelerated Processing of Arbitration Proceedings)

Dear Ms. Mitchell:

The Securities Industry and Financial Markets Association (“SIFMA”)1 appreciates the opportunity to comment on Notice 22-09 (the “Notice”).2 The Notice proposes new rules to allow senior or seriously ill parties to request accelerated processing of their arbitration proceedings. SIFMA supports the intent of the Notice to ensure that parties to FINRA arbitration are able to participate meaningfully in their proceedings and obtain a fair outcome.

We do, however, have several concerns about the proposed rules, namely: (1) whether the proposed rules are necessary or warranted given the current program; (2) regardless, whether the proposed rules are sufficient to prevent abuse; and (3) whether some of the rule-based case deadlines have been cut too short such that they may undermine the fairness of the process. Accordingly, we respectfully submit the following comments and recommendations for your consideration.

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1 SIFMA is the leading trade association for broker-dealers, investment banks and asset managers operating in the U.S. and global capital markets. On behalf of our industry’s one million employees, we advocate on legislation, regulation and business policy affecting retail and institutional investors, equity and fixed income markets and related products and services. We serve as an industry coordinating body to promote fair and orderly markets, informed regulatory compliance, and efficient market operations and resiliency. We also provide a forum for industry policy and professional development. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional member of the Global Financial Markets Association (GFMA).

2 FINRA Regulatory Notice 22-09 (Accelerated Processing of Arbitration Proceedings), March 16, 2022, https://www.finra.org/rules-guidance/notices/22-09.

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