Tag Archives: arbitration

FINRA Discovery Guide’s Misguidance: Part 2

I’ve previously posted about my frustration with the way the discovery guide is written, with particular attention focused on List 1 Item 10. See my prior post here. Item 14 causes me similar angst. Why? Because Item 14 is so poorly worded that, if read literally, almost no audit report will ever be responsive to it.… Continue Reading

If You’re a Respondent, Time is NOT on Your Side

By Alan Wolper on July 16, 2015 Posted in Arbitration, Defenses, Disciplinary Process, Enforcement, FINRA, Registered Representative, SEC

There was a decision this week from the D.C. Circuit Court of Appeals on an appeal of a decision by a respondent who – stop the presses! – lost an SEC administrative proceeding, and then lost his appeal to the SEC. Montford and Company, Inc. v. SEC, No. 14-1126 (July 10, 2015). One of the… Continue Reading

FINRA Discovery Guide’s Misguidance: Part 1

By Chris Seps on July 10, 2015 Posted in Arbitration, Discovery, FINRA, Registered Representative

FINRA’s Discovery Guide for Customer Disputes is not perfect. I think that FINRA would be the first one to admit that – which is why the Discovery Guide adopted under the Code of Arbitration Procedure for Customer Disputes has been revised three times in the past five years, and a task force has been set… Continue Reading

FINRA Got It Right – The New Definition of a Non-Public Arbitrator

By Nathan Lamb on June 24, 2015 Posted in Arbitration, FINRA

By now, it should be clear, we are oft to criticize FINRA in this blog. Much of that criticism is self-inflicted by, in our view, their unfair or unreasonable decisions. But, in a departure from the norm, I want to recognize an instance when FINRA is getting something right. Effective this Friday, there will be… Continue Reading

To Mediate or Not: Arbitration v. Enforcement

By Chris Seps on May 29, 2015 Posted in Arbitration, Disciplinary Process, Enforcement, FINRA, Mediation, Settlements

I recently had two clients, both respondents in pending matters – ask me the same question in the same day: should I mediate this case? The answers I gave them differed dramatically, not just because the facts of each case were very different, but because one case was a customer arbitration, where we are defending… Continue Reading

Settling with FINRA Can Be Ugly, But It Sure Beats the Alternative

By Alan Wolper on April 21, 2015 Posted in Enforcement, FINRA, Settlements

I used to work for NASD (before it became FINRA). First as an attorney for the Department of Enforcement, and, later, as the Director of the Atlanta District office. Given the scope of my experience, I was able to see Enforcement cases as they were developed in the examination phase, conducted by Member Regulation, through… Continue Reading

The Mystery Why FINRA “Close-Out” Letters Are Inadmissible in Arbitrations

By Alan Wolper on April 21, 2015 Posted in Arbitration, FINRA

Anyone who’s handled FINRA arbitrations is well familiar with panelists who regularly respond to evidentiary objections by overruling them, but with the admonition that they will only give whatever weight, if any, to the evidence that they deem appropriate. While that can sometimes be frustrating, it is understandable. The Federal Arbitration Act, and the many… Continue Reading