Finra set to resume in-person arbitration hearings
Finra will reopen 62 of its 69 hearing locations in July, while allowing arbitration parties to continue to request remote proceedings. Even if in-person proceedings are allowed, Finra said arbitration parties can still continue to request a remote hearing.
May 10, 2021 2 MINS
Finra will resume in-person arbitration and mediation hearings in almost all of its jurisdictions beginning in early July, the regulator announced Monday.
The Financial Industry Regulatory Authority Inc. had postponed in-person hearings since the outbreak of the Covid-19 pandemic last year and continued to extend the delay over social distancing concerns. It will start holding them again in 62 of its 69 hearing locations on July 5, the broker-dealer self-regulator said in a statement on its website.
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Finra suspension of in-person arb hearings harms investors, PIABA says
The regulator has extended its postponement of in-person arbitration proceedings through July 2, but says it expects to resume normal proceedings in some locations as coronavirus vaccinations increase.
April 27, 2021 3 MINS
Finra’s ongoing suspension of in-person arbitration hearings protects brokers while harming investors involved in disputes, the Public Investors Advocate Bar Association asserted Monday.
The Financial Industry Regulatory Authority Inc. halted in-person arbitration proceedings when the coronavirus pandemic broke out more than a year ago. It has extended the postponement through July 2.
PIABA President David P. Meyer criticized the broker-dealer self-regulator for not explaining what health thresholds must be met to resume in-person hearings.
Bills to end mandatory arbitration introduced in House, Senate
The Securities Industry and Financial Markets Association opposes the bill, saying arbitration promotes fair, efficient, and economical dispute resolution for all parties.
April 16, 2021 3 MINS
Advocates for ending mandatory arbitration are hopeful that the political atmosphere is right to advance legislation introduced in Congress this week.
On Thursday, Sen. Jeff Merkley, D-Ore., and Rep. Bill Foster, D-Ill., offered bills in their respective chambers, the Investors Choice Act, that would ban pre-dispute mandatory arbitration agreements in brokerage and investment advisory customer contracts. The bill also would prohibit contract clauses that prevent class action lawsuits.