United States:
SEC Approves FINRA Amendments To Expand Non-Public Arbitrator Definition
16 October 2017
Cadwalader, Wickersham & Taft LLP
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The SEC approved FINRA amendments revising the
definition of a non-public arbitrator.
The amendments affect
FINRA Rules 12100 and
13100, and expand the scope of individuals eligible to serve as
non-public arbitrators (see
previous coverage). Under the revised rules, a non-public
arbitrator is defined as a "person who is otherwise qualified
to serve as an arbitrator, and is disqualified from service as a
public arbitrator." The new amendments are intended to resolve
an eligibility gap created by a 2015 amendment to the arbitrator
definitions that resulted in the disqualification of a significant
number of public arbitrators.
The amendments will become effective on October 9, 2017.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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