NFA amended its Code of Arbitration and Member Arbitration Rules to increase filing and hearing fees and provide additional flexibility for certain administrative procedures.
In a Notice to its members, NFA stated it adjusted the filing and hearing fees and their fee structures in order to reflect increased claim amounts in recent years. The adjustments allow NFA to offset additional administrative costs associated with arbitration claims. Further, NFA simplified the process of withdrawing or amending a claim or asking for a hearing or summary postponement for a member respondent who withdraws their membership during the course of a proceeding. The amended rules also permit service by email without the need for express consent and clarify that, if an in-person hearing is not practical, an Arbitration Panel may conduct virtual hearings.
The rule changes became effective on October 6, 2020.
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