The Code of Mediation Procedure governs how parties mediate disputes through FINRA's Mediation Program. The Mediation Code details:
- Mediation's Effect on Arbitration Proceedings
Depending on the agreement of parties, mediation can suspend activity in arbitration until the mediation concludes, or both processes may continue on parallel tracks.
- Representation in Mediation
Parties may represent themselves in mediation or be represented by an attorney—or state law may dictate others who can represent a party in mediation.
- Mediator Selection
The Director of Mediation or the parties themselves can suggest potential mediators.
- Mediation Ground Rules
The rules provide the framework for how a mediation must be conducted.
Parties pay an administrative fee for mediating through FINRA and are responsible for the mediator's fee, and also for any expenses.
Code of Mediation Procedure in Spanish