FINRA Dispute Resolution Task Force

Dispute Resolution is committed to providing a fair, efficient, and economical forum to resolve disputes among investors, securities firms, and individual brokers. To ensure that the forum meets the evolving needs of parties, FINRA formed a task force to consider possible enhancements to its arbitration and mediation forum. The task force comprised individuals, from the public and industry sectors, who represent a broad range of interests in securities dispute resolution. The members of the task force are set forth at the end of this page.

FINRA charged this group to work together to suggest strategies to enhance the transparency, impartiality, and efficiency of FINRA's securities dispute resolution forum for all participants. The task force and its subcommittees met 57 times over a period of 14 months, and established an email inbox to solicit comments. In addition, the task force solicited written comments from more than 30 interested organizations and individuals.

At its first in-person meeting on October 10, 2014, the task force agreed that it would be open to examine any issues that may affect the face of arbitration and mediation in the next 20 years and that no issue was off the table for discussion. It identified the initial topics for review and established subcommittees to gather information and viewpoints on those topics and to report back to the full task force for consideration. At its second in-person meeting on January 22, 2015, the task force reviewed the progress of the subcommittees and agreed that they would continue to work through their topics and share their findings with the task force. At its third in-person meeting on May 14 -15, 2015, the task force reviewed the reports and recommendations made to date by the 10 subcommittees. To inform constituents of its work, the task force drafted an interim report of its progress. At its final, in-person meeting on October 2, 2015, the task force reviewed a first draft of its final report.

On December 16, 2015, the task force issued its final report with recommendations detailed in the Final Report and Recommendations of the FINRA Dispute Resolution Task Force.

The views expressed in the Final Report and Recommendations of the FINRA Dispute Resolution Task Force are those of the Task Force members. The Task Force is an independent group and its report does not necessarily reflect FINRA's views or policies. As with other potential changes to Dispute Resolution's rules, procedures, and policies, the recommendations in the report will be considered by FINRA in consultation with FINRA's standing advisory committee, the National Arbitration and Mediation Committee (NAMC). The recommendations will also be vetted through the normal channels with FINRA's constituents, other advisory committees, and the FINRA Board. Any rule changes stemming from the report will need the approval of the Securities and Exchange Commission prior to implementation.

Since the task force issued its final report, FINRA has worked with the NAMC to review the recommendations. FINRA has released the following status reports detailing the progress of the task force recommendations.

Please contact Task Force Chairperson, Barbara Black, with any inquiries.

Barbara Black, Chairperson
Retired Professor and Director of Corporate Law Center
University of Cincinnati College of Law

Philip Aidikoff
Investor Attorney
Aidikoff, Uhl & Bakhtiari

Joseph Borg
Director
Alabama Securities Commission

Philip Cottone
FINRA arbitrator and mediator

John Cullem
FINRA arbitrator

Sandra Grannum
Industry Attorney
Davidson & Grannum

Mark Maddox
Investor Attorney
Maddox Hargett & Caruso

Kevin Miller
General Counsel
Securities America

Joseph Peiffer
Investor Attorney
Peiffer Rosca Wolf Abdullah Carr & Kane, LLP

Barbara Roper
Director of Investor Protection
Consumer Federation of America

Lisa Roth
Principal
Keystone Capital Corporation

Edward Turan
Managing Director
Citigroup Global Markets

Harry Walters
Managing Director
Morgan Stanley Wealth Management