Notice to Members 04-49
SEC Approves Amendments to Rules 10308 and 10312 Regarding Arbitrator Classification, Disclosures, and Challenges
The Securities and Exchange Commission (SEC or Commission) has approved amendments to Rules 10308 and 10312 of the NASD Code of Arbitration Procedure (Code) relating to arbitrator classification, disclosures, and challenges.
The text of the amendments is set forth in Attachment A. The amendments will be effective on July 19, 2004. Amendments relating to arbitrator classification will apply to arbitrator lists sent out according to Rule 10308(b)(5) on or after July 19, 2004, and to arbitrators appointed by the Director of Arbitration under Rules 10308(c)(4)(B), 10308(d)(3), and 10313 when an insufficient number of names remain on the consolidated list. The amendments to the standard for deciding challenges for cause under Rule 10308(d) and Rule 10312(d) will apply to challenges for cause made on or after July 19, 2004.
Questions regarding this Notice may be directed to Jean I. Feeney, Vice President and Chief Counsel, NASD Dispute Resolution, at (202) 728-6959, or e- mail firstname.lastname@example.org.