Regulatory Notice 17-42
FINRA Requests Comment on Proposed Amendments to the Codes of Arbitration Procedure Relating to Requests to Expunge Customer Dispute Information
FINRA seeks comment on establishing a roster of arbitrators with additional training and specific backgrounds or experience from which a panel would be selected to decide an associated person’s request for expungement of customer dispute information. The arbitrators from this roster would decide expungement requests where the underlying customer-initiated arbitration is not resolved on the merits or the associated person files a separate claim requesting expungement of customer dispute information. The Notice also proposes additional changes to the expungement process that would apply to all requests for expungement of customer dispute information.
This proposal is one in a series of regulatory initiatives that FINRA is considering related to the expungement process. For example, the FINRA Board of Governors has approved filing with the Securities and Exchange Commission (SEC) proposed amendments to the Codes of Arbitration Procedure for Customer and Industry Disputes (Codes) to make the best practices from the Notice to Arbitrators and Parties on Expanded Expungement Guidance (Guidance) rules that arbitrators must follow when considering expungement requests. In addition, FINRA staff has been working with the North American Securities Administrators Association (NASAA) on various expungement issues, including potential amendments to the existing regulatory review process.
The text of the proposed amendments can be found at www.finra.org/notices/17-42.
Questions concerning this Notice should be directed to:
- Kenneth L. Andrichik, Senior Vice President and Chief Counsel, Office of Dispute Resolution, at (212) 858-3915;
- Victoria Crane, Associate General Counsel, Office of General Counsel, at (202) 728-8104; or
- Mignon McLemore, Assistant Chief Counsel, Office of Dispute Resolution, at (202) 728-8151.
|Date||Commenter||Format - Size|
|12/7/2017||Gregory Gocek||PDF - 104.08 KB|
|12/7/2017||LBO Consulting||PDF - 34.54 KB|
|12/9/2017||Elena Rodriguez||PDF - 30.86 KB|
|12/9/2017||Eric Harris||PDF - 47.01 KB|
|12/12/2017||CRC Search||PDF - 73.44 KB|
|12/27/2017||Kaufmann Gildin & Robbins LLP||PDF - 7.81 MB|
|12/27/2017||Walter Baumgardner, Esq.||PDF - 43.39 KB|
|12/29/2017||AXA Advisors, LLC||PDF - 58.71 KB|
|1/6/2018||Herskovits PLLC||PDF - 67.73 KB|
|1/10/2018||JonesBell, LLP||PDF - 412.28 KB|