Regulatory Notice 08-62

SEC Approves Rules Limiting Submissions to Arbitrators in Closed Cases; Effective Date: November 24, 2008

Executive Summary

Effective November 24, 2008, FINRA will limit the circumstances under which parties may make submissions to arbitrators in closed cases. The SEC approved new Rule 12905 of the Code of Arbitration Procedure for Customer Disputes and new Rule 13905 of the Code of Arbitration Procedure for Industry Disputes (the Codes). As a result, parties may not submit documents to arbitrators in cases that have been closed except under the following limited circumstances: 1) as ordered by a court; 2) at the request of any party within 10 days of service of an award or notice that a matter has been closed, for typographical or computational errors, or mistakes in the description of any person or property referred to in the award; or 3) if all parties agree and submit documents within 10 days of service of an award or notice that a matter has been closed.1

 

1 Exchange Act Release No. 58739 (October 6, 2008), 73 Federal Register 60738 (October 14, 2008) (File No. SR-FINRA-2008-005).