Auction Rate Securities (ARS)
Investors covered by auction rate securities final settlements with the SEC, FINRA, and the states may participate in a Special Arbitration Process (SAP) to recover consequential damages.
Expungement (updated September 2017)
Brokers may seek to have a reference to allegations or involvement in an arbitration removed from their Central Registration Depository (CRD®) System records. The process of removing this information from the CRD system is called "expungement."
Changes to Expungement Requests
As of January 1, 2016, FINRA will ask parties requesting expungement to provide new information to ensure the accurate and timely processing of all expungement requests.
Guidance in Cases Involving Puerto Rico Bonds
Over the past several months, FINRA has received an influx of arbitration case filings relating to Puerto Rico bonds from Claimants, almost all of whom reside in Puerto Rico. FINRA staff has had numerous conversations and communications with counsel for Claimants and Respondents, including an in-person meeting, concerning administration of these cases.
Short List Option to Reduce Extended List Appointments
In an effort to increase the parties' input into selecting replacement arbitrators, FINRA allows parties to agree to review a "short list" of potential arbitrators to find a replacement, rather than accept an extended list appointment.
The simplified arbitration rules apply to arbitrations involving $50,000 or less, exclusive of interest and expenses.