After conferring with the parties, FINRA will send a list of proposed mediators from its roster of experienced mediators. The mediators on the list may have subject-matter expertise or other experience, consistent with the parties' needs in the case.
FINRA will include a disclosure report for each mediator on its roster. The disclosure report contains the mediator's rate (hourly fee or flat fee), any travel or cancellation policies, educational and employment experience, type of cases mediated, the number of cases mediated and how many settled, all of which help the parties select the mediator who best meets their needs.
The parties may select their mediator from the initial list FINRA sends or may ask for additional lists. Starting on August 6, 2012, if the parties would like to jointly request a mediator not on the list or from outside the FINRA roster, they will need to submit their request to the Director of Mediation. The Director will have the discretion to approve such requests and will take into consideration whether the mediator is appropriate for FINRA’s roster and interested in applying to join the roster.
Once the mediator has been selected, the parties to the dispute and the mediator are required to sign a