Parties agree and pre-select their own mediator, or ask FINRA to compile a list from its roster of experienced mediators. Parties may choose from the following three list options:
I. Randomized Virtual Option
Under the new pilot program, the randomized virtual list option will provide parties with a randomized list of 20 mediators who are available to mediate virtually in the parties’ hearing location time zone. This is our default option that will be provided if the parties do not advise of a different agreement.
II. In-Person Option
For in-person mediations, staff will provide the parties with a randomized list of 20 mediators who are available to mediate in person in the parties’ hearing location. This list includes mediators who have indicated willingness to travel to this location. Staff can filter by local mediators if necessary for a more cost-effective option.
III. Bespoke Request Option
Parties utilizing the third list option are able to request specific mediator attributes (self-reported) and mediation staff will compose a bespoke list that incorporates these requests. We can filter our mediator roster based on actual location, language, diversity, rates, reduced-fee program participation, and securities skills and expertise (e.g., churning or employment issues).
FINRA will include a disclosure report for each mediator listed. 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.
Once the mediator has been selected, the parties to the dispute and the mediator are required to sign a Mediation Submission Agreement. The agreement confirms that parties will mediate in accordance with FINRA Mediation Rules and agree to the terms of payment for applicable fees and the confidentiality of the mediation process.