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12401. Number of Arbitrators

This rule is no longer applicable. NASD Rule 12401 has been superseded by FINRA Rule 12401. Please consult the appropriate FINRA Rule.

The Customer Code will apply to claims filed on or after April 16, 2007. In addition, the list selection provisions of the Customer Code will apply to previously filed claims in which a list of arbitrators must be generated after April 16, 2007; in these cases, however, the claim will continue to be governed by the remaining provisions of the old Code unless all parties agree to proceed under the new Code.

(a) Claims of $25,000 or Less
If the amount of a claim is $25,000 or less, exclusive of interest and expenses, the panel will consist of one arbitrator and the claim is subject to the simplified arbitration procedures under Rule 12800.
(b) Claims of More Than $25,000 Up To $50,000
If the amount of a claim is more than $25,000 but not more than $50,000, exclusive of interest and expenses, the panel will consist of one arbitrator unless any party requests a panel of three arbitrators in its initial pleading.
(c) Claims of More Than $50,000; Unspecified or Non-Monetary Claims
If the amount of a claim is more than $50,000, exclusive of interest and expenses, or is unspecified, or if the claim does not request money damages, the panel will consist of three arbitrators, unless the parties agree in writing to one arbitrator.
Adopted by SR-NASD-2003-158 eff. April 16, 2007.

Selected Notices: 07-07

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