Securities Litigation

Following the final 2014 meeting of the Board of Governors last week, FINRA announced its proposal to increase fees associated with cancelling or postponing an arbitration hearing. In a December 4, 2014 email to firms, FINRA reported that the Board proposed to amend Rules 12601 and 13601 of the Code of Arbitration Procedure to extend the time required to give notice of an arbitration cancellation and increase cancellation fees. Under the proposed rule, if a party requests and receives a postponement or cancellation less than 10 days from a scheduling hearing, it would have to pay an ...