has issued its Final Report Now what Podcast 4 April 13 2016 Disclaimer This presentation is 2016 Securities Arbitration Commentator Inc All rights reserved No part of this document may be reproduced transmitted or otherwise distributed in any form or by any means electronic or me ID: 624966
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The FINRA Dispute Resolution Task Force
has issued its Final Report: Now what?
Podcast # 4 April 13, 2016Slide2
Disclaimer
This presentation is © 2016 Securities Arbitration Commentator, Inc. All rights reserved. No part of this document may be reproduced, transmitted or otherwise distributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying or using any information storage and retrieval system, without written permission from the Securities Arbitration Commentator, Inc. Any reproduction, transmission or distribution of this form or any of the material herein is prohibited and is in violation of US and international law. Securities Arbitration Commentator, Inc. expressly disclaims any liability in connection with use of this presentation or its contents by any third party. The views expressed by panelists in this webcast are not necessarily those of Securities Arbitration Commentator, Inc. The Securities Arbitration Commentator, Inc. assumes no responsibility for the content and materials presented by speakers during the webcast. We are lawyers. So there.2Slide3
This podcast concerns the recent recommendations of the FINRA Dispute Resolution Task Force. The 13-member Task Force, was formed July 2014
to focus on suggesting “strategies to enhance the transparency, impartiality, and efficiency of FINRA’s securities dispute resolution forum for all participants.” It issued an Interim Report in June 2015, and its Final Report on December 16 of last year. Those recommendations are now under consideration by FINRA’s National Arbitration & Mediation Committee (NAMC) and initial actions have already begun to issue.Introduction3Slide4
Speakers
Barbara Black
Task Force Chair
Retired Professor of Law
Roswell GA
Steven B. Caruso, Esq
.
Partner
Maddox, Hargett & Caruso, P.C.
New York, NY
George H. Friedman, Esq.
George H. Friedman Consulting, LLC
Fordham Law School
Arbitration Resolution Services, Inc.
Teaneck, NJ
David C. Franceski, Jr., Esq.PartnerStradley, Ronon, Stevens & Young, LLPPhiladelphia, PA
Jill I. GrossProfessor of LawPace Law SchoolWhite Plains, NY
Noah SorkinGeneral CounselAIG Advisor GroupNew York, NYSlide5
What we will be discussing
How will implementation of the recommendations improve the process?
What happens to the “no-consensus” items?
What led the members of the Task Force to these choices?
What are the core Task Force recommendations?
What factors are pushing expeditious implementation?
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The Task Force and its ten subcommittees, met 57 times, had its own area on FINRA’s Website, and an email address for receiving constituent suggestions and comments. The Report runs 70 pages including appendices, and contains 51 recommendations.
While time doesn’t permit analysis of every recommendation, our distinguished panel dissects the Task Force’s Report, and discusses key questions. Brief Overview of the Task Force6Slide7
The “Core Four” Recommendations
What happens with the major “no-consensus” items?Where will we be in three years? Discussion topics7Slide8
Improving arbitrator professionalism – What’s the intended impact?
Explained decisions as a default choice – Why do this?“Intermediate approach” for small claims – What’s changed since the Uniform Code’s creation in 1980?Encourage greater use of mediation – Making a good thing better?The “Core Four” recommendations8Slide9
Mandatory arbitration
Unpaid awardsPIABA proposal for an unpaid award “recovery pool”What happens with the major “no-consensus” items?9Slide10
The panelists’ predictions for the future…
Process for evaluation and implementation What will be implemented? What will not?Impact on what SEC does on mandatory? What will the Task Force be most remembered for in terms of improving the process at FINRA? Where will we be in three years?
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Concluding RemarksDon’t forget to follow us on Twitter:
@SACDispRes (Securities Arbitration Commentator)@GFriedmanADR (George Friedman )@profgross (Jill Gross)Be sure to look for our next podcast. Conclusion11Slide12
Thank you for attending.
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Podcast # 4
April 13, 2016