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FINRA Proposes Rules to Protect Senior Investors

FINRA recently published a Regulatory Notice soliciting comments on proposed rules regarding the financial exploitation of seniors and other vulnerable adults.  Specifically, the proposed rules would include: (1) amendments to FINRA Rule 4512 (Customer Account Information) to require member brokerage firms to make reasonable efforts to obtain the name and contact information for a trusted […]

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FINRA Proposes Updates to Expungement Rules

Brokers who have been the subject of customer complaints sometimes ask arbitrators to remove or “expunge” mention of the complaints from their publicly available records.  Recently, however, FINRA’s Board of Governors authorized FINRA to seek SEC approval of amendments to several rules in the Code of Arbitration Procedure that would make it more difficult for […]

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FINRA Now Offering Low Cost or No Cost Telephonic Mediation for Small Claims

Mediation is an informal dispute resolution process in which a neutral third-party assists adverse parties with their settlement negotiations.  Mediation can be useful in resolving disputes in a relatively cost-effective manner so as to avoid the need for full-fledged arbitration or litigation. FINRA has long offered a traditional mediation program for investors and their stockbrokers. […]

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SEC Approves Rule Changes With Respect to Electronic Discovery

On June 3, 2013, FINRA filed with the SEC a proposed rule change to amend the Discovery Guide, which identifies certain documents as being “presumptively discoverable,” meaning that they must be turned over to the opposing party unless there is a good-faith objection to such production.  Specifically, FINRA proposed a change that would provide general […]

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