WWW.DISSERTATION.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Dissertations, online materials
 
<< HOME
CONTACTS



Pages:   || 2 | 3 | 4 | 5 |   ...   | 7 |

«December 31, 2008 Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order Approving Proposed Rule Change, as Modified by ...»

-- [ Page 1 ] --

SECURITIES AND EXCHANGE COMMISSION

(Release No. 34-59189; File No. SR-FINRA-2007-021)

December 31, 2008

Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Order

Approving Proposed Rule Change, as Modified by Amendment No. 1 Thereto, Relating to

Amendments to the Code of Arbitration Procedure for Customer Disputes and the Code of

Arbitration Procedure for Industry Disputes to Address Motions to Dismiss and to Amend

the Eligibility Rule Related to Dismissals I. Introduction The Financial Industry Regulatory Authority, Inc. (“FINRA”) (f/k/a National Association of Securities Dealers, Inc. (“NASD”)) filed with the Securities and Exchange Commission (“SEC” or “Commission”) on November 2, 2007, and amended on February 13, 2008 (Amendment No. 1), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”)1 and Rule 19b-4 thereunder,2 a proposed rule change relating to amendments to the Code of Arbitration Procedure for Customer Disputes (“Customer Code”) and the Code of Arbitration Procedure for Industry Disputes (“Industry Code,” and together with the Customer Code, the “Codes”) to address motions to dismiss and to amend the eligibility rule related to dismissals. The proposed rule change was published for comment in the Federal Register on March 20, 2008.3 The Commission received 119 comments in response to the proposed rule change.4 This order approves the proposed rule change, as modified by Amendment No. 1.

1 15 U.S.C. 78s(b)(1).

2 17 CFR 240.19b-4.

3 See Securities Exchange Act Release No. 57497 (March 14, 2008), 73 FR 15019 (March 20, 2008) (SR-FINRA-2007-021) (notice).

4 See Joseph C. Korsak, Esq., dated November 4, 2007 (“Korsak Letter”); Will Struyk, dated December 10, 2007 (“Struyk Letter”); Michael Thurman, Esq., Loeb & Loeb LLP, dated February 29, 2008 (“Thurman Letter”); Prof. Seth E. Lipner, Esq., Baruch College dated March 18, 2008 (“Lipner Letter”); Leonard Steiner, Esq., dated March 18, 2008 (“Steiner Letter”); Laurence S. Schultz, Esq., Public Investors Arbitration Bar Association, dated March 18, 2008 (“PIABA Letter”); Steven J. Gard, Esq., Gard Law Firm, dated March 20, 2008 (“Gard Letter”); Steven B. Caruso, Esq., Maddox Hargett Caruso, P.C., dated March 20, 2008 (“Caruso Letter”); Philip M. Aidikoff, Esq., dated March 21, 2008 (“Aidikoff Letter”); Charles W. Austin, Jr., Esq., dated March 21, 2008 (“Austin Letter”); Gail E. Boliver, dated March 22, 2008 (“Boliver Letter”); Steve A. Buchwalter, Esq., dated March 23, 2008 (“Buchwalter Letter”);

Ryan K. Bakhtiari, Esq., Uhl and Bakhtiari, dated March 24, 2008 (“Bakhtiari Letter”); Mark E. Maddox, Esq., Maddox Hargett Caruso, P.C., dated March 24, 2008 (“Maddox Letter”); Robert W. Goehring, Esq., dated March 24, 2008 (“Goehring Letter”); John J. Miller, Esq., Swanson Midgley, LLC, dated March 24, 2008 (“Miller Letter”); Richard A. Lewins, dated March 24, 2008 (“Lewins Letter”); Howard Rosenfield, Esq., dated March 24, 2008 (“Rosenfield Letter”); Sam Edwards, Esq., dated March 24, 2008 (“Edwards Letter”); Noah H. Simpson, Esq., Simpson Woolley, LLP, dated March 24, 2008 (“Simpson Letter”); Robert A. Uhl, Esq., March 25, 2008 (“Uhl Letter”); David Harrison, Esq., dated March 26, 2008 (“Harrison Letter”); Jeffrey Sonn, Esq., Sonn Erez, PLC, dated March 26, 2008 (“Sonn Letter”); Brian N. Smiley, Esq., Smiley Bishop Porter LLP, dated March 26, 2008 (“Smiley Letter”); Thomas A. Hargett, Esq., dated March 27, 2008, (“Hargett Letter”); Jay Salamon, Esq., Hermann, Cahn and Schneider LLP, dated March 27, 2008 (“Salamon Letter”); J. Pat Sadler, Esq., dated March 31, 2008 (“Sadler Letter”);

Keith L. Griffin, Esq., Maddox Hargett Caruso, P.C., dated April 1, 2008 (“Griffin Letter”); Scott R. Shewan, Esq., Born, Pape & Shewan LLP, dated April 1, 2008 (“Shewan Letter”); Alan S. Brodherson, Esq., dated April 3, 2008 (“Brodherson Letter”); W. Scott Greco, Esq., Greco & Greco, P.C., dated April 3, 2008 (“Greco Letter”); David P. Neuman, Esq., Stoltmann Law Offices, P.C., dated April 4, 2008 (“Neuman Letter”); Edward G. Turan and Martha E. Solinger, Securities Industry and Financial Markets Association, dated April 7, 2008 (“SIFMA Letter”); Curt H.

Mueller, Esq., Schwab & Co., Inc., dated April 7, 2008 (“Schwab Letter”); Erin Linehan, Esq., Raymond James Financial, Inc., dated April 8, 2008 (“Raymond James Letter”); Barry D. Estell, Esq., dated April 8, 2008 (“Estell Letter”); Robert C. Port, Esq., dated April 8, 2008 (“Port Letter”); Jonathan W. Evans, Esq., dated April 8, 2008 (“Evans Letter”); Kevin A. Carreno, dated April 8, 2008 (“Carreno Letter”);

Vincent J. Imbesi, Esq., The Avelino Law Firm, dated April 9, 2008 (“Imbesi Letter”); John E. Lawlor, Esq., dated April 9, 2008 (“Lawlor Letter”); Jonathan Schwartz, Esq., dated April 9, 2008 (“Schwartz Letter”); Andrew Dale Ledbetter, dated April 9, 2008 (“Ledbetter Letter”); Theodore A. Krebsbach, Esq., Krebsbach & Snyder, dated April 9, 2008 (“Krebsbach Letter”); Raymond W. Henney, Esq., Honigman Miller Schwartz and Cohn LLP, dated April 9, 2008 (“Henney Letter”);

Randall R. Heiner, Esq., dated April 9, 2008 (“Heiner Letter”); Inge Selden III, Esq., Maynard Cooper & Gale PC, dated April 9, 2008 (“Selden Letter”); Eric G. Wallis, Esq., Reed Smith LLP, dated April 9, 2008 (“Wallis Letter”); Robert H. Rex, Esq., Dickenson Murphy Rex and Sloan, dated April 9, 2008 (“Rex Letter”); Bradley R.





2 Stark, Esq., Florida International University, dated April 9, 2008 (“Stark Letter”);

Robert N. Rapp, Esq., Calfee, Halter Griswold LLP, dated April 9, 2008 (“Rapp Letter”); Richard J. Babnick, Esq., Sichenzia Ross Friedman Ference LLP, dated April 9, 2008 (“Babnick Letter”); Joseph F. Myers, Esq., dated April 9, 2008 (“Myers Letter”); Anne T. Cooney, Esq., Morgan Stanley, dated April 9, 2008 (“Morgan Stanley Letter”); Jonathan Kord Lagemann, Esq., dated April 9, 2008 (“Lagemann Letter”); Frederick S. Schrils, Esq., GrayRobinson, dated April 9, 2008 (“Schrils Letter”); Andrew Stoltmann, Esq., dated April 9, 2008 (“Stoltmann Letter”); Richard M. Layne, Esq., dated April 9, 2008 (“Layne Letter”); Herb Pounds, Jr., Esq., dated April 9, 2008 (“Pounds Letter”); Alan F. Hartman, CLU, ChFC, dated April 9, 2008 (“Hartman Letter”); Brian F. Amery, Esq., Bressler, Amery Ross, P.C., dated April 9, 2008 (“Amery Letter”); Michael G. Shannon, Esq., Thelen Reid Brown Raysman & Steiner LLP, dated April 9, 2008 (“Shannon Letter”); Carl J. Carlson, Esq., Carlson & Dennett, P.S., dated April 9, 2008 (“Carlson Letter”); Matthew Farley, Esq., Drinker Biddle & Reath LLP, dated April 9, 2008 (“Farley Letter”); Joel E. Davidson, Esq., Davidson & Grannum, LLP, dated April 9, 2008 (“Davidson Letter”); Al Van Kampen, Esq., dated April 10, 2008 (“Van Kampen Letter”); Theodore M. Davis, Esq., dated April 10, 2008 (“Davis Letter”); Lawrence R. Gelber, Esq., dated April 10, 2008 (“Gelber Letter”); Pearl Zuchlewski, Esq., Kraus Zuchlewski LLP, dated April 10, 2008 (“Zuchlewski Letter”); Rob Bleecher, Esq., dated April 10, 2008 (“Bleecher Letter”); Thomas C. Wagner, Esq., dated April 10, 2008 (“Wagner Letter”); John V. McDermott, Esq., Holme Roberts Owen LLP, dated April 10, 2008 (“McDermott Letter”); Peter J. Mougey, Esq., Beggs & Lane, dated April 10, 2008 (“Mougey Letter”); Christopher Gibbons/Lisa A. Catalano, Securities Arbitration Clinic, St. John’s University Law School, dated April 10, 2008 (“St. John’s Letter”);

John W. Shaw, Esq., Berkowitz, Oliver, Williams, Shaw Eisenbrandt, dated April 10, 2008 (“Shaw Letter”); Audrey Venezia, Esq., dated April 10, 2008 (“Venezia Letter”); H. Nicholas Berberian, Esq., Gerber & Eisenberg LLP, dated April 10, 2008 (“Berberian Letter”); Michael N. Ungar, Esq., and Kenneth A. Bravo, Esq. Ulmer & Berne LLP, dated April 10, 2008 (“Ungar/Bravo Letter”); Jody Forchheimer, Esq., Fidelity Investments, dated April 10, 2008 (“Forchheimer Letter”); Jill I. Gross, Barbara Black and Teresa Milano, dated April 10, 2008 (“Gross/Black Letter”);

Michael Weissmann, Esq., Bingham McCutchen LLP, dated April 10, 2008 (“Weissmann Letter”); Thomas P. Willcutts, Esq., Willcutts Law Group, LLC, dated April 10, 2008 (“Willcutts Letter”); Mark A. Tepper, Esq., Mark A. Tepper, P.A., dated April 10, 2008 (“Tepper Letter”); Joe Soraghan, Principal, Danna McKitrick, P.C., dated April 10, 2008 (“Soraghan Letter”); Bryan T. Forman, Esq., dated April 10, 2008 (“Forman Letter”); Rodney Acker, Esq., Fulbright & Jaworski LLP, dated April 10, 2008 (“Acker Letter”); Birgitta Siegel, Esq., Securities Arbitration & Consumer Law Clinic, Syracuse University, dated April 10, 2008 (“Syracuse Letter”); Brett A. Rogers and Jill E. Steinberg, Esq., Rogers & Hardin, dated April 10, 2008 (“Rogers/Steinberg Letter”); Jeffrey Kruske, Esq., dated April 10, 2008 (“Kruske Letter”); John Taft, RBC Wealth Management, dated April 10, 2008 (“RBC Letter”); Thomas V. Dulcich, Esq., Schwabe, Williamson & Wyatt, dated April 10, 2008 (“Dulcich Letter”); Harry T. Walters, Esq., Citigroup, dated April 10, 2008 3 II. Description of the Proposed Rule Change FINRA5 proposed to provide specific procedures to govern motions to dismiss, and to amend the provision of the eligibility rule related to dismissals. The proposal is designed to ensure that parties would have their claims heard in arbitration, by significantly limiting the grounds for filing motions to dismiss prior to the conclusion of a party’s case in chief and by imposing stringent sanctions against parties for engaging in abusive practices under the rule.

(“Citigroup Letter”); Craig Gordon, RBC Correspondent Services, dated April 10, 2008 (“Gordon Letter”); William A. Jacobson, Esq., Cornell Securities Law Clinic, dated April 10, 2008 (“Cornell Letter”); Bradford D. Kaufman, Greenberg, Taurig, P.A., dated April 10, 2008 (“Kaufman Letter”); Tim Canning, Esq., Law Offices of Timothy A. Canning, dated April 10, 2008 (“Canning Letter”); Peter R. Boutin, Esq., Keesal, Young & Logan, dated April 10, 2008 (“Boutin Letter”); Christian T.

Kemnitz, Esq., Katten Muchin Rosenman, dated April 10, 2008 (“Kemnitz Letter”);

Scot Bernstein, Esq, dated April 10, 2008 (“Bernstein Letter”); John S. Burke, Esq., Higgins Burke, P.C., dated April 10, 2008 (“Burke Letter”); Dayton P. Haigney, Esq., dated April 10, 2008 (“Haigney Letter”); Robert J. Anello, Esq., Morvillo, Abramowitz, Grand, Iason, Anello & Bohrer, P.C., dated April 10, 2008 (“Anello Letter”); Brad S. Karp, Esq., Paul, Weiss, Rifkind, Wharton & Garrison LLP, dated April 10, 2008 (“Karp Letter”); Andrew L. Weinberg, Esq., Deutsche Bank Securities Inc., dated April 10, 2008 (“DBSI Letter”); Harry A. Jacobowitz, Esq., Securities Arbitration Commentator, dated April 10, 2008 (“Jacobowitz Letter”); Jenice L.

Malecki, Esq., Malecki Law, dated April 10, 2008 (“Malecki Letter”); Stephen Krosschell, Esq., dated April 10, 2008 (“Krosschell Letter”); Abe Lampart, Esq., Offices of Abe Lampart, dated April 10, 2008 (“Lampart Letter”); Mark J. Astarita, Esq., dated April 10, 2008 (“Astarita Letter”); Robert S. Banks, Esq., Banks Law Offices, dated April 10, 2008 (“Banks Letter”); Debra G. Speyer, Esq., dated April 10, 2008 (“Speyer Letter”); Joseph Fogel, Sherman Oaks, CA (“Fogel Letter”); Harry J. Buckman, Jr., dated April 11, 2008 (“Buckman Letter”); Jan Graham, Esq., dated April 11, 2008 (“Graham Letter”); Patricia Cowart, Esq., Wachovia Securities, LLC, dated April 11, 2008 (“Wachovia Letter”); Stuart D. Meissner, Esq., dated April 12, 2008 (“Meissner Letter”); Debra B. Hayes, Esq., dated April 15, 2008 (“Hayes Letter”); William P. Torngren, Esq., dated April 16, 2008 (“Torngren Letter”);

Laurence S. Schultz, Public Investors Arbitration Bar Association, dated April 25, 2008 (“PIABA 2 Letter”).

5 Although some of the events referenced in this rule filing occurred prior to the formation of FINRA through consolidation of NASD and the member regulatory functions of NYSE Regulation, the rule filing refers to FINRA throughout for simplicity.

4

–  –  –

The Code of Arbitration Procedure that was in use prior to April 16, 2007, did not address motions practice.6 Because motions were becoming increasingly common in arbitration, FINRA proposed to include in its revision of the entire Code of Arbitration Procedure (“Code Revision”) some guidance for parties and arbitrators with respect to motions practice.

The Code Revision, as initially filed with the SEC in 2003, contained a rule that would have permitted a panel to grant a motion to decide claims before a hearing on the merits (a “dispositive motion”) only under extraordinary circumstances. FINRA proposed this rule in an attempt to address concerns raised by investors’ counsel, SEC staff and other constituent groups about abusive and duplicative filing of dispositive motions. Specifically, FINRA received complaints that parties (typically respondent7 firms) were filing dispositive motions routinely and repetitively in an apparent effort to delay scheduled hearing sessions on the merits, increase investors’ costs (typically claimants8), and intimidate less sophisticated parties.9 In some cases, if a party did not receive a favorable ruling on a dispositive motion filed at a particular stage in an arbitration proceeding, that party would reThe Codes became effective on April 16, 2007, for claims filed on or after that date;

the old Code continues to apply to pending cases until their conclusion.

7 A respondent is a party against whom a statement of claim or third party claim has been filed.

8 A claimant is a party that files the statement of claim and other documents that initiate an arbitration.

9 For example, the Securities Arbitration Commentator published a study in Fall 2006 on motions to dismiss in customer cases, which concludes that, in the universe of cases that went to award, there were motions to dismiss in 28% of the cases in 2006 as compared to 10% in 2004. Securities Arbitration Commentator, Nov. 2006 (Vol.

2006, No. 5), at 3.



Pages:   || 2 | 3 | 4 | 5 |   ...   | 7 |


Similar works:

«MINNETONKA INDEPENDENT SCHOOL DISTRICT #276 Service Center 5621 County Road 101 Minnetonka, Minnesota Minutes of February 5, 2009 Board Meeting The School Board of Minnetonka Independent School District #276 met in regular session at 7:05 p.m. on February 5, 2009 in the Community Room at the District Service Center, 5621 County Road 101, Minnetonka, Minnesota. Chairperson Pamela Langseth presided. Other Board members present were: Erin Adams, Calvin Litsey, Paul Luehr, Cathy Maes Lisa Wagner,...»

«Title The Current Battle over the Book of Mormon: “Is Modernity Itself Somehow Canonical?” Author(s) Louis Midgley Reference Review of Books on the Book of Mormon 6/1 (1994): 200–254. ISSN 1050-7930 (print), 2168-3719 (online) Abstract Review of “The Word of God Is Enough: The Book of Mormon as Nineteenth-Century Scripture” (1993), by Anthony A. Hutchinson. Anthony A. Hutchinson, The Word of God Is Enough: The Book of Mormon as Nineteenth-Century Scripture. Pp. 1-19. The Current...»

«Paper presented at the BSRLM day conference University of Bristol, 17 June 2006 DEVELOPING ON-LINE QUESTIONNAIRES FOR MATHEMATICIANS Zsolt Lavicza Faculty of Education, University of Cambridge In this paper I will discuss the development of an on-line questionnaire that I have designed for my dissertation research. By employing this questionnaire, I aim to gauge university mathematicians’ use of Computer Algebra Systems (CAS) in undergraduate mathematics courses and to understand their...»

«WORKERS OF ALL COUNTRIES UNITE! QUOTATIONS FROM CHAIRMAN MAO TSE TUNG 5 FOREIGN LANGUAGE PRESS P E K I N G 1966 1966 First Edition M O R F S N O I TAT O U Q NAMRIAHC GNUT EST OAM 5 SSERP EGAUGNAL NGIEROF 6691 G N I K E P Printed in the People’s Republic of China Study Chairman Mao’s writings, follow his teachings and act according to his instructions. Lin Piao A facsimile of the above statement by Comrade Lin Piao in his own handwriting appears on the previous page. FOREWORD TO THE SECOND...»

«Having problems in reading this e-mail? Click here Tuesday 13th September 2016 issue 727 The Letter in PDF format The Foundation on and The foundation application available on Appstore and Google Play The Future of the European Project Authors: Thierry Chopin, Jean-François Jamet The major challenges facing the Europeans – such as terrorism, the migratory crisis, and differently Brexit as well as the rise of antiEuropean populism – call for the redesign and revival of the integration of a...»

«August 2001 Vol. 13, No. 3(G) CASTE DISCRIMINATION: A GLOBAL CONCERN A Report by Human Rights Watch for the United Nations World Conference Against Racism, Racial Discrimination, Xenophobia and Related Intolerance. Durban, South Africa, September 2001. I. INTRODUCTION II. CASTE AND THE WORLD CONFERENCE AGAINST RACISM, RACIAL DISCRIMINATION, XENOPHOBIA AND RELATED INTOLERANCE III. RECOMMENDATIONS IV. BACKGROUND “Untouchability” and Segregation Earthquake in Gujarat: Caste and its Fault-Lines...»

«Welcome to the electronic edition of Freedom of Religion under Bills of Rights. The book opens with the bookmark panel and you will see the contents page. Click on this anytime to return to the contents. You can also add your own bookmarks. Each chapter heading in the contents table is clickable and will take you direct to the chapter. Return using the contents link in the bookmarks. The whole document is fully searchable. Enjoy. Freedom of Religion under Bills of Rights For our families...»

«ONOMASTICA Patrociny Settlement Names in Europe Edited by VALÉRIA TÓTH Debrecen–Helsinki 2011 Onomastica Uralica President of the editorial board István Nyirkos, Debrecen Co-president of the editorial board Ritva Liisa Pitkänen, Helsinki Editorial board Terhi Ainiala, Helsinki Sándor Maticsák, Debrecen Tatyana Dmitrieva, Yekaterinburg Irma Mullonen, Petrozavodsk Kaisa Rautio Helander, Aleksej Musanov, Syktyvkar Guovdageaidnu Peeter Päll, Tallinn István Hoffmann, Debrecen Janne...»

«Are Skeptical Theists Really Skeptics? Sometimes Yes and Sometimes No Justin P. McBrayer Forthcoming in IJPR abstract: Skeptical theism is the view that God exists but, given our cognitive limitations, the fact that we cannot see a compensating good for some instance of evil is not a reason to think that there is no such good. Hence, we are not justified in concluding that any actual instance of evil is gratuitous, thus undercutting the evidential argument from evil for atheism. This paper...»

«ACTA ENTOMOLOGICA MUSEI NATIONALIS PRAGAE Published 30.vi.2010 Volume 50(1), pp. 157–166 ISSN 0374-1036 A review of Ripiphoridae in the Arabian Peninsula (Coleoptera: Tenebrionoidea) Jan BATELKA Nad Vodovodem 16, CZ-100 00 Praha 10, Czech Republic; e-mail: janbat@centrum.cz Abstract. Distribution of the Ripiphoridae (Coleoptera: Tenebrionoidea) in the Arabian Peninsula is evaluated. Six species belonging to the genera Macrosiagon Hentz, 1830 and Ripiphorus Bosc, 1791 are figured and keyed,...»

«THE INDIAN MICROFINANCE CRISIS: THE ROLE OF SOCIAL CAPITAL, THE SHIFT TO FOR-PROFIT LENDING AND IMPLICATIONS FOR MICROFINANCE THEORY AND PRACTICE Antara Haldar [Corresponding Author] Columbia University Joseph E. Stiglitz, Columbia University 1 Abstract This paper uses India’s microfinance crisis as a context for evaluating alternative theories of microfinance. By contrasting Bangladesh’s highly successful Grameen model with the allegedly “universalizable” version of India’s SKS...»

«Kom een dagje Lokeren 100 ideeën voor groepsbezoeken Kom een dagje Lokeren Legende Bezoek aangepast aan mensen met een visuele beperking Activiteit voor kids en tieners Bezoek ook geschikt voor rolstoelgebruikers Foto’s en illustraties: fotoclub Lokeren, Kamiel Van den Broeck, Freddy Meert, Toerisme Oost-Vlaanderen, Vincent Hellemans, Willy Linthout, Giovanni Van Avermaet, Ann Vervaet Samenstelling: Infopunt Toerisme, Ann Vervaet; vormgeving: Giovanni Van Avermaet V.u. Marina Van Hoorick,...»





 
<<  HOME   |    CONTACTS
2016 www.dissertation.xlibx.info - Dissertations, online materials

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.