May 27, 2010
The purpose of this letter is to provide the Commission with comments on the above referenced rule filing which was filed by FINRA on or about May 19, 2010.
I am an attorney whose practice is exclusively devoted to the representation of public investors in their disputes with the securities industry.
Moreover, I am a current member of FINRA's National Arbitration and Mediation Committee and a past President and a current member of the Board of Directors of the Public Investors Arbitration Bar Association.
The proposed rule filing, which would amend the Code of Arbitration Procedure so as to increase the number of arbitrators on each list that is generated by the Neutral List Selection System,would provide investors with greater control and choice over the individuals who will ultimately be appointed to serve on the arbitration panels that will determine their claims.
Based on the preceding, it is clear that the approval of the proposed rule change would advance the interests of investors and would be consistent with the statutory goal of investor protection.
I would, accordingly, urge the Commission to approve the proposed rule amendment on an expedited basis.
Thank you for providing me with the opportunity to comment on the proposed rule filing.