April 15, 2008
This proposed rule will allow for abuse of the arbitration process. It will allow a Respondent, against whom an award has been made, to further delay payments to the Claimant. It is not hard to predict that every award against a Respondent will lead to such a motion.
What constitutes a ministerial matter? This is not defined? Who will determine if it is a ministerial matter? The Panel? This further increases forum fees. Panels routinely split the forum fees between the parties these days. FINRA Arbitration is outrageously expensive and many times people are unwilling to file their claim because of the fear of forum fees being assessed against them. This proposed rule will simply add to the fear, expense and uncertainty.
Debra Brewer Hayes