August 6, 2008
I write to comment on FINRA's proposal to amend the Uniform Submission Agreement used in investor-related disputes.
Under the rules, the Uniform Submission Agreement must be signed by investors in order for their cases to proceed. But there is no sanction in the rules for failure of a Respondent to submit the document. The situation is patently unfair.
The Rule proposal should be admitted to amended to provide, e.g., that a Respondent who has not signed the Agreement cannot participate in arbitrator selection and/or is precluded from conducting discovery.