November 24, 2010
I am an attorney whose practice focuses on the representation of investors in disputes with the securities industry. I am a member of the Board of Directors of the Public Investors Arbitration Bar Association (PIABA) and a public member of the National Arbitration and Mediation Committee of FINRA.
I write to express my support for the proposed revisions to the FINRA Code of Arbitration Procedure (SR-FINRA-2010-053). It is my opinion that the proposed revisions are a substantial benefit to investors and the arbitration system. Investors and their representatives will now be free to choose whether an all public arbitration panel or a panel which includes an industry arbitrator will resolve their disputes. This is a long overdue step towards leveling the playing field between investors and the industry.
It is my view that the interests of the investing public are best served by the Commission approving the proposed revisions to the FINRA Code of Arbitration Procedure on an accelerated basis.