February 7, 2013
I support the proposed definition change because it is an incremental step toward ensuring that no arbitrator classified as 'public' is an 'industry' arbitrator in disguise.
Proper arbitrator classification is important to the investing public because it will reduce the inherent bias of an arbitrator who is, or who spent a career, in the financial industry. Such bias whether implicit or explicit is a negative when it creates uncertainty in the arbitration process. Proper classification will work to decrease that uncertainty.
FINRA's propose definition change will work to improve the public perception of fairness in the FINRA arbitration process.