March 1, 2015
I am the immediate past FINRA Director of Arbitration, having retired in 2013. I submit this comment with respect to SR-FINRA-2015-003 (Proposed Rule Change to Amend the Codes of Arbitration Procedure to Increase the Late Cancellation Fee).
I enthusiastically support this proposed rule change. As former FINRA Director of Arbitration, I can attest that arbitrator retention is very challenging. Hearing cancellations are a major source of frustration for arbitrators. Anything that can be done, such as the proposed change, to discourage last-minute postponements should be supported. Moreover, the increased compensation should help mitigate the disruption endured by arbitrators as a result of late postponements.
I urge the Commission to approve forthwith this rule filing.