From: Susan N. Perkins |
I request that the SEC reject the NASD's request for Acclerated Approval of Rule Filing SR-NASD-2003-158, and that the SEC publish the NASD's proposal for public comment. The filing affects important procedures in an arbitration system to which the securities industry has compelled investors seeking to resolve their disputes. Since investors currently cannot opt out of mandatory arbitration, their voice and the voices of all those interested should be heard, by way of public comment. Issues such as whether motions to dismiss based timeliness are sufficiently "extraordinary" to be permitted to be heard in advance of an investor's evidentiary hearing, and whether customers should be forced to produce discovery documents not only in their possession but also in their control , merit discussion rather than expedited approval without public comment. Susan N. Perkins |