Non-Parties Get Arbitration Response Time Relief
Self-regulator Finra is trying to address concerns that non-parties in its arbitration proceedings don’t have enough time to object to orders, with Finra’s board approving an extension for doing so, ThinkAdvisor writes.
The industry self-regulator’s board recently proposed raising the number of days non-parties have to respond to an order or a subpoena from 10 to 15 calendar days from their receipt, according to the publication.
If approved by the SEC, where the motion will now be filed, the proposed changes would also exclude first-class mail as an option for serving documents to the non-parties and for them to file objections, ThinkAdvisor writes.
Additionally, Finra’s board is also seeking comment on planned changes to Trade Reporting and Compliance Engine rules, according to the publication.
The board is seeking to expand the rules’ coverage to trades in foreign sovereign debt vehicles denominated in U.S. dollars, ThinkAdvisor writes.
Finra is also seeking comment on changes to margin requirements, according to the publication.