The Financial Industry Regulatory Authority has pushed back the deadline for the Securities and Exchange Commission to act on FINRA’a proposal to limit the number of people who qualify as public arbitrators to settle investor disputes. FINRA has extended the 45-day deadline for the proposal, which was published in the Federal Register on July 3, until Oct. 1 to allow the SEC more time to sort through the 20 comment letters it has received regarding the rule, Investment News reports.
Under the new FINRA proposal, those who have worked in the securities industry even for a short time would no longer be eligible to serve as public arbitrators. They would, however, still be able to serve as non-public arbitrators, who FINRA defines as having more extensive securities industry background.
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