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The North American Securities Administrators Association (“NASAA”) has released for public comment draft model rules to address the lingering problem of unpaid fines and arbitration awards. Just as we were putting SAA 2021-37 (Oct. 7) to bed, NASAA issued an October 5 Press Release, NASAA Seeks Public Comment on Proposed Model Rules to Combat Unpaid Arbitration Awards and…

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PIABA’s third report in over five years says the problem of unpaid FINRA awards is getting worse, not better. The Report, FINRA Arbitration’s Persistent Unpaid Award Problem, was announced in a September 29 Press Release, PIABA – 30% of 2020 FINRA Arbitration Awards Went Unpaid, and via a 24-minute Zoom event. The headlines? “The percentage of unpaid customer awards in FINRA arbitration…

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A split Ninth Circuit has finally ruled on the validity of AB-51, which would restrict predispute arbitration clauses (“PDAA”) in employment relationships. The mandatory PDAA preclusions in the new law withstand Federal Arbitration Act (“FAA”) preemption scrutiny, but the criminal and civil penalties for mandatory PDAA use do not. We sometimes wonder whether courts read…

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FINRA Dispute Resolution Services (“DRS”) on September 17 announced an updated COVID-19 vaccination policy. Effective October 4, all in-person participants must be fully vaccinated to attend hearings. There will be a “proof of negative PCR test” exception through November 19, except in Florida – where the exemption will continue indefinitely. Here is the policy in its entirety (footnotes are…

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It’s been a while since FINRA temporarily withdrew its expungement rule change proposal. We thought it was time to check in. Spoiler alert: not much going on as far as we can see, but looks may be deceiving. We reported in SAA 2021-22 (Jun. 3) that, on the last day for SEC review of FINRA’s latest proposal…

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