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Finra Rule:CODE OF MEDIATION PROCEDURE
USINFO | 2013-12-18 16:12
Contents:
14100. Definitions
14101. Applicability of Code
14102. National Arbitration and Mediation Committee
14103. Director of Mediation
14104. Mediation under the Code
14105. Effect of Mediation on Arbitration Proceedings
14106. Representation of Parties
14107. Mediator Selection
14108. Limitation on Liability
14109. Mediation Ground Rules
14110. Mediation Fees
14000. CODE OF MEDIATION PROCEDURE
14100. Definitions
Unless otherwise defined in the Code, terms used in the Code and interpretive material, if defined in the FINRA By-Laws, shall have the meaning as defined in the FINRA By-Laws.
(a) Board
The term "Board" means the Board of Directors of FINRA Dispute Resolution, Inc.
(b) Code
The term "Code" means the Code of Mediation Procedure.
(c) Director
The term "Director" in the Rule 14000 Series refers to the Director of Mediation at FINRA Dispute Resolution. Unless the Code or any other FINRA rule provides otherwise, the term includes FINRA staff to whom the Director of Mediation has delegated authority.
(d) Matter
The term "matter" means a dispute, claim, or controversy.
(e) NAMC
The term "NAMC" means the National Arbitration and Mediation Committee of the Board.
(f) FINRA
Unless the Code specifies otherwise, the term "FINRA" includes FINRA, and FINRA Dispute Resolution, Inc.
(g) FINRA Customer Code
The term "Customer Code" means the Code of Arbitration Procedure for Customer Disputes.
(h) FINRA Industry Code
The term "Industry Code" means the Code of Arbitration Procedure for Industry Disputes.
(i) Submission Agreement
The term "Submission Agreement" means the FINRA Mediation Submission Agreement. The FINRA Mediation Submission Agreement is a document that parties must sign at the outset of a mediation in which they agree to submit to mediation under the Code.
14101. Applicability of Code
The Code applies to any matter submitted to mediation at FINRA.
14102. National Arbitration and Mediation Committee
(a) Pursuant to Section III of the Plan of Allocation and Delegation of Functions by FINRA to Subsidiaries ("Delegation Plan"), the Board shall appoint a National Arbitration and Mediation Committee ("NAMC").
(1) The NAMC shall consist of no fewer than ten and no more than 25 members. At least 50 percent of the NAMC shall be Non-Industry members.
(2) The Chairperson of the Board shall name the Chairperson of the NAMC.
(b) Pursuant to the Delegation Plan, the NAMC shall have the authority to recommend rules, regulations, procedures and amendments relating to arbitration, mediation, and other dispute resolution matters to the Board. All matters recommended by the NAMC to the Board must have been approved by a quorum, which shall consist of a majority of the NAMC, including at least 50 percent of the Non-Industry committee members. If at least 50 percent of the Non-Industry committee members are either (i) present at or (ii) have filed a waiver of attendance for a meeting after receiving an agenda prior to such meeting, the requirement that at least 50 percent of the Non-Industry committee members be present to constitute the quorum shall be waived. The NAMC has such other power and authority as is necessary to carry out the purposes of this Code.
(c) The NAMC may meet as frequently as necessary, but must meet at least once a year.
14103. Director of Mediation
(a) The Board shall appoint a Director of Mediation to administer mediations under the Code. The Director will consult with the NAMC on the administration of mediations, as necessary.
(b) The Director may delegate his or her duties when appropriate, unless the Code provides otherwise.
14104. Mediation under the Code
(a) Mediation under the Code is voluntary, and requires the written agreement of all parties. No party may be compelled to participate in a mediation or to settle a matter by FINRA, or by any mediator appointed to mediate a matter pursuant to the Code.
(b) If all parties agree, any matter that is eligible for arbitration under the Customer Code or Industry Code, or any part of any such matter, or any dispute related to such matter, including procedural issues, may be submitted for mediation under the Code.
14100. Definitions
14101. Applicability of Code
14102. National Arbitration and Mediation Committee
14103. Director of Mediation
14104. Mediation under the Code
14105. Effect of Mediation on Arbitration Proceedings
14106. Representation of Parties
14107. Mediator Selection
14108. Limitation on Liability
14109. Mediation Ground Rules
14110. Mediation Fees
14000. CODE OF MEDIATION PROCEDURE
14100. Definitions
Unless otherwise defined in the Code, terms used in the Code and interpretive material, if defined in the FINRA By-Laws, shall have the meaning as defined in the FINRA By-Laws.
(a) Board
The term "Board" means the Board of Directors of FINRA Dispute Resolution, Inc.
(b) Code
The term "Code" means the Code of Mediation Procedure.
(c) Director
The term "Director" in the Rule 14000 Series refers to the Director of Mediation at FINRA Dispute Resolution. Unless the Code or any other FINRA rule provides otherwise, the term includes FINRA staff to whom the Director of Mediation has delegated authority.
(d) Matter
The term "matter" means a dispute, claim, or controversy.
(e) NAMC
The term "NAMC" means the National Arbitration and Mediation Committee of the Board.
(f) FINRA
Unless the Code specifies otherwise, the term "FINRA" includes FINRA, and FINRA Dispute Resolution, Inc.
(g) FINRA Customer Code
The term "Customer Code" means the Code of Arbitration Procedure for Customer Disputes.
(h) FINRA Industry Code
The term "Industry Code" means the Code of Arbitration Procedure for Industry Disputes.
(i) Submission Agreement
The term "Submission Agreement" means the FINRA Mediation Submission Agreement. The FINRA Mediation Submission Agreement is a document that parties must sign at the outset of a mediation in which they agree to submit to mediation under the Code.
14101. Applicability of Code
The Code applies to any matter submitted to mediation at FINRA.
14102. National Arbitration and Mediation Committee
(a) Pursuant to Section III of the Plan of Allocation and Delegation of Functions by FINRA to Subsidiaries ("Delegation Plan"), the Board shall appoint a National Arbitration and Mediation Committee ("NAMC").
(1) The NAMC shall consist of no fewer than ten and no more than 25 members. At least 50 percent of the NAMC shall be Non-Industry members.
(2) The Chairperson of the Board shall name the Chairperson of the NAMC.
(b) Pursuant to the Delegation Plan, the NAMC shall have the authority to recommend rules, regulations, procedures and amendments relating to arbitration, mediation, and other dispute resolution matters to the Board. All matters recommended by the NAMC to the Board must have been approved by a quorum, which shall consist of a majority of the NAMC, including at least 50 percent of the Non-Industry committee members. If at least 50 percent of the Non-Industry committee members are either (i) present at or (ii) have filed a waiver of attendance for a meeting after receiving an agenda prior to such meeting, the requirement that at least 50 percent of the Non-Industry committee members be present to constitute the quorum shall be waived. The NAMC has such other power and authority as is necessary to carry out the purposes of this Code.
(c) The NAMC may meet as frequently as necessary, but must meet at least once a year.
14103. Director of Mediation
(a) The Board shall appoint a Director of Mediation to administer mediations under the Code. The Director will consult with the NAMC on the administration of mediations, as necessary.
(b) The Director may delegate his or her duties when appropriate, unless the Code provides otherwise.
14104. Mediation under the Code
(a) Mediation under the Code is voluntary, and requires the written agreement of all parties. No party may be compelled to participate in a mediation or to settle a matter by FINRA, or by any mediator appointed to mediate a matter pursuant to the Code.
(b) If all parties agree, any matter that is eligible for arbitration under the Customer Code or Industry Code, or any part of any such matter, or any dispute related to such matter, including procedural issues, may be submitted for mediation under the Code.
