13400.List Selection Algorithm and Arbitrator Rosters
(a) List Selection Algorithm
FINRA uses a list selection algorithm that generates, on a random basis, lists of arbitrators from FINRA's rosters of arbitrators for the selected hearing location for each proceeding. The parties will select their panel through a process of striking and ranking the arbitrators on lists generated by the list selection algorithm.
(b) Arbitrator Rosters
FINRA maintains the following roster of arbitrators:
(3) A roster of arbitrators who are eligible to serve as chairperson of a panel as described in paragraph (c). Arbitrators who are eligible to serve as chairperson will also be included in the roster of non-public or public arbitrators, depending on composition of the panel under Rule 13402, but will only appear on one list in a case.
(c) Eligibility for Chairperson Roster
Arbitrators are eligible to serve as chairperson of panels submitted for arbitration under the Code if they have completed chairperson training provided by FINRA and:
(1) Have a law degree and are a member of a bar of at least one jurisdiction and have served as an arbitrator through award on at least one arbitration administered by a self-regulatory organization in which hearings were held; or
(2) Have served as an arbitrator through award on at least three arbitrations administered by a self-regulatory organization in which hearings were held.
| Amended by SR-FINRA-2022-026 eff. Sept. 15, 2022. Amended by SR-FINRA-2016-029 eff. April 3, 2017. Amended by SR-FINRA-2016-033 eff. Jan. 9, 2017. Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008. Adopted by SR-NASD-2004-011 eff. April 16, 2007. Selected Notice: 07-07, 08-57, 17-03, 17-04. |