SEC Approves FINRA Rule Amendment Regarding Fee Increase for Late Cancellation of Scheduled Hearing (Fed. Reg.)

The SEC order approving FINRA-proposed rule amendments to the Code of Arbitration Procedure for Customer and Industry Disputes was published in the Federal Register.

The proposed amendment would increase the fee for the late cancellation or postponement of a scheduled hearing. Additionally, the rule change lengthens the notice period for cancelling or postponing a scheduled hearing session from three business days to ten calendar days, and increases the amount of honoraria paid to arbitrators affected by the late cancellation or postponement of a scheduled hearing session from $100 to $600 per arbitrator.

See: 80 FR 30740; FINRA Rule Filing.Related news: FINRA Proposal Amending Codes of Arbitration Procedures Related to Canceling or Postponing a Hearing Published in the Federal Register (February 24, 2015); FINRA Proposes Amending the Codes of Arbitration Procedure Relating to Canceling or Postponing a Hearing (February 5, 2015); SEC Approves Various FINRA Amendments to Arbitration Procedure (FINRA Reg. Notice 14-49) (November 14, 2014).