SEC Solicits Comments on Proposed Amendments to Arbitration Procedure Codes (Fed. Reg.)

The SEC requested comments on FINRA's proposed amendments to Rule 12904(j) of the Code of Arbitration Procedure for Customer Disputes and Rule 13904(j) of the Code of Arbitration Procedure for Industry Disputes. The request for comments was published in the Federal Register. The amendments require that, absent any specification to the contrary, when opposing parties are ordered to pay damages to one another, the monetary awards shall offset each other, and the party that owes the larger amount shall pay the net difference.

Comments on the proposed amendments must be submitted by June 13, 2016.