Effective August 6, 2012, FINRA will amend its rules to allow mediation directors to limit the ability of parties to a mediation to select a non-FINRA mediator. If the parties wish to use a non-FINRA mediator, the director may choose whether or not to approve that mediator. If the mediator is approved by the director, the mediation process moves forward with that mediator. If the mediator is not approved, then the parties may:
-select a FINRA-approved mediator;
-see if the director will approve a different non-FINRA mediator; or
-mediate their dispute elsewhere (not through FINRA).
Source: FINRA Regulatory Notice 12-35
This alert applies to the Series 7, Series 24, Series 26, Series 62, Series 79, and Series 82.