Regulatory Alerts2025-11-18 | Regulatory Notice 25-16Added · Updated
FINRA Amends Arbitration Codes for Arbitrator List Selection and Procedural Changes
FINRA has amended Rules 12403(a)(3) and 13403(b)(4) to balance arbitrator selection by giving non-chair-qualified public arbitrators two chances for selection in three-arbitrator panels. The amendments also shorten the deadline for sending arbitrator lists from 30 to 20 days, codify the provision of full employment history in disclosure reports, and allow parties to strike non-public arbitrators for any reason. Additionally, FINRA established a 10-day window for objecting to requests for additional arbitrator information, prohibited the disclosure of party-initiated removal challenges, and clarified that the Director will not grant extensions for ranked lists filed after the 20-day deadline. These changes become effective on January 26, 2026.