It Took a While, but the Inactive Industry Party Arbitration Rule has Been Filed with the SEC
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By George H. Friedman, SAA Editor-in-Chief

FINRA on November 5 filed with the SEC a long-awaited rule amendment that would give investors greater rights when arbitrating with inactive industry parties.

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SEC to Vote on Reg Best Interest June 5
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The SEC will be voting on approving Reg Best Interest and related proposed regulations at an open meeting on June 5.

As our readers and followers know,

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SDNY Defines FINRA “Customer” – Again: Deutsche Bank Securities, Inc. v. Roskos
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By Christopher G. Lazarini

Absent an arbitration agreement, a person seeking to compel a FINRA member to arbitrate as its “customer” must (1) have an account with the FINRA member or (2) have purchased goods and services from the FINRA member.

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Second Circuit Allows Municipalities Time to Seek Certiorari in FINRA Rule 12200 Cases
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We blogged last month about Goldman Sachs & Co. vs. Golden Empire Schools Financing Authority, Nos. 13-797 & 13-2247 (2nd Cir.,

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Help Form the FINRA Arbitration Task Force Agenda
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In July, FINRA issued a Press Release announcing that the Authority has formed a new 13-member Arbitration Task Force to make recommendations for improving the forum.

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A Self-Directed Customer Invests in a Broker-Dealer’s Products at His Own Risk: Wang v. Bear Stearns Cos., LLC
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No. 11 Civ. 5643 (S.D. N.Y., 4/15/14). FRCP (Rule 9b “Particularity,” Rule 12(b)(6) “Claim for Relief”) * PSLRA (Pleading Requirements) * 1934 Act (§10 “Rule 10b-5”) * Misrepresentation/Omission * State Statutes Interpreted (California Corporations Code §25506) * Fiduciary Standards (Broker) * Transaction Causation/Reliance (Justifiable) * Culpability Standards (Scienter) * Self-Directed Accounts * Timeliness Issues (Statutes of Limitations) * Derivative/Vicarious Liability (Conspiracy).

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