Jurisdiction(s):
United Kingdom

Key definition

Panel definition

What does Panel mean? In corporate and public M&A practice, Panel (with a capital P) is shorthand for the takeover supervisory authority: in the UK, the Panel on Takeovers and Mergers (the takeover panel), and in Ireland, the Irish Takeover Panel. It oversees takeovers of listed and certain other public companies, administering and enforcing the applicable takeover rulebook (the UK City Code on Takeovers and Mergers; the Irish Takeover Rules), issuing rulings, consents and waivers, and interpreting the rules to ensure fair treatment of shareholders. In the UK it has a statutory basis under the Companies Act 2006, Part 28; in Ireland it...

United States FINRA Industry Code: arbitrator panels for industry disputes—composition, selection, disclosure, challenges and replacement [Archived]

Published by a LexisNexis Arbitration expert

Practice notes

ARCHIVED: This Practice Note has been archived and is not maintained. It is for background information only.

The Financial Industry Regulatory authority (FINRA) is an independent regulator for the US securities sector. It operates the industry’s largest forum for resolving disputes, addressing financial and commercial disagreements involving investors, brokerage firms and individual brokers, as well as conflicts within and between brokerage firms and brokers. These matters are determined through FINRA’s own arbitration process.

FINRA has two Codes of Arbitration Procedure:

the Code of Arbitration Procedure for Customer Disputes (the Customer Code or Section 12000 of the FINRA Rules)—governing arbitration between investors and industry participants
the Code of Arbitration Procedure for Industry Disputes (the Industry Code or Section 13000 of the FINRA Rules)—governing arbitration between industry participants

This note deals solely with the Industry Code. For details on the arbitral panel under the Customer Code, see Practice Note: FINRA—simplified arbitration proceedings and injunctive relief under the Customer Code and the Industry Code [Archived].

Appointing panels

The mechanism for the appointment and removal of arbitrators is set out in the Industry Code, Pt...

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Web page updated on 22/05/2026

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