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United Kingdom

US FINRA president weighs outsourcing arbitration oversight; pursues rule modernisation on capital formation and workplace; plans enhanced compliance support and a cyber-fraud intelligence fusion centre

Published on: 26 March 2025

Published by a Law360 reporter

Legal News

Article summary

Robert Cook told delegates at the Securities Industry and Financial Markets Association’s annual Compliance & Legal Seminar that arbitration attracts the most focus in rule submissions because it demands ongoing updates. There are numerous angles to scrutinise with arbitration, and, as part of the rule modernisation initiative, we are willing to address it in earnest, Cook noted. My team won’t thank me for saying this, but at times I think arbitration—perhaps it should be handled by another body. He went on: people tend to presume that if we administer it, the industry is in charge—aside from the industry, which argues it is not. So it becomes a perpetual ‘nobody’s satisfied’ situation, raising the question of whether this is even something we ought to be administering. He observed that the US Securities and Exchange Commission, and others, have acknowledged that FINRA’s oversight of arbitration is low-cost, quick and effective for customers, particularly when cases involve smaller sums of money and lower-value claims...

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