SEC OKs NASD Unit to Arbitrate Disputes
The National Assn. of Securities Dealers received final regulatory approval Tuesday to create a separate unit to oversee disputes in the U.S. between investors and brokerages and between brokers and their employers.
The Dispute Resolution Inc. unit, to be headed by NASD Executive Vice President Linda Fienberg, is still being formed, NASD Regulation spokeswoman Amy Hyland said. The Securities and Exchange Commission said it approved the proposal.
“This will further enhance the perception of us as a neutral forum,†Fienberg said. The 160-employee unit is now part of NASD Regulation, which polices all U.S. brokers.
Fienberg’s unit will oversee arbitration and mediation of investor-brokerage disputes as well as conflicts between brokers and their employers over pay and other issues that don’t involve civil rights allegations, Hyland said.
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