November 5, 2014
I am a shareholder of the law firm McCausland Keen and Buckman. Much of my practice has been devoted to the representation of individuals and institutions in disputes with the securities and financial service industries. Currently, I am a member of FINRA's National Arbitration and Mediation Committee.
The purpose of this letter is to provide the SEC with additional comments on the above referenced proposed rule change, which I enthusiastically support. The proposed rule change was originally filed by FINRA on June 17, 2014 and, thereafter, was the subject of an October 1, 2014 Order issued by the SEC that instituted proceedings to determine whether to approve or disapprove the proposed rule change. I originally commented on the proposed rule change on July 23, 2014. After reviewing the SEC's October 1, 2014 Order and other filed comments to the proposed rule change, I have these additional comments.
It has long been a concern of counsel representing investors that at some point an arbitrator, who has devoted a significant portion of his or her career to the financial industry, may be classified as a public arbitrator. The proposed rule change at long last addresses this legitimate concern by drawing the definitive line in the sand. In my view, it would be a grave mistake to delay this important improvement.
For the foregoing reasons, I strongly recommend that the Commission approve the proposed rule change on an expedited basis. Thank you for the opportunity to comment on this rule filing.