Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

Monday, March 5, 2007

SEC Approves NASD Rule re. Subpoenas in Arbitration

The SEC approved NASD Regulation's rule relating to third party subpoenas in arbitration which will authorize only arbitrators (and not attorneys, as in some states) to issue subpoenas.  Here is the executive summary of NASD Notice to Members 07-13 - March 2007:

Executive Summary
The Securities and Exchange Commission (SEC) has approved amendments to the subpoena rule as set forth in Rule 10322 of the NASD Code of Arbitration Procedure (Code) to allow only arbitrators to issue subpoenas, whether for discovery in arbitration or for appearance at a hearing before the arbitrators. The SEC also approved an amendment to the payment of arbitrators rule as set forth in IM-10104 to provide for the payment of a $200 honorarium per case for each arbitrator who considers contested motions for the issuance of subpoenas.

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