SEC Approves FINRA Rule Allowing Witnesses to have Legal Representation

The SEC approved FINRA's proposed rule change to amend Rule 12602 of the Code of Arbitration Procedure for Customer Disputes  and Rule 13602 of the Code of Arbitration Procedure for Industry Disputes to provide that a non-party witness may be represented by an attorney at an arbitration hearing while the witness is testifying. FINRA explains that it had not perceived that arbitrators were denying witnesses the right, but thought it was appropriate to have a rule explicitly giving witnesses the right