On January 11, 2024, the Securities and Exchange Commission approved a rule change to its Codes of Arbitration Procedure and Mediation Procedure — proposed by FINRA — to bar individuals who are not attorneys from representing parties in the FINRA Dispute Resolution forum. Before the rule change, FINRA banned non-attorney representation in its arbitration and mediation proceedings “only if: (1)state law prohibits such representation; (2) the person is currently suspended or barred from the securities industry in any capacity; or (3) the person is currently suspended from the practice of law or disbarred.”
The newly-approved rule expands the ban to
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