On October 6, the National Futures Association (NFA) issued Notice I-20-36 to announce the effective dates of several amendments to the NFA’s Code of Arbitration and Member Arbitration Rules. For all cases pending on or after October 6, the following amendments will apply: (1) a party may withdraw or amend its claim or ask for a hearing or summary postponement if the member firm respondent withdraws its NFA membership during the course of the proceeding; (2) claims against former NFA member firms will be voluntary, rather than mandatory; (3) the NFA will permit service by e-mail without the need for express consent; and (4) in extraordinary circumstances, an arbitration panel may order parties to conduct hearing sessions on a virtual basis when an in-person hearing is not feasible. In addition, there will be increased filing and hearing fees and restructured claim tiers for any case filed on or after October 6.
The NFA’s September 22 submission letter (available here) contains additional details related to these rule changes.
Notice I-20-36 is available here.