SEC Approves Amendments to Rule 13204 of the Industry Code to Preclude Collective Action Claims from Being Arbitrated Under the Code (FINRA Regulatory Notice)

FINRA Reg. Notice 12-28

The SEC approved amendments to FINRA Rule 13204 of the Code of Arbitration Procedure for Industry Disputes (Industry Code) to preclude collective action claims by employees of FINRA member firms under the Fair Labor Standards Act (FLSA), the Age Discrimination in Employment Act (ADEA) or the Equal Pay Act of 1963 (EPA) from being arbitrated under the Industry Code.

Effective Date: July 9, 2012

Cross References: FINRA Rule 13204; SEC Release 34-66774, 77 FR 22374 (April 13, 2012) (Approval of Rule Change).

For more information about this document, you may contact one of the following Cadwalader attorneys: Steven D. Lofchie.