It is always good news when FINRA allows more choice in the arbitrator selection process. Ever since FINRA changed its rules to virtually eliminate every securities attorney in the country from serving as an arbitrator in a customer case, arbitrator selection has become more difficult.
However, last week the SEC approved FINRA rule amendments to increase the number of arbitrators on the public arbitrator list that FINRA sends to parties during the arbitration panel selection process from 10 to 15 and to increase the number of permitted strikes to that list from 4 to 6.
Source: FINRA to Increase Number of Public Arbitrators:
