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Simple English definitions for legal terms

Securities dispute resolution: Filing a complaint

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A quick definition of Securities dispute resolution: Filing a complaint:

When there is a disagreement about securities, the people involved can choose to go to arbitration to resolve the issue. To start the process, the person making the complaint (called the claimant) needs to write a document called a Statement of Claim. This document explains what the problem is, how it happened, and what the claimant wants to happen to fix it. There are two types of claims: legal claims (when someone's legal rights were violated) and industry-specific claims (when someone broke the rules of the securities industry). The claimant also needs to fill out a Submission Agreement and pay a fee to the Financial Industry Regulatory Authority (FINRA). Once everything is filed correctly, FINRA will give the Statement of Claim to the other person involved (called the respondent) so they can respond to the complaint.

A more thorough explanation:

When someone decides to pursue arbitration to resolve a securities dispute, they must file a Statement of Claim with the Financial Industry Regulatory Authority (FINRA). This document explains the types of claims being made, the amount of damages requested, and the facts that gave rise to the claim.

There are two types of claims that can be made: legal claims and industry-specific claims. Legal claims arise from the violation of legal rights, such as fraud, negligence, or misrepresentation. Industry-specific claims can be made for the violation of industry rules, such as suitability, excessive trading, or commingling.

Along with the Statement of Claim, the claimant must also file a Submission Agreement and pay FINRA filing fees. Claims can be filed online or by mail. If there are any deficiencies in the filings, they must be fixed, which can delay the arbitration process. Once the filing requirements are met, FINRA will serve the Statement of Claim on the respondent party or parties.

For example, if an investor believes their broker engaged in excessive trading, they could file an industry-specific claim with FINRA. They would need to provide evidence of the excessive trading and explain how it violated industry rules. They would also need to pay the filing fees and file the necessary paperwork with FINRA.

Securities dispute resolution: Experts | Securities dispute resolution: Hearings

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HopefullyInLawSchool
16:17
Possibly
RoaldDahl
16:26
Cool
RoaldDahl
16:26
thank you!!!! i hope it means something
pinkandblue
16:31
fart
IrishDinosaur
16:36
Mich R gang lesgooo
Did anyone else get that random get to know nova email?
HopefullyInLawSchool
17:21
Ya it was sent to all YM applicants
starfishies
17:37
Anyone get the NDLS email inviting you to apply for something even though they haven’t made a decision on your app yet
17:38
Better yet I got the email and I was rejected last month
starfishies
17:38
Wtf
starfishies
17:39
and the deadline is in like a week what is this
any cardozo movement?
BatmanBeyond
18:01
Sent a LOCI via portal, but I'm wondering if email would have gotten me a swifter response
BatmanBeyond
18:02
This whole hold/wait-list/reserve system is a headache
loci already?
BatmanBeyond
18:09
If the odds are like 1-2% I don't think it matters much by the numbers
12:11
I got the same NDLS email
OrangeThing
12:18
I think the user profiles are broken
19:29
Any word out of Notre Dame?
19:29
Only the invitation to apply for LSE
19:29
Anyone received a decision from NDLS?
19:50
when did u guys apply that just heard from umich? they havent even glanced at my app yet
0:30
how am i supposed to spy on people when profile links are broken?
Right. Broken links smh
I've been UR since first/second week of Jan, no updates otherwise, is that a bad sign? At or above median LSAT and above 75th gpa.
The profile links are not working for me. anybody else?
13:18
i’m in the same boat mastermonkey but with lower stats. i hope i hear back by mid march
CheeseIsMyLoveLanguage
13:24
@mastermonkey45: Looking at some of the recent decisions in relation to when they went complete, I'd say it's a good sign. It seems many declines were sent within about 5-6 weeks of completion. Given those were applications that were SENT in January, I'd say that means you're still solidly in the running. :)
14:30
Sent an app to OSU in early december and have STILL not heard back
Give it 4 more weeks at least. Everyone in this chat needs to wait longer.
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