Prior to a securities dispute proceeding to a hearing, a prehearing conference is conducted where the panel establishes deadlines for tasks such as collecting evidence, drafting briefs, and submitting motions. Additionally, they arrange future hearing dates and address other significant issues. Typically held via telephone, parties have the option to request an in-person meeting. If the parties opt out of a prehearing conference, they are still required to submit essential information in writing to the Director of Arbitration of the Financial Industry Regulatory Authority (FINRA).
In the securities industry, disputes between parties can be resolved through arbitration. Prior to the actual hearing, a prehearing conference is conducted by the appointed panel to address preliminary matters and establish deadlines. The first prehearing conference, known as the Initial Prehearing Conference, involves the panel: setting deadlines for discovery, briefing, and motions; scheduling subsequent hearing sessions; and addressing other preliminary matters to streamline the arbitration process. Typically, this conference is held via telephone, unless the parties object. In the event that the parties agree not to hold the Initial Prehearing Conference, they must provide the required information in writing to the Director of Arbitration of FINRA. This information includes accepting the panel, specifying any additional pre-hearing conferences, providing mutually agreeable dates and times for these conferences, determining the presiding authority, setting mutually agreeable hearing dates, establishing a discovery schedule, listing anticipated motions with their respective filing and response due dates, and deciding whether briefs will be submitted and setting the due dates for these briefs and any reply briefs. Even if the Initial Prehearing Conference is waived, the parties must still provide this necessary information to the Director of Arbitration of FINRA. The prehearing conference is a crucial step in the resolution process of securities disputes as it lays the foundation for the actual hearing and ensures that both parties are well-informed about the deadlines and procedures involved.
Prehearing in securities dispute resolution is the stage before the actual hearing where the parties involved in the dispute and the arbitrators or mediators meet to discuss the case, exchange evidence, and attempt to reach a settlement.
During the prehearing, the parties may engage in discovery, which involves exchanging relevant documents and information. They may also participate in prehearing conferences to discuss procedural matters and attempt to resolve the dispute without the need for a formal hearing.
It is highly recommended to have a lawyer represent you during the prehearing in securities dispute resolution. A lawyer can help you navigate the process, gather evidence, and negotiate with the other party to reach a favorable resolution.
The duration of the prehearing process can vary depending on the complexity of the case and the willingness of the parties to cooperate. It can range from a few weeks to several months.
The potential outcomes of the prehearing include reaching a settlement agreement, narrowing the issues for the formal hearing, or scheduling additional prehearing conferences to continue the negotiation process.
Yes, the prehearing in securities dispute resolution can be conducted remotely through video conferencing or teleconferencing, especially in situations where the parties are located in different geographic locations.
The costs of the prehearing in securities dispute resolution may include legal fees, administrative fees, and any expenses related to gathering evidence or conducting discovery.
If the parties cannot reach a settlement during the prehearing, the case will proceed to a formal hearing where the arbitrators or mediators will make a decision based on the evidence presented.
The outcome of the prehearing in securities dispute resolution is not typically appealable, as it is a stage of the process designed to facilitate settlement and streamline the formal hearing.
To prepare for the prehearing, it is important to gather all relevant evidence, consult with a lawyer, and be prepared to engage in negotiations with the other party in an effort to reach a resolution.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 16th April 2024.
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