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FINRA Exam Study Guide Latest Update
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FINRA Exam Study Guide Latest Update Mediation - ️️ Correct-Arbitration and ______ are two distinct methods of resolving securities disputes between two or more parties. Disputes, claims or controversies arising out of business dealings with any FINRA brokerage firm can be resolved in arbit...

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  • September 25, 2024
  • 55
  • 2024/2025
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TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024

FINRA Exam Study Guide Latest Update


Mediation - ✔️✔️Correct-Arbitration and ______ are two distinct methods of resolving

securities disputes between two or more parties. Disputes, claims or controversies

arising out of business dealings with any FINRA brokerage firm can be resolved in

arbitration or ______.


Arbitration - ✔️✔️Correct-______ is a formal dispute resolution process in which the

parties—customers, brokers, or brokerage firms making or responding to a claim—

select a neutral, third party called a(n) ______, to listen to the arguments set forth by

parties, study the testimonial and/or documentary evidence, and render a decision on

the matter. By ______ your claim, you forego the opportunity to have the same matter

decided by a court of law because an ______ award is final and binding.

Mediation - ✔️✔️Correct-______ is an informal, voluntary and non-binding process. A(n)

______ facilitates negotiations between disputing parties. The ______'s role is to help

the parties find a mutually acceptable solution to the dispute.

First - ✔️✔️Correct-Arbitration and mediation are important methods of dispute resolution

that have been used successfully by the securities industry and others, but they

generally should not be your ______ steps.




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,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
Arbitration - ✔️✔️Correct-______ is a method of resolving a dispute between two or more

parties by neutral, qualified individuals, who serve as decision-makers after weighing

the facts of each case presented. The decision-makers are called ______. ______ of

securities disputes against brokerage firms, brokers, or both provides a prompt and

inexpensive means of resolving issues. There are certain laws governing the conduct of

an ______ proceeding. The most important of these is perhaps the fact that an ______

award is final and binding, subject to review by a court only on a very limited basis.

Parties should also recognize that ______ their claims precludes them from pursuing

the same claims through the courts.

Request for Mediation - ✔️✔️Correct-You may file a ______ ______ ______ at any time,

whether or not you have already filed an arbitration claim. However, ______ is a

voluntary process — no party is required to ______ a dispute. When we receive your

request, FINRA Dispute Resolution staff will contact the other party or parties to the

dispute to explain the ______ process, and seek their agreement to ______.

Mediation - ✔️✔️Correct-Initiate a ______: This is the first step of the ______ process.

When one party expresses an interest in ______, FINRA will contact the other parties to

determine their interest, The parties may submit all or some of the issues in dispute to

______, and may ______ selected substantive or procedural issues.

Complaint - ✔️✔️Correct-If you file a ______ with the Investor ______ Center, FINRA can

investigate any potentially fraudulent or suspicious activities by brokerage firms or



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,TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
registered representatives. You must initiate an arbitration or mediation to pursue

monetary damages or other restitution.

Attorney - ✔️✔️Correct-You should consider hiring an ______ to represent you during the

arbitration or mediation proceedings to provide direction and advice. Even if you do not

choose to hire an ______, brokerage firms are generally represented by an ______. If

you cannot afford an ______, some law schools provide legal representation through

securities arbitration clinics. You can also check: (1) American Bar Association;

(2) Public Investors Arbitration Bar Association; (3) Martindale - Hubbell

Database - ✔️✔️Correct-FINRA's Arbitration Awards ______ enables users to search

online for FINRA and NASD arbitration awards free of charge, seven days a week.

Exchanges - ✔️✔️Correct-FINRA provides dispute resolution services for several ______

that are not able to staff or operate a dispute resolution program. These services

include administration of the ______'s member-member, member-investor and member-

employer securities-industry related disputes. The term "member" may include

brokerage firms that are not members of FINRA.

Code of Mediation Procedure - ✔️✔️Correct-This Code contains the official FINRA rules

governing mediations. (7 pages)

Statement of Claim - ✔️✔️Correct-The arbitration process begins with a party filing a

______ ______ _____ with FINRA. The party who files the ______ ______ ______ is

called a claimant. The party against whom the ______ ______ ______ is filed is called

the respondent. The ______ ______ _____ should provide the details of the dispute,

3/55

, TITLE: EMILLYCHARLOTTE 2024/2025 ACADEMIC PERIOD
OWNER: EMILLYCHARLOTTE
COPYRIGHT STATEMENT: ©2024 EMILLYCHARLOTTE. ALL RIGHTS RESERVED
FIRST PUBLISHED: SEPTEMBER 2024
including relevant dates, names of entities and individuals involved, and the type of

relief requested and the respondents from whom the claimant is seeking relief or

damages. The type of relief a claimant may request, includes, but is not limited to,

actual monetary damages, interest, and specific performance.

Answer - ✔️✔️Correct-An ______ is a written document that specifies the relevant facts

and available defenses to the Statement of Claim. A respondent files an answer to the

claimant's Statement of Claim.

Number - ✔️✔️Correct-The ______ of arbitrators appointed to a case depends on the

amount and type of relief requested in the Statement of Claim.

Initial Prehearing Conference (IPHC) - ✔️✔️Correct-Once the panel is appointed, FINRA

schedules the ______ ______ ______ (______). The ______ is the first time that the

parties and arbitrators meet to set the schedule for the case and usually held by

telephone. During this telephone conference, the arbitration panel will schedule

evidentiary hearing dates, establish discovery deadlines, set briefing and motion

deadlines, determine whether mediation is desirable, and address other preliminary

matters.

Discovery Process - ✔️✔️Correct-The ______ ______ allows the parties to obtain facts

and information from other parties to the arbitration in order to support their own case

and prepare for the hearing. The Codes of Arbitration Procedure require parties to

cooperate with each other to the fullest extent practicable in the voluntary exchange of

documents and information to expedite the arbitration process. The Codes contain rules

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