Currently, to file an arbitration claim, a claimant must complete a package of materials and return those materials to NASD Dispute Resolution by mail. The claimant must also supply copies of the Statement of Claim and supporting documents to the other parties and to the arbitrators. NASD Dispute Resolution reviews and analyzes the claim materials, opens an electronic case file and manually enters the new claim information.
The new online filing system, which was approved recently by the Securities and Exchange Commission, will allow a claimant to begin the filing process by submitting an online Claim Information Form. This document gathers key information about the claim - including background information on all of the parties, the actions giving rise to the claim and the type of relief sought. It can be reviewed more quickly by staff and then uploaded into NASD Dispute Resolution's computerized case management system. Once a Claim Information Form has been completed, a claimant can attach an electronic version of the more detailed Statement of Claim, facilitating distribution of this document by NASD Dispute Resolution to the other parties and arbitrators.
Other benefits of the new online claim filing system include a "look up" tool that helps the claimant find the exact name and other information about a respondent to insert into the appropriate fields; a feature allowing claimants to store templates to be used for future case filings; the ability to print a receipt of the submission; the ability to save partially completed claims that can be accessed and completed at a later date, and a link to fee calculators, which will calculate the amount the claimant should remit with the Statement of Claim.
The online arbitration claim filing system is the latest step in a multi-phased upgrade of NASD Dispute Resolution's computer system to migrate to an online environment all phases of the case administration process. Since inaugurating its Web site in early 2000, NASD Dispute Resolution has established an online mediation claim filing system, an online arbitrator biographical information update system, and an online arbitration fee calculator. NASD Dispute Resolution plans to roll out further enhancements to its online system in phases over the next two years - including online arbitrator selection, hearing scheduling, document management and fee payment.
"I am delighted we have reached this major milestone in our long-term efforts to improve the efficiency of our dispute resolution forum," said Executive Vice President and Director of Dispute Resolution George H. Friedman. NASD Dispute Resolution first developed an internal arbitration case management computer system in 1989, and in 1998 launched the Neutral List Selection System, a computer program that produces lists of proposed arbitrators, and manages NASD Dispute Resolution's roster of neutrals.
Full details on the new online arbitration claim filing system are contained in Notice to Members 04-56, which can be accessed at http://www.nasdr.com/2610_2004.asp#04-56.
To access the new online arbitration claim filing and notification system, go to http://www.nasdadr.com/online_filing.asp.
NASD Dispute Resolution is the largest securities dispute resolution forum in the world. NASD facilitates the efficient resolution of monetary, business, and employment disputes between investors, securities firms, and employees of securities firms by offering both arbitration and mediation services through a network of hearing locations across the United States.
NASD is the leading private-sector provider of financial regulatory services, dedicated to bringing integrity to the markets and confidence to investors through effective and efficient regulation and complementary compliance and technology-based services. NASD touches virtually every aspect of the securities business — from registering and educating all industry participants, to examining securities firms, enforcing both NASD rules and the federal securities laws, and administering the largest dispute resolution forum for investors and registered firms. For more information, please visit our Web Site at www.nasd.com.
