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House of Representatives Dear Mr. Dingell:

By The Honorable and John D. Dingell


Subject: Procedures for Updating Arbitrator Disclosure Information This report responds to your March 23, 2000, request that we evaluate the effectiveness of the National Association of Securities Dealers ’ (NASD) subsidiary, NASD Dispute Resolution, Inc. (NASD-DR), procedures for updating biographical information that its arbitrators submit. 1 You specifically cited an incident in which NASD-DR staff did not enter updated information on the employment status of one arbitrator into its arbitrator disclosure information database. This resulted in the parties in arbitration not receiving the updated information until after their case had begun. You expressed concern about whether NASD-DR had implemented a procedure to ensure prompt updating of this database that would prevent recurrences of this type of incident. Results in Brief Late in 1998, NASD-DR began to improve the way it handles the background information updates that its arbitrators submit. It assigned responsibility for entering this information into its arbitrator disclosure information database to specific staff members in each of its offices, required that the data be entered within 3 days of receipt, and conducted random spot-check

Year: 2000
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