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The Securities Arbitration System Hearing Committee THE SECURITIES ARBITRATION SYSTEM HEARING BEFORE THE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSORED ENTERPRISES OF THE COMMITTEE ON FINANCIAL SERVICES U.S. HOUSE OF REPRESENTATIVES ONE HUNDRED NINTH CONGRESS FIRST SESSION MARCH 17, 2005 Printed for the use of the Committee on Financial Services Serial No. 109–11 ( U.S. GOVERNMENT PRINTING OFFICE 24–398 PDF WASHINGTON : 2005 For sale by the Superintendent of Documents, U.S. Government Printing Office Internet: bookstore.gpo.gov Phone: toll free (866) 512–1800; DC area (202) 512–1800 Fax: (202) 512–2250 Mail: Stop SSOP, Washington, DC 20402–0001 VerDate 0ct 09 2002 10:25 Nov 18, 2005 Jkt 000000 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 G:\DOCS\24398.TXT FIN1 PsN: MICAH HOUSE COMMITTEE ON FINANCIAL SERVICES MICHAEL G. OXLEY, Ohio, Chairman JAMES A. LEACH, Iowa BARNEY FRANK, Massachusetts RICHARD H. BAKER, Louisiana PAUL E. KANJORSKI, Pennsylvania DEBORAH PRYCE, Ohio MAXINE WATERS, California SPENCER BACHUS, Alabama CAROLYN B. MALONEY, New York MICHAEL N. CASTLE, Delaware LUIS V. GUTIERREZ, Illinois PETER T. KING, New York NYDIA M. VELA´ ZQUEZ, New York EDWARD R. ROYCE, California MELVIN L. WATT, North Carolina FRANK D. LUCAS, Oklahoma GARY L. ACKERMAN, New York ROBERT W. NEY, Ohio DARLENE HOOLEY, Oregon SUE W. KELLY, New York, Vice Chair JULIA CARSON, Indiana RON PAUL, Texas BRAD SHERMAN, California PAUL E. GILLMOR, Ohio GREGORY W. MEEKS, New York JIM RYUN, Kansas BARBARA LEE, California STEVEN C. LATOURETTE, Ohio DENNIS MOORE, Kansas DONALD A. MANZULLO, Illinois MICHAEL E. CAPUANO, Massachusetts WALTER B. JONES, JR., North Carolina HAROLD E. FORD, JR., Tennessee JUDY BIGGERT, Illinois RUBE´ N HINOJOSA, Texas CHRISTOPHER SHAYS, Connecticut JOSEPH CROWLEY, New York VITO FOSSELLA, New York WM. LACY CLAY, Missouri GARY G. MILLER, California STEVE ISRAEL, New York PATRICK J. TIBERI, Ohio CAROLYN MCCARTHY, New York MARK R. KENNEDY, Minnesota JOE BACA, California TOM FEENEY, Florida JIM MATHESON, Utah JEB HENSARLING, Texas STEPHEN F. LYNCH, Massachusetts SCOTT GARRETT, New Jersey BRAD MILLER, North Carolina GINNY BROWN-WAITE, Florida DAVID SCOTT, Georgia J. GRESHAM BARRETT, South Carolina ARTUR DAVIS, Alabama KATHERINE HARRIS, Florida AL GREEN, Texas RICK RENZI, Arizona EMANUEL CLEAVER, Missouri JIM GERLACH, Pennsylvania MELISSA L. BEAN, Illinois STEVAN PEARCE, New Mexico DEBBIE WASSERMAN SCHULTZ, Florida RANDY NEUGEBAUER, Texas GWEN MOORE, Wisconsin, TOM PRICE, Georgia MICHAEL G. FITZPATRICK, Pennsylvania BERNARD SANDERS, Vermont GEOFF DAVIS, Kentucky PATRICK T. MCHENRY, North Carolina Robert U. Foster, III, Staff Director (II) VerDate 0ct 09 2002 10:25 Nov 18, 2005 Jkt 000000 PO 00000 Frm 00002 Fmt 5904 Sfmt 5904 G:\DOCS\24398.TXT FIN1 PsN: MICAH SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSORED ENTERPRISES RICHARD H. BAKER, Louisiana, Chairman JIM RYUN, Kansas, Vice Chair PAUL E. KANJORSKI, Pennsylvania CHRISTOPHER SHAYS, Connecticut GARY L. ACKERMAN, New York PAUL E. GILLMOR, Ohio DARLENE HOOLEY, Oregon SPENCER BACHUS, Alabama BRAD SHERMAN, California MICHAEL N. CASTLE, Delaware GREGORY W. MEEKS, New York PETER T. KING, New York DENNIS MOORE, Kansas FRANK D. LUCAS, Oklahoma MICHAEL E. CAPUANO, Massachusetts DONALD A. MANZULLO, Illinois HAROLD E. FORD, JR., Tennessee EDWARD R. ROYCE, California RUBE´ N HINOJOSA, Texas SUE W. KELLY, New York JOSEPH CROWLEY, New York ROBERT W. NEY, Ohio STEVE ISRAEL, New York VITO FOSSELLA, New York, WM. LACY CLAY, Missouri JUDY BIGGERT, Illinois CAROLYN MCCARTHY, New York GARY G. MILLER, California JOE BACA, California MARK R. KENNEDY, Minnesota JIM MATHESON, Utah PATRICK J. TIBERI, Ohio STEPHEN F. LYNCH, Massachusetts J. GRESHAM BARRETT, South Carolina BRAD MILLER, North Carolina GINNY BROWN-WAITE, Florida DAVID SCOTT, Georgia TOM FEENEY, Florida NYDIA M. VELA´ ZQUEZ, New York JIM GERLACH, Pennsylvania MELVIN L. WATT, North Carolina KATHERINE HARRIS, Florida ARTUR DAVIS, Alabama JEB HENSARLING, Texas MELISSA L. BEAN, Illinois RICK RENZI, Arizona DEBBIE WASSERMAN SCHULTZ, Florida GEOFF DAVIS, Kentucky BARNEY FRANK, Massachusetts MICHAEL G. FITZPATRICK, Pennsylvania MICHAEL G. OXLEY, Ohio (III) VerDate 0ct 09 2002 10:25 Nov 18, 2005 Jkt 000000 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 G:\DOCS\24398.TXT FIN1 PsN: MICAH VerDate 0ct 09 2002 10:25 Nov 18, 2005 Jkt 000000 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 G:\DOCS\24398.TXT FIN1 PsN: MICAH C O N T E N T S Page Hearing held on: March 17, 2005 ................................................................................................. 1 Appendix: March 17, 2005 ................................................................................................. 27 WITNESSES THURSDAY, MARCH 17, 2005 Fienberg, Linda D., President, Nasd Dispute Resolution, Inc. ............................ 4 Galvin, Hon. William Francis, Secretary of the Commonwealth of Massachu- setts ....................................................................................................................... 6 Katsoris, Constantine, Wilkinson Professor of Law, Fordham University School of Law ........................................................................................................ 13 Kupersmith, Karen, director of Arbitration, New York Stock Exchange, Inc. ... 12 Lackritz, Marc E., President, Securities Industry Association ............................ 15 Perino, Michael, Professor of Law, St. John’s University School of Law ............ 8 Shockman, Rosemary, President, Public Investors Arbitration Bar Associa- tion ........................................................................................................................ 10 Solin, Daniel R., Esquire ......................................................................................... 17 APPENDIX Prepared statements: Gillmor, Hon. Paul E. ....................................................................................... 28 Kanjorski, Hon. Paul E. ................................................................................... 29 Fienberg, Linda D. ........................................................................................... 31 Galvin, Hon. William Francis .......................................................................... 41 Katsoris, Constantine ....................................................................................... 47 Kupersmith, Karen ........................................................................................... 50 Lackritz, Marc E. .............................................................................................. 65 Perino, Michael ................................................................................................. 80 Shockman, Rosemary ....................................................................................... 103 Solin, Daniel R. ................................................................................................. 111 (V) VerDate 0ct 09 2002 10:25 Nov 18, 2005 Jkt 000000 PO 00000 Frm 00005 Fmt 5904 Sfmt 5904 G:\DOCS\24398.TXT FIN1 PsN: MICAH VerDate 0ct 09 2002 10:25 Nov 18, 2005 Jkt 000000 PO 00000 Frm 00006 Fmt 5904 Sfmt 5904 G:\DOCS\24398.TXT FIN1 PsN: MICAH THE SECURITIES ARBITRATION SYSTEM Thursday, March 17, 2005 U.S. HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE, AND GOVERNMENT SPONSORED ENTERPRISES COMMITTEE ON FINANCIAL SERVICES, Washington, D.C. The subcommittee met, pursuant to call, at 2:00 p.m., in Room 2128, Rayburn House Office Building, Hon. Richard Baker [chair- man of the subcommittee] presiding. Present: Representatives Baker, Ryun, Kanjorski, Frank, Clay, and Scott. Mr. BAKER. I would like to call this meeting of the Capital Mar- kets Subcommittee to order. The committee meets today for the purpose of reviewing the cur- rent securities arbitration system, which has been in place and in effect for some number of years, which enables those who feel wronged in the treatment of their investment practices may seek out remuneration or appropriate remedy by engaging in the serv- ices of arbitration systems. Three out of every four investors who have sought arbitration remedy before the NASD have been awarded compensation. In a 1997-1999 survey, 93 percent of the NASD arbitrants believe their claims were handled appropriately and without bias. There have been diligent efforts to improve on the payment methodologies, from the amount of unpaid awards in 2001 of 31 percent, down to the recently achieved number of 14 percent for the first half of 2004. Regrettably, the unpaid awards usually are attributable to brokers who are no longer in business. I do believe the system offers a timely, efficient and low-cost rem- edy for those who seek redress, but it certainly is consistent with the committee’s overview of market-sector-by-market-sector to en- gage in this hearing today, ask stakeholders and participants to give us their perspectives, and each of you brings to the committee a unique perspective on enhancement, remedies, criticisms, com- pliments, of the current methodology and we certainly will welcome your comments. By way of explanation, every individual’s comments will be made part of the official record. We will recognize you in regular order for the customary 5 minutes of comment. I am certain that as the committee proceeds, members will come in and out. I am advised that in about 45 minutes to 1 hour, we will expect a series of votes which will interrupt the proceedings, but it is our intent to return immediately thereafter to conclude the hearing. (1) VerDate
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