In This Issue:

- Anticipating a FINRA Arbitration – What’s Next?

..Statements of Claim and Answer

..Selection of Arbitration Panel

..Initial Prehearing Conference

..Discovery

..Prehearing Exchange of Documents and Witness Lists: The “Twenty-day Exchange”

..Hearing

..Award

..Settlement

- Total Return Swaps: From the Obscure to the Legal Spotlight

..What is a Total Return Swap?

..Who Might Invest in a TRS and Why?

..Manipulations of Similar Products Affects the TRS

..The Evolving Regulatory Landscape Relating to TRS

..Increased IRS scrutiny to TRS

..Conclusion

- Spotlight on Justin Krieg, Ph.D. Economist and In-House Economic Consultant

- Excerpt from Anticipating a FINRA Arbitration – What’s Next?

When a dispute occurs between a customer and a securities broker, financial advisor, or other professional, it is highly likely that the parties will go to arbitration or mediation through the largest regulator of securities firms, FINRA — the Financial Industry Regulatory Authority. Many financial agreements include a clause that requires the parties bring any disputes to arbitration and forego the right to a jury trial. Both investors and industry professionals can learn to mitigate risks and plan for optimal resolutions by understanding key factors of the FINRA arbitration process.