Dispute Resolution & Mediation Flashcards
7 cards from real Series 66 – Uniform Combined State Law Exam practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 7 Dispute Resolution & Mediation flashcards as text
Under the Uniform Securities Act, a purchaser who sues for violation of the antifraud provisions may generally seek which remedy?
Answer: Rescission, with interest and attorneys' fees, less income received
The Act's civil liability section allows recovery of consideration paid plus interest and costs, less income received, upon tender of the security.
May a customer waive compliance with the Uniform Securities Act by signing a contract provision?
Answer: No, any such waiver is void
The Act voids any condition, stipulation, or provision waiving compliance.
An arbitrator is determined to be 'public' under FINRA rules. Which person would generally NOT qualify as a public arbitrator?
Answer: A person employed in the securities industry within the past five years
Individuals associated with the securities industry within the recent look-back period are classified as non-public.
In customer disputes, a customer may choose which panel composition?
Answer: A majority-public panel or an all-public panel as the rules allow
FINRA rules allow customers to select an all-public panel in qualifying cases.
Which is a principal advantage of mediation over arbitration?
Answer: It is confidential and allows creative, party-controlled solutions
Mediation is confidential and lets parties craft their own settlement.
The FINRA Discovery Guide in customer cases is used to:
Answer: Identify documents presumptively to be produced by each side
The Discovery Guide lists documents presumptively discoverable in customer arbitrations.
What is the effect of a court's confirmation of an arbitration award?
Answer: It converts the award into an enforceable judgment
Confirmation yields a court judgment that can be enforced like any other.
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