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SEC Files Amicus Brief, along with NASD and NYSE


This case, which is currently before the Northern District Court of California, presents the question whether the so-called California Standards are applicable to SRO arbitration. The Standards may not be applicable if the federal securities scheme or the FAA preempt their application to SRO arbitrators. If they are deemed applicable, this Court has intimated that it would not compel investor Mayo to waive those Standards in order to get the NYSE to accord him arbitration services. Oral argument is scheduled for next week and, given the expressed interest of the Court in the issue, we would expect an expedited decision. The case has special importance because the NASD and NYSE, at the Court’s invitation, have weighed in with amici Briefs (see SAA 03-03). Just this past week, the SEC signaled its continuing support for the preemption position by filing its own amicus Brief. Unfortunately, a copy was not available from PACER, despite the case having been designated for electronic filing. In a letter to the SEC General Counsel’s Office, the Clerk of the Court reminded the staff of the e-filing requirements and requested they e-mail a PDF version of the Brief within ten days. This week, on February 4, 2003, the Court granted leave to the California Attorney General to file an amicus Brief.



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