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Seeks to extend pilot program which are due to expire
NYSE EXTENSION ON PILOTS: The New York Stock Exchange has filed for and received immediate approval to maintain its pilot programs for mediation and administrative conferences. These programs, which have met with success and acceptance by the parties, are in the midst of being expanded to include all parties with claims of $250,000 or more (SR-NYSE-00-39, filed 9/27/00).
Currently, only industry cases of $500,000 or more are subject to the mediation requirement. Under the new proposal, customer cases will be added in and the claim size will be lowered. The Exchange needs to provide more time for the Commission to approve these rule changes, since the current pilots are due to expire next week.
This rule filing (SR-NYSE-00-44) was announced via SEC Rel. 34-43496 (10/31/00) and published in the November 8, 2000 Federal Register (65 Fed. Reg. 67029).
A six-month extension of the current pilot programs is requested and approved so that parties can continue to seek mediation and arbitrators, through the mechanism of the administrative conference, can intervene early in the arbitration process to set deadlines and resolve procedural issues. (SAC Ref. No. 00-46-001)
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