posted Apr 14, 2011 9:45 PM by Tyler Durden
[
updated Apr 14, 2011 9:55 PM
]
The
EIYSA has informed the ASA that they are withdrawing their proposed
resolution to delete Article 32 of the ASA bylaws.
EIYSA indicates that it is fully supportive of reforms that will result
in the adoption of a clear and unambiguous dispute resolution clause.
"In view of Mr
Montopoli's commitment that the CSA is developing a standard form
dispute resolution clause for consideration by the members, EIYSA is
willing to await the results of the CSA's efforts."
Further stating:
"EIYSA looks
forward to working with the ASA to reform how disputes are adjudicated.
The current system has failed to provide an effective mechanism for
adjudicating disputes at both the ASA level and CSA level. If there is
truly a fair, independent and impartial dispute resolution mechanism,
the need to seek recourse to the courts is reduced."
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