On June 3rd, the Financial Industry Regulatory Authority announced the SEC has approved its proposed amendments to the definition of public arbitrator in the Customer and Industry Codes of Arbitration Procedure. The amended definition excludes persons associated with a mutual fund or hedge fund from serving as public arbitrators and requires individuals to wait for two years after ending certain affiliations before FINRA may permit them to serve as public arbitrators. The amendments are effective on July 1, 2013, and apply to all cases in which FINRA has not sent to the parties lists of chair-qualified public arbitrators and public arbitrators for arbitrator selection. FINRA Regulatory Notice 13-21.