The Financial Industry Regulatory Authority Inc. (“FINRA”) recently released guidance announcing that it has opened up its arbitration forum to investment advisers that are not members of FINRA and, therefore, are currently not subject to regulation by FINRA. FINRA will arbitrate disputes between such investment advisers and investors on a voluntary, case-by-case basis if (i) the parties submit a post-dispute agreement to arbitrate, (ii) the parties agree to pay all arbitration surcharge fees and (iii) the investor files a special written submission agreement signed by all parties to the arbitration. The special written submission agreement requires the parties to acknowledge, among other things, that FINRA may bar the investment adviser from the forum in future cases if it fails to pay any award, settlement agreement or FINRA fees and that FINRA cannot enforce awards entered against non-member investment advisers. Thus, the prevailing party may need to enforce an award against a non-member investment adviser in a court of competent jurisdiction. Final awards will be made publicly available.