The organization's rules let arbitrators refer matters to Finra enforcement only after arbitration ends.
And there will also be an overhaul of the current arbitration panel and higher pay in an effort to recruit better arbitrators.
ISDS arbitration systems should become more like conventional courts, with greater public access, permanent arbitrators as well qualified as judges, and an appeals procedure.
Andrew Stoltmann, a lawyer at Stoltmann Law Offices in Chicago who has represented 14 Morgan Keegan clients in arbitration cases, said the brokerage firm's arguments had been persuasive among some arbitrators.
"The independence or impartiality of arbitrators may be compromised".
In 1999, presided over by the US diplomat Roberts Owen, arbitrators announced a controversial decision: Brčko would formally be part of both parts of the new state of Bosnia and Herzegovina – the Federation and Republika Srpska – but it would also be a separate "mixed" entity.
Gordon would like to see more arbitrators suggest mediation as a way of avoiding tribunal hearings altogether.
"You're seeing requirements for transparency in any tribunal proceedings, certain requirements for arbitrators used in those proceedings, including approved lists of arbitrators to choose from, and more specific language around which factors would constitute a violation of the treaty".
In 2012 a record 59 arbitrations were launched.The manner in which complaints like these are typically resolved makes them all the more galling: the proceedings are not open to the public and the arbitrators making politically and fiscally important decisions are often moonlighting corporate lawyers.
Religious arbitrators could still offer services in the settlement of disputes, but their rulings would not have legal effect or be enforceable by the courts.
In democracies, governments have to be the arbitrators, the counterweights to powerful private groups.
