The Financial Industry Regulatory Authority or “FINRA” is the binding dispute resolution forum that all securities disputes against brokers and brokerage firms are submitted. These arbitration are decided by a panel made up of typically 3 arbitrators who are knowledgeable in the area of securities laws and regulation. The U.S. Supreme Court decision, Shearson v. MacMahon, 482 U.S. 220 (1987) enforced mandatory binding arbitration clauses in the securities industry. One of the most important legal aspects of arbitration is that arbitration awards are final and binding, subject to review by a court only on a very limited basis. FINRA used to be formerly known as the National Association of Securities Dealers or the “NASD”.