The NASD has submitted to the Securities and Exchange Commission changes to its Code of Arbitration Procedure that are aimed at simplifying its language and reorganizing it in what the NASD says is “a more logical, user friendly way.”

Among the major changes, the agency is proposing the current code be divided into three separate codes – the Customer Code, the Industry Code and the Mediation Code – which would eliminate confusion regarding which rules apply in a particular dispute. The NASD also wants to create a third roster of public arbitrators to serve as chairpersons in cases involving investors.