3. The Panel recommends the expungement of the "Yes" answer to Question 7(F)3 onthe Form U5 filed by UBS Securities LLC on July 25, 2013 for Claimant GianlucaPassaretta's (CRD #2917523) registration records maintained by the CentralRegistration Depository ('CRD") based on the defamatory nature of the information.The Panel recommends that the answer be changed to "No" and the accompanyingTermination Disclosure Reporting page be deleted in its entirety. In addition, thepanel recommends that the current Termination Explanation in Section 3 beexpunged and changed to: "After arbitration, the arbitration Panel determined thatthe termination was unjustified". The Reason for Termination shall remain thesame. This recommendation is based on the defamatory nature of the information.The above recommendations also apply to all subsequent disclosures concerning this event, including but not limited to, the Form U4 filed by HSBC SECURITIES (USA) INC. on September 19, 2013.The Form U5 is not automatically amended to include the changes indicated above. Claimant Gianluca Passaretta must forward a copy of this Award to FINRA's Registration and Disclosure Department for the amendments to be incorporated into the Form U5.
SIDE BAR: The applicable Questions on the Form U5:
3. FULL TERMINATIONIs this a FULL TERMINATION?Note: A "Yes" response will terminate ALL registrations with all SROs and all jurisdictions.Reason For Termination:Discharged Other Permitted to Resign Deceased VoluntaryTermination Explanation:If the Reason for Termination entered above is Permitted to Resign, Discharged or Other, provide an explanation below:If amending the Reason for Termination and/or termination explanation, provide an explanation below:
Termination Disclosure7F. Did the individual voluntarily resign from your firm, or was the individual discharged or permitted to resign from your firm, after allegations were made that accused the individual of:1. violating investment-related statutes, regulations, rules or industry standards of conduct?2. fraud or the wrongful taking of property?3. failure to supervise in connection with investment-related statutes, regulations, rules or industry standards of conduct?
Pursuant to FINRA Rule 13904(e), all Awards must contain a "summary of the issues, including the type(s) of any security or product, in controversy." Clearly, FINRA is incredibly flexible when it comes to ensuring the quality control of what constitutes a "summary of the issues."FINRA Code of Arbitration for Intra-Industry Disputes 13904: Awards(a) All awards shall be in writing and signed by a majority of the arbitrators or as required by applicable law. Such awards may be entered as a judgment in any court of competent jurisdiction.(b) Unless the applicable law directs otherwise, all awards rendered under the Code are final and are not subject to review or appeal.(c) The Director will serve a copy of the award on each party or the representative of the party. The Director will serve the award by using any method available and convenient to the parties and the Director, and that is reasonably expected to cause the award to be delivered to all parties, or their representative, on the same day. Methods the Director may use include, but are not limited to, first class, registered or certified mail, hand delivery, and facsimile or other electronic transmission.(d) The panel shall endeavor to render an award within 30 business days from the date the record is closed.(e) The award shall contain the following:
- The names of the parties;
- The name of the parties' representatives, if any;
- An acknowledgement by the arbitrators that they have each read the pleadings and other materials filed by the parties;
- A summary of the issues, including the type(s) of any security or product, in controversy;
- The damages and other relief requested;
- The damages and other relief awarded
- A statement of any other issues resolved;
- The allocation of forum fees and any other fees allocable by the panel;
- The names of the arbitrators;
- The dates the claim was filed and the award rendered;
- The number and dates of hearing sessions;
- The location of the hearings; and
- The signatures of the arbitrators.(f) The award may contain a rationale underlying the award.(g) Explained Decisions(1) This paragraph (g) applies only when all parties jointly request an explained decision.(2) An explained decision is a fact-based award stating the general reason(s) for the arbitrators' decision. Inclusion of legal authorities and damage calculations is not required.(3) Parties must make any request for an explained decision no later than the time for the prehearing exchange of documents and witness lists under Rule 13514(d).(4) The chairperson of the panel will be responsible for writing the explained decision.(5) The chairperson will receive an additional honorarium of $400 for writing the explained decision, as required by this paragraph (g). The panel will allocate the cost of the chairperson's honorarium to the parties as part of the final award.(6) This paragraph (g) will not apply to simplified cases decided without a hearing under Rule 13800 or to default cases conducted under Rule 13801.(h) All awards shall be made publicly available.(i) Fees and assessments imposed by the arbitrators under the Code shall be paid immediately upon the receipt of the award by the parties. Payment of such fees shall not be deemed ratification of the award by the parties.(j) All monetary awards shall be paid within 30 days of receipt unless a motion to vacate has been filed with a court of competent jurisdiction. An award shall bear interest from the date of the award:
- If not paid within 30 days of receipt;
- If the award is the subject of a motion to vacate which is denied; or
- As specified by the panel in the award.Interest shall be assessed at the legal rate, if any, then prevailing in the state where the award was rendered, or at a rate set by the arbitrator(s)
ordered to fabricate a customer's signature on a new account form but when he refused, his manager threatened to fire him, and when the registered rep complained to Human Resources, he was fired and escorted out of the building without an opportunity to return to his office, and, thereafter, the firm filed a Form U5 asserting that he threatened to assault his manager and wrongfully attempted to forge a customer's signature on a form.