The move may be hailed by investor groups, but other industry experts are criticizing the Securities and Exchange Commission's recent approval of a rule change that allows for the option of all-public panels in FINRA arbitrations.

The decision comes after FINRA petitioned the SEC for the change in October. Prior to the ruling, FINRA arbitration panels were traditionally made up of three individuals: two public arbitrators and one arbitrator related to the securities industry.

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