If a matter is not eligible for arbitration, the staff cannot accept it. This is not a discretionary act. It is a question of following their own rules. The submission also states that unless otherwise expressly provided in the Code dispositive motions should be decided by the arbitrators because the arbitrators are the designated adjudicators of all issues of fact, law and procedure in an arbitration. This is not so.
Arbitrators make no determination of fact or law.
Arbitrators made awards based upon equitable considerations. It is akin to a court of equity rather than a court of law which makes determinations. Arbitrators' authority is not unlimited. An arbitrator derives authority from the underlying agreement to arbitrate and the applicable law and rules under which the arbitration takes place. Arbitrators have no authority under NASD rules if a matter is older than six years since such a matter is ineligible to be submitted to an arbitrator.