Regulators in the United States have formed a task force to examine possible enhancements to the much-criticized U.S. securities arbitration system.

The Financial Industry Regulatory Authority (FINRA) Thursday announced that it has formed a 13-member task force (comprised of seven public members and six industry representatives) to consider possible enhancements to its arbitration process; particularly to improve the transparency, impartiality, and efficiency of securities arbitration.

After carrying out a review of the system, the task force is expected to make reform recommendations to FINRA’s standing board advisory committee on arbitration, the National Arbitration and Mediation Committee.

“This task force brings together a diverse group of leading investor advocates, academics, regulators and industry representatives, and I am confident that their recommendations will help ensure FINRA’s arbitration process continues to serve the needs of the investing public,” said Richard Ketchum, chairman and CEO of FINRA.