Broker Dealer - Continuance in Membership (Rule 1017)

Change of Control, Business Activites or Product Mix

FINRA member firms planning to implement changes in ownership, control or operations and those firms wanting to remove or modify restrictions placed on them by FINRA must file an application pursuant to FINRA Membership Rule 1017. These filings can be quite extensive and may include a business plan, amended supervisory procedures, organizational charts and a continuing membership interview with the FINRA District Office. In addition, Rule 1017 sets forth strict time frames for filing requested information with the District Office. SCA offers experienced personnel to prepare these filings and act as the liaison with FINRA staff during the approval process.

SCA has successfully completed a number of continuance in membership (CMAs) filings for a wide variety of firms. SCA’s focus is to provide a complete application, initially, in order to expedite the process. Given SCA’s experience in dealing with FINRA on CMAs, SCA understands the factors considered by FINRA in making its CMA decisions; therefore, SCA structures the application accordingly.

The bottom line is: undue costs and delays can be avoided by engaging SCA to prepare your Change in Control or Ownership Application.