Interim Restriction on Continuing Membership Application

The FINRA journey of changes in ownership and control for a FINRA member firm is one that can be difficult to traverse without a proper guide.

The FINRA Continuation of Membership Application (โ€œCMAโ€) process is covered underย NASD Rule 1017. The rule provides that should a member firm wish to make any changes as detailed in Rule 1017(a), an application must be filed with FINRA. More specifically, these events include: a merger, an acquisition, an asset acquisition, a change in ownership or control or a material change in business operations as defined in NASD Rule 1011(k).

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