Guidance for Ownership Changes and Asset Transfers

This document is a guide that outlines the requirements and processes related to ownership changes and asset transfers as specified by FINRA Rule 1017. It details the necessary steps for member firms to submit an application for continuing membership using Form CMA, which is required during events such as mergers, acquisitions, or ownership changes. The guide emphasizes the importance of submitting a substantially complete application to avoid rejection and loss of fees. It provides a checklist for firms to ensure they include key information that may facilitate the CMA review process. The document also discusses specific standards that must be met, including providing an overview of the proposed changes, ensuring all licenses and registrations are current, and complying with securities laws. Additionally, it highlights the need for firms to be prepared to address any outstanding liabilities and the implications of pending regulatory actions during the application process.