Application for Change in Ownership or Business Operations
FINRA requires firms to file a continuing membership application (CMA) whenever they seek to expand their operations or activities and for other business events, such as:
- • A merger or acquisition
- • The acquisition or transfer of more than 25% of its assets
- • A change in equity ownership that allows one person or entity to own or control more than 25% of equity capital
A member must file the application with FINRA’s Department of Member Regulation and include a Form CMA, along with a detailed description of the change. A request for a change of ownership must include the names of the new owners, their pe