FINRA Continuing Membership Applications Checklist

Summary

This checklist provides a short overview of the CMA process and issues that may arise during that process. Financial Industry Regulatory Authority (FINRA) Rule 1017 requires broker-dealers to file continuing membership applications (CMAs) if they plan to embark on certain enumerated events such as changes in ownership, control, or business operations. The process is time-consuming and may impose a significant obstacle to promising business opportunities. Having sufficient knowledge of the particulars of the CMA process is vital in ensuring that major business transitions proceed in a seamless manner.