When to File an Update
When a FINRA member firm plans to undergo a change in business operations it is required to file a Form BD amendment and/or a Continuing Membership pursuant to FINRA Rule 1017(a)(5) depending on the nature of the change.
When contemplating expansions to their business activities, firms must determine whether the proposed expansion (1) represents a material change in business operations as defined in v="/rules-guidance/rulebooks/finra-rules/1011">FINRA Rule 1011(k), thereby requiring an application prior to making the change; or (2) may be effected in line with the safe harbor provisions of IM-1011-1.
Learn when a firm must submit a Form BD and/or Form CMA.
Learn what types of changes are deemed material and about the voluntary, free materiality consultation process that allows firms to seek guidance on whether the firm is required to file a continuing membership application.
Learn what types of changes are presumed not to be material under safe harbor provisions and do not require an application for FINRA approval.
Learn what is required of firms related to changes of ownership or control including those resulting from mergers, acquisitions and successions.