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Changing Your Existing Broker/Dealers Ownership, Control, or Operations

Whether a member firm encounters a merger, acquisition, or a restructure of equity ownership, certain regulatory steps need to be taken to ensure proper notification and approval. An NASD member firm that wishes to change its existing ownership, control, or operations, must first file for a continuance in membership with the NASD. Depending on your specific needs, we can personally guide you through the entire process, provide you with a comprehensive do-it-yourself program, or merely provide guidance on an "as needed" basis.

Our Full-Service Continuance Membership Agreement package includes the following:
  • Provide Supervisory Procedures designed to protect the firm and satisfy NASD requirements.
  • Completion of SEC Rule 15c3-1 Net Capital Computation with all appropriate supporting documentation.
  • Financial Statement and Internal Control Review of trial balance, supporting schedules, clearing statements, bank statements and reconciliation. Additionally, the NASD requires that an analysis of the firm's financial internal controls be included in the CMA application.
  • The NASD requires an analysis of the experience, disciplinary history, and continuing responsibilities of your supervisory personnel.
  • We can provide the firm with the required analysis of the buyer's capital, purchase agreements, and documentation of funding.
  • We can provide you with a continuing education need analysis and training plan. We also assist in the implementation and documentation of the training plan.
  • Analyze your firm's record keeping system as required by the NASD.
  • Prepare and review additional requirements such as analysis of Company's proposed operations, organization chart, list of offices, description of facilities, completed Form BD, copies of all required contracts and proposed contracts, and fidelity bond analysis.
  • Accompany you to the NASD Pre-Membership Interview.
  • We will compile and prepare all the required documentation for the Continuance Membership Agreement process in a professional portfolio and submit it to the NASD. Additionally, we will quickly respond to any request from the NASD for additional information or clarification of material submitted.
  • We use our in-depth knowledge of the Continuance Membership Agreement process to help you efficiently manage the application process and avoid undue costs. For more information regarding our Continuance Membership Agreement services, please contact us at 818-386-6900.

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