Mdsone: Some FINRA informantion: So when was the p
Post# of 253
Posted On: 09/22/2013 11:20:43 AM
Mdsone: Some FINRA informantion: So when was the paperwork(filing) sent to FINRA? Lets do some DD.. instead of CBYI speculating.
Here is FINRA RULES and insight information.
A Rule 1017 application will describe in detail the proposed change in ownership, control or business operations and include a business plan, pro forma financials, an organizational chart, and written supervisory procedures reflecting the change. If the application requests approval of a change in ownership or control, the application also must include the names of the new owners, their percentage of ownership and the sources of their funding for the purchase and recapitalization of the member.
The broker/dealer being acquired has to file the Rule 1017 application with FINRA, which then has 30 days to request additional information and up to 180 days to make its decision. In practice, FINRA often requests supplemental information up to the date of its approval. The time period for approval varies significantly, but FINRA approval ordinarily is received within 60 to 90 days after the filing date.
Given the information required for the filing and the normal time period for FINRA review, it is crucial that, beginning early in the deal process before signing the purchase agreement, the acquirer and seller work together in preparing the Rule 1017 application. Doing so allows the seller to be in a position to contact appropriate FINRA staff no later than immediately after signing the purchase agreement and thereafter promptly to file the Rule 1017 application, starting the clock on FINRA review and minimizing the risk of potential delay in closing the deal.
Note;180 days from time Cal-bay sent it in max, 60-90 normal!
Looks like patience...
Go CBYI / Cambertire
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