Section 3.51 - Cessation of operationsThe FCC must be notified immediately should an accounting authority plan to relinquish its certification or cease to perform settlements as authorized. Additionally, the Commission must be advised in advance of any proposed transfer of control of an accounting authority's firm or organization, by any means, to another entity.
(a) When an accounting authority is transferred, merged or sold, the new entity must apply for certification in its own right if it is interested in becoming an accounting authority. Provided the new applicant is eligible and completes the application process satisfactorily, the AAIC will be transferred to the new applicant. In the case of a merger of two accounting authorities, the merged entity must decide which AAIC to retain.(b) Section 3.21(a) will be waived for these applicants.(c) The applicant must comply with application process including public comment.(d) The applicant must certify acceptance of all accounts and must furnish a list of the accounts to the Commission at the time of application.