Passing the FG in no-gi grappling can be tough. With the gi you have many more grips to use when passing. And with the grips comes more stability so that you can maintain your posture and base.
In no-gi grappling one of the grips that is most effective is the Double Bicep Control for lack of a better name. In the video Marcelo Garcia goes over this control and how to use it to trap your opponents wrist.
Marcelo does an excellent job of explaining how to trap your opponents arm behind their back. From there he stands in order to break his opponent's guard open to pass.
Once your opponent's arm is trapped behind their back they are wide open for shots to the face in MMA. This is the same position that Ryan Schults KO'd Chris Horodecki in the IFL.
This is an interesting position when it comes to striking. You definately want to be in the top position. But if you are in the bottom position you can just as easily elbow and hammer fist your opponent in the face.
You will not have as much power in your strikes as the person in the top position for sure. But threatening your opponent in this position and possibly escaping is better than trying to block incoming bombs and getting punched in the face.