CTE. (, CreationTS):
WITH partitioned AS (
SELECT
*,
rn = ROW_NUMBER() OVER (PARTITION BY FK1, FK2 ORDER BY CreationTS)
FROM data
),
subgroups AS (
SELECT
PK, FK1, FK2, ActionCode, CreationTS, SomeAttributeValue, rn,
Subgroup = 1,
Subrank = 1
FROM partitioned
WHERE rn = 1
UNION ALL
SELECT
p.PK, p.FK1, p.FK2, p.ActionCode, p.CreationTS, p.SomeAttributeValue, p.rn,
Subgroup = s.Subgroup + CASE p.ActionCode WHEN 'Change' THEN 0 ELSE 1 END,
Subrank = CASE p.ActionCode WHEN 'Change' THEN s.Subrank ELSE 0 END + 1
FROM partitioned p
INNER JOIN subgroups s ON p.FK1 = s.FK1 AND p.FK2 = s.FK2
AND p.rn = s.rn + 1
),
finalranks AS (
SELECT
PK, FK1, FK2, ActionCode, CreationTS, SomeAttributeValue, rn,
Subgroup, Subrank,
rank = ROW_NUMBER() OVER (PARTITION BY FK1, FK2, Subgroup ORDER BY Subrank DESC)
FROM subgroups
)
SELECT PK, FK1, FK2, ActionCode, CreationTS, SomeAttributeValue
FROM finalranks
WHERE rank = 1