D.R. Saur Financial, Inc., §4.N; §4.P; §12; no action recommended, 10/13/1904

No action recommended to require registration as investment adviser or investment adviser representative of credit unions that referred clients to registered investment adviser in return for a percentage of investment adviser management fees generated by the referred client. No action recommended to require dealer registration for credit unions involved in similar arrangement.

The link address is: /committees/securities-law-committee/securities-law-committee-resources/no-action-letters/d-r-saur-financial-inc-ss4-n-ss4-p-ss12-no-action-recommended-10-13-1904.pdf/@@download/file