kaal:claim:2337268-043

Referral fees to third parties are permitted only if the recipients are bona fide persons under securities laws, the fees are disclosed to the adviser's clients, and the fees are paid under a written agreement.

Advisers may pay referral fees provided the referral fee recipients are bona fide persons under securities laws, the fees have been disclosed to the investment adviser's clients, and the fees are paid in accordance with a written agreement.113

Wulf A. Kaal, Investment Adviser Regulation (2013), 10. Fees, p. 23
https://ssrn.com/abstract=2337268 · source PDF

Wulf A. Kaal, Investment Adviser Regulation (2013). SSRN: https://ssrn.com/abstract=2337268

• referral fees paid by investment advisers to third parties

conditionsupport: asserteddisclosurecitation-and-knowledge

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