# kaal:claim:2337268-043

**Claim.** 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.

**Type.** condition  **Support.** asserted

**Holds when.**

- referral fees paid by investment advisers to third parties

**Source quote.**

> 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

**From.** Wulf A. Kaal, *Investment Adviser Regulation* (2013), 10. Fees, page 23

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

**Verify.** sha256 of source PDF `7075ce35282a8ee75b81ae3dec0e19f68631beae7f3c3a00ab2827538dc9e302` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202013%20-%20Investment%20Adviser%20Regulation.pdf

**Topics.** disclosure, citation-and-knowledge

**Keywords.** referral-fees, disclosure, written-agreement, solicitation-rule

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