No-action letter to Chubb Securities Corp. (Nov. 24, 1993)
The NCUA states in Letter to FCUs No. 1-FCU-03 (Dec. 2010): The Securities and Exchange Commission (SEC) permits credit unions to receive transaction-related compensation from the third party broker without triggering the SEC’s broker-dealer registration requirements, as long as the brokerage arrangement adheres strictly to the terms of the Chubb Letter.
SEC: ‘Chubb Letter’
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