Regulatory Alerts2008-10-20
Third-Party Solicitor Exemption (LAC 10:XIII.1301 and 1311)
The Commissioner of the Louisiana Office of Financial Institutions amends LAC 10:XIII.1301 and 1311 to exempt third-party solicitors from standard examination requirements under Chapter 13. A qualifying third-party solicitor is an investment adviser representative who exclusively refers clients to other advisory firms, provides no specific investment advice, and receives only referral fees. This exemption removes applicable registration and compliance obligations for qualifying representatives, streamlining regulatory oversight while maintaining investor protection standards.
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