CODE OF VIRGINIA

BROKER-DEALER SERVICES PROVIDED BY CREDIT UNIONS; WHEN REGISTRATION NOT REQUIRED
(§ 13.1-504.2)

A credit union may enter into an agreement with any person or entity which is a
registered broker-dealer under this chapter and under the Securities Exchange
Act of 1934, for the purpose of making brokerage services available to members
of the credit union. The existence of such an agreement shall not of itself be
sufficient to require employees of the credit union to register as an agent
under the provisions of this article, so long as the employees’ activities
with regard to such brokerage services are limited to the providing of clerical
or ministerial services.

HISTORY: 1988, c. 338.