Section 320. Clerical or ministerial services

The phrase "clerical or ministerial services", as used in §§ 13.1-504.1 and 13.1-504.2 of the Act, shall mean any or all of the following:

1. Distributing to customers of the savings and loan association, savings bank or credit union literature that describes the services available from the registered broker-dealer.

2. Providing to customers of the savings and loan association, savings bank or credit union the broker-dealer's account applications and assisting customers in completing such applications.

3. Assisting customers of the savings and loan association, savings bank or credit union in contacting the registered broker-dealer.

4. Assisting customers of the savings and loan association, savings bank or credit union in effecting the transfer of funds into or out of the customers' accounts maintained at such association, bank or credit union.

5. Assisting customers of the savings and loan association, savings bank or credit union in transmitting securities and related documents to the registered broker-dealer, and providing the materials necessary for such transmittal.

Historical Notes

Derived from Rule 309, Case No. SEC840009, eff. July 2, 1984; amended by Case No. SEC890040, eff. July 1, 1989.

Statutory Authority

§ 13.1-523 of the Code of Virginia.