Investment banking services
(3) Investment banking services includes, without limitation, acting as an underwriter in an offering for an issuer; acting as a financial adviser in a merger, acquisition, tender offer or similar transaction; providing venture capital, equity lines of credit, private investment-private equity transactions or similar investments; serving as placement agent for an issuer; and engaging in similar activities. (4) Referral fee means a fee (paid in one or more installments) for the referral of a customer to a broker or dealer that is: (i) A predetermined dollar amount, or a dollar amount determined in accordance with a predetermined formula (such as a fixed percentage of the dollar amount of total assets placed in an account with the broker or dealer), that does not vary based on: (A) The revenue generated by or the profitability of securities transactions conducted by the customer with the broker or dealer; or (B) The quantity, price, or identity of securities transactions conducted over time by the customer with the broker or dealer; or (C) The number of customer referrals made; or (ii) A dollar amount based on a fixed percentage of the revenues received by the broker or dealer for investment banking services provided to the customer.