reglab/statecodes huggingface dataset:
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 13 - NEW

Current through June 11, 2024
1.
		  An investment adviser who is registered or required to be registered under the
		  Investment Advisers Act of 1940 shall maintain the following, which are true,
		  accurate and current:
(a) A journal which
		  includes:
(1) Each cash receipt and
		  disbursement record; and
(2) Any
		  other record of original entry forming the basis of an entry in any
		  ledger;
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 14 - NEW

Current through June 11, 2024
1.
		  In addition to any other recordkeeping requirement, an investment adviser who
		  is registered or required to be registered under the Investment Advisers Act of
		  1940 shall maintain a true, accurate and current record of every security
		  transaction in which the investment adviser or any advisory representative of
		  the investment adviser has, or by reason of any transaction acquires, any
		  direct or indirect beneficial ownership, unless the transaction is:
(a) In an account over which neither the
		  investment adviser nor the advisory representative of the investment adviser
		  has any direct or indirect influence or control; or
(b) A direct obligation of the United
		  States.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 15 - NEW

Current through June 11, 2024
1.
		  Notwithstanding the provisions of section 14, and in addition to any other
		  recordkeeping requirement, if an investment adviser is registered or required
		  to be registered under the Investment Advisers Act of 1940 and the investment
		  adviser is primarily engaged in a business other than advising investment
		  advisory clients, a record must be maintained of every securities transaction
		  in which the investment adviser or any advisory representative of the
		  investment adviser has, or by reason of any transaction acquires, any direct or
		  indirect beneficial ownership, unless the transaction is:
(a) Effected in any account over which
		  neither the investment adviser nor any advisory representative of the
		  investment adviser has any direct or indirect influence or control;
		  or
(b) A direct obligation of the
		  United States.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 16 - NEW

Current through June 11, 2024
In addition to any recordkeeping requirement, if an investment
			 adviser is registered or required to be registered under the Investment
			 Advisers Act of 1940 and the investment adviser has custody of client funds or
			 securities, the investment adviser shall ensure that any record required to be
			 maintained by the investment adviser includes, as applicable:
1. A copy of each document executed by the
		  client, including, without limitation, a limited power of attorney, under which
		  the investment adviser is authorized or permitted to withdraw funds or
		  securities of the client which are maintained with a custodian upon the
		  instruction of the investment adviser to the custodian.
2. A journal or other record showing all
		  purchases, sales, receipts and deliveries of securities, including, without
		  limitation, certificate numbers, for all accounts and all other debits and
		  credits to the accounts.
3. A
		  separate ledger account for each client showing:
(a) All purchases, sales, receipts and
		  deliveries of securities;
(b) The
		  date and price of each purchase and sale described in paragraph (a);
		  and
(c) All debits and
		  credits.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 17 - NEW

Current through June 11, 2024
In addition to any recordkeeping requirement, if an investment
			 adviser is registered or required to be registered under the Investment
			 Advisers Act of 1940 and the investment adviser has custody of client funds or
			 securities because the investment adviser advises a pooled investment vehicle,
			 the investment adviser must keep:
1. A
		  true, accurate and current record of each account statement;
2. Where the investment adviser is subject to
		  the requirements set forth in paragraph (d) of subsection 2 of section 7,
		  records which include:
(a) The date of any
		  audit;
(b) A copy of any audited
		  financial statement; and
(c)
		  Evidence of the mailing of the audited financial statement to each limited
		  partner, member or other beneficial owner within 120 days after the end of the
		  fiscal year of the investment adviser; and
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 18 - NEW

Current through June 11, 2024
In addition to any recordkeeping requirement, if an investment
			 adviser who is registered or required to be registered under the Investment
			 Advisers Act of 1940 and the investment adviser renders an investment
			 supervisory or management service to a client, the investment adviser shall,
			 with respect to the portfolio being supervised or managed and to the extent
			 that the information is reasonably available to or obtainable by the investment
			 adviser, make and keep true, accurate and current:
1. Records for each client showing:
(a) The securities purchased and sold;
		  and
(b) The date, amount and price
		  of each purchase and sale.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 19 - NEW

Current through June 11, 2024
1.
		  A record required to be maintained by an investment adviser pursuant to
		  sections 10, 11 and 13 to 18, inclusive:
(a)
		  May be maintained by the investment adviser in such a manner that the identity
		  of any client to whom the investment adviser renders investment supervisory
		  services is indicated by numerical or alphabetical code or some similar
		  designation.
(b) Must be maintained
		  and preserved by the investment adviser:
(1)
		  Except as otherwise provided in this section, in an easily accessible place for
		  a period of not less than 5 years after the end of the fiscal year during which
		  the last entry was made on record, the first 2 years of which must be in the
		  principal office of the investment adviser.
(2) If the record is described in paragraph
		  (k) or (n) of subsection 1 of section 13, in an easily accessible place for a
		  period of not less than 5 years after the end of the fiscal year during which
		  the investment adviser last published or otherwise disseminated, directly or
		  indirectly, the notice, circular, advertisement, newspaper article, investment
		  letter, bulletin, or other communication, including by electronic media, the
		  first 2 years of which must be in the principal office of the investment
		  adviser.
(3) If the record is
		  described in paragraphs (o) to (t), inclusive, of subsection 1 of section 13,
		  in an easily accessible place for a period of not less than 5 years after the
		  end of the fiscal year during which the last entry was made on such record, the
		  first 2 years of which must be in the principal office of the investment
		  adviser, or for the time period during which the investment adviser was
		  registered or required to be registered in this State, if less than 5
		  years.
(4) If the record is a
		  partnership article including any amendment thereof, article of incorporation,
		  charter, minute book and stock certificate book of the investment adviser and
		  of any predecessor, in the principal office of the investment adviser and
		  preserved until at least 3 years after termination of the enterprise.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 20 - NEW

Current through June 11, 2024
An investment adviser who is subject to the recordkeeping
			 requirements described in sections 10, 11 and 13 to 18, inclusive, shall,
			 before ceasing to conduct or discontinuing business as an investment
			 adviser:
1. Arrange and be responsible
		  for the preservation of the records required to be maintained and preserved
		  under those sections for the remainder of the period specified for the
		  recordkeeping of the records; and
2. Notify the Administrator in writing of the
		  exact address where the records will be maintained during that
		  period.
Added
			 to NAC by Sec'y of State by
			 R018-21A,
			 eff. 6/2/2023
NRS
				90.390,
				90.750
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 21 - NEW

Current through June 11, 2024
1.
		  An investment adviser may immediately produce and reproduce, and shall maintain
		  and preserve, a record described in sections 10, 11 and 13 to 18, inclusive in:
(a) Paper or hard copy form, as those records
		  are kept in their original form;
(b) Micrographic media, including, without
		  limitation, microfilm, microfiche or any similar medium; or
(c) Electronic storage media, including any
		  digital storage medium or system that meets the terms of this
		  section.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 22 - NEW

Current through June 11, 2024
If a record is made, kept, maintained and preserved in compliance
			 with Rule 17a-3 or 17a-4 of the Securities Exchange Act of 1934, and the record
			 is substantially the same as a record required to be made, kept, maintained and
			 preserved pursuant to sections 10, 11 and 13 to 18, inclusive, the record made,
			 kept, maintained and preserved in compliance with the Securities Exchange Act
			 of 1934 shall be deemed to meet the recordkeeping requirements set forth in
			 sections 10, 11 and 13 to 18, inclusive.
Added
			 to NAC by Sec'y of State by
			 R018-21A,
			 eff. 6/2/2023
NRS
				90.390,
				90.750
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 23 - NEW

Current through June 11, 2024
Every investment adviser registered or required to be registered
			 in this State and that has its principal place of business in a state other
			 than this State is exempt from the requirements of sections 10, 11 and 13 to
			 18, inclusive, if the investment adviser is licensed in such a state and is in
			 compliance with the recordkeeping requirements of that state.
Added
			 to NAC by Sec'y of State by
			 R018-21A,
			 eff. 6/2/2023
NRS
				90.390,
				90.750
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 24 - NEW

Current through June 11, 2024
1.
		  If an investment adviser is licensed or required to be licensed pursuant to
		  NRS
		  90.330 and the investment adviser has custody
		  of client funds or securities, the investment adviser must maintain a minimum
		  net worth of $35,000 unless the investment adviser has custody of the funds and
		  securities solely as a result of:
(a) A direct
		  fee deduction; or
(b) Advising a
		  pooled investment vehicle.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 25 - NEW

Current through June 11, 2024
1.
		  Except as provided in subsection 2, a merger and acquisition broker is exempt
		  from the licensing requirements described in
		  NRS
		  90.310.
2. A merger and acquisition broker is not
		  exempt from licensing if the broker:
(a)
		  Directly or indirectly, in connection with the transfer of ownership of an
		  eligible privately held company, receives, holds, transmits or has custody of
		  the funds or securities to be exchanged by the parties to the
		  transaction;
(b) Engages on behalf
		  of an issuer in a public offering of any class of securities that is registered
		  or is required to be registered with the Securities and Exchange Commission
		  under section 12 of the Securities Exchange Act of 1934, or with respect to
		  which the issuer files or is required to file periodic information, documents
		  and reports under section 15(d) of the Securities Exchange Act of
		  1934;
(c) Engages on behalf of any
		  party in a transaction involving a public shell company; or
(d) Is subject to:
(1) Suspension or revocation of registration
		  under section 15(b)(4) of the Securities Exchange Act of 1934;
(2) A statutory disqualification described in
		  section 3(a)(39) of the Securities Exchange Act of 1934;
(3) A disqualification under the rules
		  adopted by the Securities and Exchange Commission under section 926 of the
		  Dodd-Frank Wall Street Reform and Consumer Protection Act;
(4) A final order described in paragraph
		  (4)(H) of section 15(b) of the Securities Exchange Act of 1934; or
(5) Chapter 645 of NRS and fails to comply
		  with that chapter.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 26 - NEW

Current through June 11, 2024
1.
		  Before an investment company registered under the Investment Company Act of
		  1940 offers a security in this State, the issuer shall submit to the
		  Administrator:
(a) A completed Uniform
		  Investment Company Notice Filing (Form NF); and
(b) If the issuer is:
(1) A unit investment company, a fee of $300;
		  or
(2) An investment company, other
		  than a unit investment company, a fee of $500.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 27 - NEW

Current through June 11, 2024
1.
		  At the time described in subsection 2, a crowdfunding issuer shall submit to
		  the Administrator:
(a) At least one of the
		  following:
(1) A completed Uniform Notice of
		  Federal Crowdfunding Offering Form (Form U-CF); or
(2) A copy of every document the crowdfunding
		  issuer filed with the Securities and Exchange Commission;
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 28 - NEW

Current through June 11, 2024
1.
		  A Tier 2 issuer planning to offer and sell securities in this State shall, not
		  less than 21 calendar days before the initial sale of the securities in this
		  State, submit to the Administrator:
(a) At
		  least one of the following:
(1) A completed
		  Uniform Notice of Regulation A " Tier 2 Offering notice filing form;
		  or
(2) A copy of every document
		  filed with the Securities and Exchange Commission;
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 29 - NEW

Current through June 11, 2024
1.
		  An issuer of securities or an agent acting on behalf of the issuer may deliver
		  an offering document over the Internet or by other electronic means or in
		  machine-readable format if:
(a) The offering
		  document:
(1) Is prepared, updated and
		  delivered in a manner consistent and in compliance with state and federal
		  securities laws;
(2) Includes the
		  following statement, "Clarity of text in this document may be affected by the
		  size of the screen on which it is displayed";
(3) Satisfies any formatting requirements
		  applicable to printed documents, including, without limitation, a requirement
		  relating to font size and typeface;
(4) Is identical in content to a printed
		  version, except for any content relating to:
(I) Electronic-specific instructions or
		  procedures; and
(II) Daily net
		  asset value;
(5) Is
		  delivered as a single, integrated document or file, or as a single package or
		  list when multiple offering documents are delivered;
(6) Provides notices to investors or
		  prospective investors that any document or content that is external to the
		  offering document and is accessed through any hyperlink to the document or
		  content is provided by an external source; and
(7) Is delivered in an electronic format that
		  intrinsically enables the recipient to store, retrieve and print the offering
		  document; and
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 30 - NEW

Current through June 11, 2024
In addition to any requirement prescribed by section 29, a
			 subscription agreement may be provided by an issuer or an agent acting on
			 behalf of the issuer electronically for review and completion if the
			 subscription process is administered in a manner that is similar to the
			 administration of subscription agreements in paper form and:
1. Before completion of the subscription
		  agreement, the issuer or agent acting on behalf of the issuer reviews with the
		  prospective investor all appropriate documentation related to the prospective
		  investment, including, without limitation, any document or instruction on how
		  to complete the subscription agreement;
2. Mechanisms are established to ensure a
		  prospective investor reviews all required disclosures and scrolls through the
		  document in its entirety before initialing or signing; and
3. Unless otherwise allowed by the
		  Administrator, a single subscription agreement is used to subscribe a
		  prospective investor in not more than one offering.
Added
			 to NAC by Sec'y of State by
			 R018-21A,
			 eff. 6/2/2023
NRS
				90.390,
				90.750
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 31 - NEW

Current through June 11, 2024
1.
		  An investor or prospective investor who declines to participate in an
		  electronic initiative for offering documents and subscription agreements
		  pursuant to sections 29 and 30, respectively, is not subject to any higher
		  costs for declining to participate in the initiative, except those relating to
		  the actual direct cost of printing, mailing, processing and storing offering
		  documents and subscription agreements. A discount must not be given for
		  participating in the electronic initiative.
2. An entity participating in an electronic
		  initiative described in subsection 1 shall maintain, and shall require
		  participating underwriters, dealer-managers, placement agents, broker-dealers
		  or other selling agents to maintain, written policies and procedures covering
		  the use of electronic offering documents and subscription agreements in
		  accordance with this section and sections 29 and 30, respectively.
3. An entity and its contractors and agents
		  having custody and possession of any electronic offering documents, including,
		  without limitation, electronic subscription agreements, shall store such
		  documents in a non-rewritable and non-erasable format.
4. This section does not change or waive any
		  other requirement of law concerning the registration or presale disclosure of a
		  securities offering.
Added
			 to NAC by Sec'y of State by
			 R018-21A,
			 eff. 6/2/2023
NRS
				90.390,
				90.750
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 32 - NEW

Current through June 11, 2024
1.
		  In the event of discovery of a security breach, the issuer or its agent, as
		  appropriate, will take prompt action to:
(a)
		  Identify and locate the breach;
(b)
		  Secure the affected information;
(c) Suspend the use of the particular device
		  or technology that has been compromised until the security breach has been
		  terminated; and
(d) Provide notice
		  of the security breach to:
(1) The investor
		  whose confidential personal information has been improperly accessed in
		  connection with the security breach; and
(2) The Administrator of each state in which
		  an affected investor resides.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 33 - NEW

Current through June 11, 2024
1.
		  An issuer of securities or an agent acting on behalf of the issuer may provide
		  for the use of electronic signatures if the process by which electronic
		  signatures are obtained:
(a) Is implemented in
		  compliance with chapter 719 of NRS and the Electronic Signatures in Global and
		  National Commerce Act, 15 U.S.C. " 7001 et seq.;
(b) Includes, without limitation:
(1) An appropriate level of security and
		  assurances of accuracy; and
(2) Any
		  required federal disclosures;
(c) Employs:
(1) An authentication process to establish
		  signer credentials; and
(2)
		  Security features that protect signed records from alteration; and
(d) Provides for the retention of
		  electronically signed documents in compliance with applicable laws and
		  regulations, by either the issuer or agent acting on behalf of the
		  issuer.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 34 - NEW

Current through June 11, 2024
1.
		  The issuer of any security that is offered in this State and which is a covered
		  security pursuant to Rule 506 of Regulation D of the Securities and Exchange
		  Commission, 17 C.F.R. "
		  230.506, shall make a notice
		  filing by:
(a) Filing a copy of the most
		  recent Form D, as prescribed by the Securities and Exchange Commission pursuant
		  to 17 C.F.R. "239.500, with the Administrator
		  within 15 days after the first sale of the security in this State;
		  and
(b) Paying a fee of $500 to the
		  Administrator.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 35 - NEW

Current through June 11, 2024
1.
		  Every representative of an investment adviser licensed under
		  NRS
		  90.330 must complete the following continuing
		  education for each reporting period:
(a) Six
		  credits of ethics and professional responsibility offered by an authorized
		  provider, at least three credits of which must cover the topic of ethics;
		  and
(b) Six credits of products and
		  practice content offered by an authorized provider.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 36 - NEW

Current through June 11, 2024
1.
		  A broker-dealer or investment adviser may delay a transaction or disbursement
		  from an account of an older person or vulnerable person or from an account from
		  which an older person or vulnerable person is a beneficiary if:
(a) The broker-dealer, investment adviser or
		  designated reporter reasonably believes, after initiating an internal review of
		  the requested transaction or disbursement and the suspected exploitation, that
		  the requested transaction or disbursement may result in the exploitation of the
		  older person or vulnerable person.
(b) The broker-dealer or investment adviser:
(1) Immediately, but not later than 2
		  business days after the date of the delayed requested transaction or
		  disbursement, provides written notification of the delay and the reason for the
		  delay to all parties authorized to transact business on the account, other than
		  any party that is reasonably believed to have engaged in the suspected or
		  attempted exploitation of the older person or vulnerable person;
(2) Immediately, but not later than 2
		  business days after the date of the delayed requested transaction or
		  disbursement, notifies the Administrator of the Securities Division of the
		  Office of the Secretary of State and the Administrator of the Aging and
		  Disability Services Division of the Department of Health and Human Services;
		  and
(3) Continues its internal
		  review of the suspected or attempted exploitation of the older person or
		  vulnerable person, as necessary, and provides status updates to the
		  Administrator of the Securities Division and the Administrator of the Aging and
		  Disability Services Division, respectively, upon request.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 37 - NEW

Current through June 11, 2024
1.
		  Except as otherwise provided in subsection 2, a broker-dealer may not make or
		  maintain the registration of a sales representative if the registration is for:
(a) A person who is no longer active in the
		  security business of the broker-dealer;
(b) A person who no longer functions as a
		  sales representative; or
(c) The
		  sole purpose of avoiding any applicable examination requirement.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 38 - NEW

Current through June 11, 2024
Notwithstanding the
Financial Industry Regulatory
			 Authority Rules
adopted by reference in NAC
			 90.321, any sales representative
			 located in and working from this State must be affiliated with an associated
			 registered branch office that is physically located in this
			 State.
Added
			 to NAC by Sec'y of State by
			 R018-21A,
			 eff. 6/2/2023
NRS
				90.380,
				90.750
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 39 - NEW

Current through June 11, 2024
1.
		  Before a hearing, the Administrator may issue an order for a prehearing
		  conference.
2. The order described
		  in subsection 1 must provide:
(a) The time and
		  place of the prehearing conference; and
(b) The issues to be resolved at the
		  prehearing conference.
Nevada Administrative Code › Chapter 90 - Securities › Section 90.Sec. 40 - NEW

Current through June 11, 2024
1.
		  Except as otherwise provided by the Administrator and subsection 2, the parties
		  to a hearing must, not later than 10 days before the date of the hearing:
(a) Exchange written lists of witnesses and
		  exhibits; and
(b) Provide a copy of
		  each exhibit.
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.011 - Definitions

Current through June 11, 2024
As used in this chapter, unless the context otherwise requires,
				the words and terms defined in NAC
				90.015 to
				90.078, inclusive, and sections 2
				and 3 have the meanings ascribed to them in those sections.
Added to NAC by Sec'y of
				State, eff. 4-22-88; A 10-16-89; 11-19-92; 5-23-96; 10-30-97; R016-02,
				8-6-2002; R033-08, 6-17-2008; A by
				R018-21A,
				eff. 6/2/2023
NRS 90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.020 - "Affiliate of an issuer" defined

Current through June 11, 2024
"Affiliate of an issuer" means a person who directly, or
				indirectly through one or more intermediaries, controls, is controlled by or is
				under the common control with that issuer.
Added to NAC by Sec'y of
				State, eff. 11-19-92
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.025 - "Assistant sales representative" defined

Current through June 11, 2024
"Assistant sales representative" includes a natural person who
				is employed or under contract with a broker-dealer and accepts unsolicited
				customer orders for submission for execution by the broker-dealer. The term
				does not include a broker-dealer or sales representative.
Added to NAC by Sec'y of
				State, eff. 11-19-92
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.027 - "Branch office" defined

Current through June 11, 2024
"Branch office" means any place of business in this State other
				than the principal office in this State of the broker-dealer, from which one or
				more sales representatives transact business.
Added to NAC by Sec'y of
				State by R016-02, eff. 8-6-2002
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.030 - "Central Registration Depository" defined

Current through June 11, 2024
"Central Registration Depository" means the Central
				Registration Depository of the Financial Industry Regulatory Authority and the
				North American Securities Administrators Association.
Added to NAC by Sec'y of
				State, eff. 11-19-92; A by R016-02, 8-6-2002; R033-08,
				6-17-2008
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.035 - "Control person" defined

Current through June 11, 2024
"Control person" includes a person who:
1. Owns or controls 10 percent or more of the
			 voting stock of a corporation;
2.
			 Is an officer or director of a corporation; or
3. Is in a position to influence the
			 decision-making processes of a corporation.
Added to NAC by Sec'y of
				State, eff. 11-19-92
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.042 - "Federal covered adviser" defined

Current through June 11, 2024
"Federal covered adviser" means a person who is:
1. Registered or required to be registered
			 pursuant to section 203 of the Investment Advisers Act of 1940; or
2. Excluded from the definition of
			 "investment adviser" pursuant to subparagraph (11) of paragraph (a) of section
			 202 of the Investment Advisers Act of 1940.
Added to NAC by Sec'y of
				State, eff. 10-30-97; A by R016-02, 8-6-2002; A by
				R018-21A,
				eff. 6/2/2023
NRS 90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.045 - "Fiscal year" defined

Current through June 11, 2024
"Fiscal year" means an annual accounting period or, if no
				closing date has been adopted, the calendar year ending on December 31.
Added to NAC by Sec'y of
				State, eff. 11-19-92
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.051 - "Insider" defined

Current through June 11, 2024
"Insider" includes a person who:
1. Owns or controls 10 percent or more of:
(a) The voting stock of a
			 corporation;
(b) The membership
			 interest of a limited-liability company; or
(c) Any other equity interest in another type
			 of entity;
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.053 - "Investment Adviser Registration Depository" defined

Current through June 11, 2024
"Investment Adviser Registration Depository" means the
				Investment Adviser Registration Depository operated by the Financial Industry
				Regulatory Authority, or its successor, to provide a system for the electronic
				registration of investment advisers and representatives of investment
				advisers.
Added to NAC by Sec'y of
				State by R016-02, eff. 8-6-2002; A by R033-08,
				6-17-2008
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.071 - "Office of the Administrator" defined

Current through June 11, 2024
"Office of the Administrator" means the Office of the Secretary
				of State, Securities Division, 555 East Washington Avenue, Suite 5200, Las
				Vegas, Nevada 89101.
Added to NAC by Sec'y of
				State, eff. 11-19-92; A 5-23-96
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.075 - "Representative of an investment adviser" defined

Current through June 11, 2024
"Representative of an investment adviser" has the meaning
				ascribed to it in
				NRS
				90.278.
Added to NAC by Sec'y of
				State, eff. 5-23-96
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.078 - "Securities industry personnel" defined

Current through June 11, 2024
"Securities industry personnel" includes, without limitation,
				broker-dealers, sales representatives, investment advisers, representatives of
				investment advisers and any other persons the Administrator designates as
				securities industry personnel pursuant to a rule or order.
Added to NAC by Sec'y of
				State, eff. 10-30-97
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.088 - "Institutional buyer" interpreted

Current through June 11, 2024
The Administrator will interpret the term "institutional buyer"
				as used in subsection 6 of
				NRS
				90.240 to include, without limitation, any
				accredited investor as defined under Rule 501(a)(1)-(4), (7) and (8) of
				Regulation D of the Securities Act of 1933.
Added to NAC by Sec'y of
				State by R033-08, eff. 6-17-2008; A by
				R018-21A,
				eff. 6/2/2023
NRS 90.750
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.090 - "Investment contract" interpreted

Current through June 11, 2024
An "investment contract" as used in
				NRS
				90.295, includes:
1. Any investment in a common enterprise with
			 the expectation of profit to be derived substantially through the efforts of a
			 promoter or other third party; or
2. Any investment by which:
(a) An offeree furnishes initial value to an
			 offeror;
(b) A portion of this
			 initial value is subjected to the risks of the enterprise;
(c) The furnishing of the initial value is
			 induced by the offeror's promises or representations which give rise to a
			 reasonable understanding that a valuable benefit of some kind over and above
			 the initial value will accrue to the offeree as a result of the operation of
			 the enterprise; and
(d) The offeree
			 does not receive the right to exercise practical or actual control over the
			 managerial decisions of the enterprise.
Nevada Administrative Code › Chapter 90 - Securities › GENERAL PROVISIONS › Section 90.101 - Severability of provisions

Current through June 11, 2024
If any provision of this chapter or the application thereof to
				any person or circumstance is held invalid, the invalidity does not affect any
				other provision or application of this chapter that can be given effect without
				the invalid provision or application, and to this end the provisions of this
				chapter are declared to be severable.
Added to NAC by Sec'y of
				State, eff. 10-16-89-Substituted in revision for NAC
				90.319
NRS
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › ADMINISTRATION › Section 90.315 - Availability of forms

Current through June 11, 2024
1. Except as
			 otherwise provided in this section, any form referred to in this chapter that
			 pertains to the registration of securities or the licensing of investment
			 advisers may be obtained from the Internet website of the Securities and
			 Exchange Commission.
2. The Small
			 Company Offering Registration Form (Form U-7), the Uniform Investment Company
			 Notice Filing (Form NF), the Uniform Application to Register Securities (Form
			 U-1), the Uniform Consent to Service of Process (Form U-2), the Uniform Form of
			 Corporate Resolution (Form U-2A), the Uniform Notice of Federal Crowdfunding
			 Offering (Form U-CF) and the Regulation A -Tier 2 notice filing form may be
			 obtained from:
(a) The Office of the
			 Administrator; or
(b) The Internet
			 website of the Office of the Secretary of State.
Nevada Administrative Code › Chapter 90 - Securities › ADMINISTRATION › Section 90.3155 - Irrevocable consent to service of process

Current through June 11, 2024
1. An applicant
			 for licensing as a broker-dealer satisfies the requirement set forth in
			 NRS
			 90.770 concerning the filing of an
			 irrevocable consent to service of process by filing with the Administrator the
			 Uniform Consent to Service of Process (Form U-2) as required by NAC
			 90.330.
2. An applicant for
			 licensing as a transfer agent satisfies the requirement set forth in
			 NRS
			 90.770 concerning the filing of an
			 irrevocable consent to service of process by filing with the Administrator the
			 Uniform Consent to Service of Process (Form U-2) as required by NAC
			 90.374.
3. An applicant for
			 licensing as a sales representative, assistant sales representative or
			 representative of an investment adviser or an issuer who proposes to offer a
			 security in this State through an agent satisfies the requirement set forth in
			 NRS
			 90.770 concerning the filing of an
			 irrevocable consent to service of process by filing with the Administrator:
(a) The Uniform Consent to Service of Process
			 (Form U-2);
(b) The Uniform
			 Application for Broker-Dealer Registration (Form BD); or
(c) The Uniform Application for Investment
			 Adviser Registration (Form ADV).
Nevada Administrative Code › Chapter 90 - Securities › ADMINISTRATION › Section 90.317 - Issuance of written interpretations of provisions

Current through June 11, 2024
The Division will not render a written interpretation of any
				provision of this chapter or chapter 90 of NRS.
Added to NAC by Sec'y of
				State, eff. 10-16-89; A by R047-04, 5-25-2004
NRS
				  90.715,
				  90.750
Nevada Administrative Code › Chapter 90 - Securities › ADMINISTRATION › Section 90.318 - Request for waiver or no-action letter

Current through June 11, 2024
1. A request
			 for a waiver or no-action letter must be submitted in writing to the Office of
			 the Administrator, accompanied by the fee set forth in
			 NRS
			 90.715.
2. Two copies of the request for a waiver or
			 no-action letter must be filed. The request for a waiver or no-action letter
			 must contain:
(a) A brief summary of the
			 statutory and regulatory provisions to which it pertains;
(b) A detailed statement of the relevant
			 facts;
(c) A detailed discussion
			 and analysis of the law as it relates to the facts;
(d) A statement of the legal authority for
			 granting the request;
(e) A
			 statement of the reasons a waiver or no-action letter is appropriate;
(f) A statement explaining any adverse or
			 beneficial effect upon the public interest resulting from the granting of the
			 request;
(g) A certification that,
			 within the knowledge of the person on whose behalf the request is made, the
			 transaction described is not directly or indirectly the subject of any pending
			 judicial or administrative proceeding or, if such a proceeding is pending, a
			 description of the proceeding;
(h)
			 A certification that the transaction in question has not been commenced or, if
			 it has commenced, a statement concerning its status; and
(i) An acknowledgment by the person on whose
			 behalf the request is made that the request, together with any documents or
			 information submitted and any response from the Division, is, except as
			 otherwise provided in
			 NRS
			 90.730, public information which may be
			 released for publication.
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.321 - Adoption by reference of Conduct Rules; review of changes

Current through June 11, 2024
1.
				The Administrator hereby adopts by reference chapters 2000 to 7000, inclusive,
				of the
Financial Industry Regulatory Authority
Rules which are
				published and available, free of charge, on the Internet website of the
				Financial Industry Regulatory Authority.
2. The Administrator will periodically review
				the
Financial Industry Regulatory Authority
Rules and
				determine within 30 days after the review whether any change made to those
				rules is appropriate for application in this State. If the Administrator does
				not disapprove a change to an adopted rule within 30 days after the review, the
				change is deemed to be approved by the Administrator.
Added to NAC by Sec'y
				  of State by R016-02, eff. 8-6-2002; A by R033-08, 6-17-2008; A by
				  R018-21A,
				  eff. 6/2/2023
NRS 90.750
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.325 - Availability of registration materials for uniform examinations

Current through June 11, 2024
Registration information for appropriate Financial Industry
				  Regulatory Authority examinations may be obtained from the Internet website of
				  the Financial Industry Regulatory Authority.
Added to NAC by Sec'y
				  of State, eff. 4-22-88; A 10-16-89; 11-19-92; 5-23-96; R016-02, 8-6-2002;
				  R033-08, 6-17-2008; A by
				  R018-21A,
				  eff. 6/2/2023
NRS 90.750
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.327 - Unethical and dishonest practices

Current through June 11, 2024
1. A broker-dealer,
				sales representative, investment adviser, representative of an investment
				adviser or transfer agent who engages in any of the following acts or practices
				shall be deemed to have engaged in an unethical or dishonest practice within
				the meaning of paragraph (h) of subsection 1 of
				NRS
				90.420:
(a)
				Engaging in any act or practice enumerated in NAC
				90.328.
(b) In connection with any solicitation of
				the sale or purchase of a security that is not included in the Nasdaq or listed
				or approved for listing on a securities exchange described in paragraph (g) of
				subsection 2 of NRS
				90.520, failing promptly to provide
				information requested by a customer, such as:
(1) The current prospectus concerning an
				offering;
(2) The most recently
				filed periodic report filed pursuant to section 13 of the Securities Exchange
				Act of 1934; or
(3) Any information
				required by Rule 15c2-11 of the Securities and Exchange
				Commission.
(c) Marking
				any order ticket or confirmation as unsolicited if the transaction is
				solicited.
(d) Failing to comply
				with any applicable provision of:
(1) The
Financial Industry Regulatory Authority
Rules as adopted by
				reference in NAC
				90.321; or
(2) Any applicable rule of conduct or ethical
				standard promulgated by:
(I) The Securities
				and Exchange Commission;
(II) The
				Financial Industry Regulatory Authority or any other self-regulatory
				organization approved by the Securities and Exchange Commission; or
(III) Any other organization approved by the
				Administrator by written order.
(e) Receiving compensation in connection with
				referring a customer to an unlicensed investment adviser who is required to be
				licensed in this State.
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.329 - Notification of customers before assessing new charges for services performed

Current through June 11, 2024
A broker-dealer, sales representative, investment adviser,
				  representative of an investment adviser or transfer agent shall notify a
				  customer in writing at least 30 days before assessing any new charges for
				  services performed. The notice must be placed on the front of the account
				  statement or other document containing the notice. The notice must be printed
				  in a type size which is equal to the type used to print any statement of
				  charges or fees sent to the customer.
Added to NAC by Sec'y
				  of State, eff. 11-19-92; A by R016-02, 8-6-2002; R033-08,
				  6-17-2008
NRS
					 90.750
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.3292 - Broker-dealers and sales representatives: Exemption from licensing requirements under certain circumstances

Current through June 11, 2024
1. A broker-dealer
				who:
(a) Is a resident of Canada;
				and
(b) Meets the conditions of
				paragraph (a) of subsection 1 of
				NRS
				90.320, is exempt from the licensing
				requirements of
				NRS
				90.310.
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.3293 - Investment advisers and representatives of investment advisers: Electronic transfer of fees to and filing of documents with certain depositories

Current through June 11, 2024
1. Pursuant to subsection 2 of
				NRS
				90.350, the Administrator designates the
				Investment Adviser Registration Depository, or any other depository for
				electronic registration that is approved by the Administrator by order, to
				receive and store filings and collect related fees from investment advisers and
				representatives of investment advisers on behalf of the
				Administrator.
2. Except as
				otherwise provided in subsection 5 and NAC 90.3294, an investment adviser or
				representative of an investment adviser who is required by this chapter or
				chapter 90 of NRS to pay a fee to the Administrator or file a document with the
				Administrator, including, without limitation, an application, amendment, report
				or notice, must comply with that requirement by:
(a) Transferring the fee electronically to
				the depository designated or approved pursuant to subsection 1; or
(b) Filing the document electronically with
				the depository designated or approved pursuant to subsection 1, as
				applicable.
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.3294 - Federal covered advisers: Licensing requirements inapplicable under certain circumstances

Current through June 11, 2024
1. Except as
				otherwise provided in subsection 2, a federal covered adviser shall file a
				notice with the Administrator in the manner set forth in NAC
				90.3293. The notice must consist
				of:
(a) An executed Uniform Application for
				Investment Adviser Registration (Form ADV); and
(b) The fee required by
				NRS
				90.360 for an investment
				adviser.
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.3296 - Federal covered advisers: Employment restrictions

Current through June 11, 2024
1. Except as otherwise provided in subsection
				3, a federal covered adviser shall not employ, in order to engage in any
				activity related to the sale of securities in this State, any person having a
				place of business in this State who is suspended or barred from association
				with a broker-dealer or investment adviser by the Administrator.
2. A federal covered adviser does not violate
				this section unless the federal covered adviser knows or in the exercise of
				reasonable care should know of the suspension or bar.
3. Upon request from a federal covered
				adviser and for good cause shown, the Administrator may, by order, waive the
				prohibition of this section with respect to a particular person who has been
				suspended or barred.
Added to NAC by Sec'y of State,
				eff. 10-30-97
NRS
				90.750
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › General Provisions › Section 90.3298 - Securities industry personnel: Use of Internet for distribution of information

Current through June 11, 2024
1. Securities
				industry personnel who use the Internet to distribute information on available
				products and services shall not be deemed to be transacting business in this
				State for the purposes of
				NRS
				90.310 or
				90.330
				if the information so distributed:
(a)
				Contains a legend clearly stating that the securities industry personnel may
				only transact business in those states in which they are licensed or otherwise
				excluded from applicable state licensing requirements;
(b) Contains a mechanism which reasonably
				ensures that a subsequent interaction between prospective customers or clients
				residing in states where the securities industry personnel are not licensed is
				limited so that the securities industry personnel are not required to be
				licensed by the state and the securities are not required to be
				registered;
(c) Does not involve
				the actual effecting of securities trades;
(d) Does not involve the rendering of
				personalized investment advice for compensation;
(e) Is limited to the dissemination of
				information about a product or service; and
(f) Prominently discloses the affiliation of
				the sales representative with the broker-dealer or the representative of an
				investment adviser with the investment adviser.
Nevada Administrative Code › Chapter 90 - Securities › SECURITIES AGENTS › Broker-Dealers › Section 90.330 - Applicant for licensing: Filing requirements; payment of fee

Current through June 11, 2024
1.
				An applicant for licensing as a broker-dealer who is not registered with the
				Financial Industry Regulatory Authority must pay to the Office of the
				Administrator the fee required by
				NRS
				90.360 and file an application with the
				Office of the Administrator. The application must include:
(a) The Uniform Application for Broker-Dealer
				Registration (Form BD);
(b) The
				Uniform Consent to Service of Process (Form U-2);
(c) A balance sheet prepared in the manner
				prescribed in NAC
				90.335;
(d) A certificate that he or she has
				qualified to do business in this State, if qualification is required by
				NRS
				80.010;
(e) A fidelity bond in the amount of $10,000,
				issued by a corporate surety qualified to do business in this State, or proof
				of membership in the Securities Investor Protection Corporation;
(f) The Uniform Application for Securities
				Industry Registration or Transfer (Form U-4) for a designated official of the
				applicant; and
(g) Proof of
				successful completion by one or more designated employees of the applicant of
				the appropriate examination required by the Financial Industry Regulatory
				Authority for a principal.