reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 3 - DEFINITION OF AN OFFER › Section 48-3-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1120(3)
				 of the Securities Act of Nebraska
				("Act").
001.02 The Department has
				determined that this Rule relating to the definition of an offer is consistent
				with investor protection and is in the public interest.
001.03 The Director may, on a case-by-case
				basis, and with prior written notice to the affected persons, require adherence
				to additional standards or policies, as deemed necessary in the public
				interest.
001.04 The definitions in
				48 NAC 2 apply to the provisions of this Rule, unless otherwise
				specified.
001.05 Federal statutes
				and rules of the Securities and Exchange Commission ("SEC") or the Financial
				Industry Regulatory Authority ("FINRA") referenced herein shall mean those
				statutes and rules as amended on or before the effective date of this Rule. A
				copy of the statutes or rules referenced in this Rule is available as an
				appendix to this rule at
https://ndbf.nebraska.gov/about/legal/administrative-rules-and-regulations
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 3 - DEFINITION OF AN OFFER › Section 48-3-002 - OFFERINGS REGISTERED IN NEBRASKA

Current through June 17, 2024
For the purposes of Section
				  8-1101(13)
				   of the Act, the term "offer" does not
				  include the circulation of a preliminary offering document provided.
002.01 The document is circulated by a
				broker-dealer registered in Nebraska;
002.02 The document is filed with the
				Director as part of an application to register the securities by qualification
				prior to its circulation.
002.03
				The preliminary offering document is in the form of a prospectus which contains
				substantially the information required to be included in a prospectus meeting
				the requirements of Section
				8-1107
				of the Act for the securities being registered by qualification; and
002.04 The outside front page of the document
				bears in red ink, the caption "Preliminary Offering Document," the date of its
				issuance, and the following statement printed in bold type:
"A REGISTRATION STATEMENT RELATING TO THESE SECURITIES
				  HAS BEEN FILED WITH THE DIRECTOR OF THE DEPARTMENT OF BANKING AND FINANCE OF
				  THE STATE OF NEBRASKA, BUT HAS NOT YET BECOME EFFECTIVE. INFORMATION CONTAINED
				  HEREIN IS SUBJECT TO COMPLETION OR AMENDMENT. THESE SECURITIES MAY NOT BE
				  SOLD
NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE
				  REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PRELIMINARY DOCUMENT SHALL NOT
				  CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY; NOR SHALL
				  THERE BE ANY SALE OF THESE SECURITIES IN NEBRASKA SINCE SUCH OFFER,
				  SOLICITATION, OR SALE WOULD BE UNLAWFUL PRIOR TO QUALIFICATION UNDER SECTION
				  8-1107
				  OF THE SECURITIES ACT OF NEBRASKA."
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 3 - DEFINITION OF AN OFFER › Section 48-3-003 - OFFERINGS OF FEDERAL COVERED SECURITIES

Current through June 17, 2024
For purposes of Section
				  8-1101(13)
				   of the Act, the term "offer" does not
				  include the circulation of a preliminary offering document for a federal
				  covered security provided:
003.01 The
				document complies with the provisions of Regulation S-K, 17 CFR Part 229;
				and
003.02 The document is
				circulated by a broker-dealer registered in Nebraska or by an issuer exempt
				from such registration pursuant to Section
				8-1101(2)(b).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1120
				of the Securities Act of Nebraska ("Act").
001.02 The Department has determined that
				this Rule relating to broker-dealers is consistent with investor protection and
				is in the public interest.
001.03
				The Director may, on a case-by-case basis, and with prior written notice to the
				affected persons, require adherence to additional standards or policies, as
				deemed necessary in the public interest.
001.04 The definitions in 48 NAC 2 apply to
				the provisions of this Rule, unless otherwise specified.
001.05 Federal statutes and rules of the
				Securities and Exchange Commission ("SEC") or the Financial Industry Regulatory
				Authority ("FINRA") referenced herein means those statutes and rules as amended
				on or before the effective date of this Rule. A copy of the statutes or rules
				referenced in this Rule is available as an appendix to this rule at
https://ndbf.nebraska.gov/about/legal/administrative-rules-and-regulations
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-002 - APPLICATION

Current through June 17, 2024
The application for initial registration as a broker-dealer
				  pursuant to Section
				  8-1103(1)
				   of the Act shall be filed as directed in
				  Section 007, below, and contain the following:
002.01 A copy of Uniform Application for
				Broker-Dealer Registration ("Form BD"), together with all applicable schedules
				and exhibits specified therein, complete, accurate and current;
002.02 A completed "Affidavit of
				Broker-Dealer Activity in Nebraska";
002.03 The financial statements prepared in
				accordance with Section 003, below;
002.04 A fee in the amount of two hundred
				fifty dollars ($250.00); and
002.05
				Any other information the Director may require.
002.06 A broker-dealer which is not a member
				of the Financial Industry Regulatory Authority ("FINRA") shall submit the
				following additional information for an initial application for registration as
				a broker-dealer pursuant to the Act:
002.06A A
				signed Form BD;
002.06B A current
				and correct copy of the firm's articles of incorporation, partnership, or
				organization, and any amendments thereto, if applicable; and
002.06C A corporate resolution, Form U-2A, if
				applicable.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-003 - FINANCIAL STATEMENTS

Current through June 17, 2024
The financial statements shall be:
003.01 A copy of the firm's most recent
				audited financial statements, and, if the date of the financial statements is
				not within ninety days of the date the application is filed, the firm's most
				recent quarterly Focus Report Part II(A), if such report has been filed with
				FINRA; or
003.02 In the event that
				the firm does not have audited financial statements, the Director may accept
				unaudited financial statements that are accompanied by an affirmative
				representation by the firm, signed by an officer, director or person occupying
				a similar position, that the statements provide all material information
				relating to the financial condition of the firm and are true and accurate to
				the best of the signer's knowledge and belief.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-005 - AMENDMENT AND CORRECTION OF DOCUMENTS

Current through June 17, 2024
If a material change in operations occurs, or if the
				  information contained in any document filed with the Director is or becomes
				  inaccurate or incomplete in any material respect, the broker-dealer shall file
				  a correcting amendment on Form BD within the time period specified in the
				  instructions to that form relating to filings made with the
				  SEC.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-006 - WITHDRAWAL

Current through June 17, 2024
A broker-dealer desiring to withdraw its registration as a
				  broker-dealer pursuant to Section 8-1103(9)(d) of the Act shall file a Notice
				  of Withdrawal from Registration as a Broker-Dealer ("Form BDW"), with the
				  Director or with a registration depository system designated by the
				  Director
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-007 - FORMS SUBMISSIONS

Current through June 17, 2024
007.01 A
				broker-dealer which is a member of FINRA shall file the forms necessary for
				registration, renewal or withdrawal of its registration or the registration or
				termination of its agents in Nebraska with, and pay all applicable fees for
				such registrations through, the Central Registration Depository/Investment
				Advisor Registration Depository System ("CRD/IARD")
For purposes of Section
				  8-1103(4)
				   of the Act, a form submitted through
				  CRD/IARD is deemed filed with the Department when the record is transmitted to
				  the Department for review.
007.02 A broker-dealer which is not a member
				of FINRA shall file the forms necessary for registration, renewal, or
				withdrawal of its registration or the registration or termination of its agents
				in Nebraska directly with the Department.
007.03 With respect to any document filed
				electronically through CRD/IARD, when a signature or signatures are required by
				the particular instructions of any filing to be made through CRD/IARD, a duly
				authorized officer of the applicant or the applicant him or herself, as
				required, shall affix his or her electronic signature to the filing by typing
				his or her name in the appropriate fields and submitting the filing to
				CRD/IARD. Submission of a filing in this manner constitutes irrefutable
				evidence of legal signature by any individual whose name is typed on the
				filing.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-008 - SUPERVISORS AND COMPLIANCE PRINCIPALS

Current through June 17, 2024
008.01 A
				broker-dealer, which is not a member of FINRA, shall designate in writing a
				compliance principal and conform with this section during all registration
				periods.
008.01A The compliance principal
				will be responsible for supervising the compliance of the broker-dealer and its
				registered agents and other associated persons with the Act and the rules and
				regulations promulgated thereunder.
008.01B If the designated compliance
				principal ceases to act in that capacity, the broker-dealer must designate in
				writing a qualified replacement principal within sixty days after such change
				has occurred.
008.01C Failure to
				designate a compliance principal constitutes grounds for denial or suspension
				of a broker-dealer registration.
008.01D The designated compliance principal
				for Nebraska shall be registered as an agent of the broker-dealer in Nebraska
				and have taken and passed a qualifying examination, as set forth below:
008.01D1 The examinations required by FINRA
				pursuant to FINRA Rule 1220;
008.01D2 The Uniform Securities Agent State
				Law Examination (Series 63) or the Uniform Combined State Law Examination
				(Series 66); and
008.01D3 One of
				the following examinations:
008.01D3a The
				General Securities Principal Examination (Series 24 examination);
008.01D3b The Investment Company Products
				Principal Examination (Series 26 examination), if the broker-dealer's
				registration is or will be limited to investment company products;
008.01D3c The Direct Participation Programs
				Principal Examination (Series 39 examination) if the broker-dealer's
				registration is or will be limited to direct participation programs;
				or
008.01D3d The General Securities
				Representative Examination (Series 7 examination), if the broker-dealer's
				registration is or will be limited to:
008.01D3d(i) Securities of one issuer or
				associated issuers (other than mutual funds),
008.01D3d(ii) Interests in mortgages or other
				receivables, or
008.01D3d(iii)
				Securities of nonprofit organizations, provided that the Director may waive the
				requirement of this section for principals of a broker-dealer whose
				registration is limited to securities of non-profit organizations if the
				Director finds the waiver is consistent with investor protection and is in the
				public interest.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-010 - CLEARING BROKER-DEALER REGISTRATION

Current through June 17, 2024
If a broker-dealer utilizes a clearing broker-dealer to
				  clear trades with Nebraska customers, the clearing broker-dealer must be
				  registered in Nebraska.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-011 - BOOKS AND RECORDS

Current through June 17, 2024
Unless otherwise provided by order of the SEC, all
				  broker-dealers registered or required to be registered under the Act shall
				  make, maintain and preserve books and records in compliance with SEC Rules
				  17a-3 (17
				  C.F.R. 240.17a-3), 17a-4 (17
				  C.F.R. 240.17a-4), and 15c3-3 (17 C.F.R.
				  240.15c3-3).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-012 - MINIMUM FINANCIAL REQUIREMENTS AND FINANCIAL REPORTING REQUIREMENTS

Current through June 17, 2024
012.01 Each broker-dealer which is a member
				of FINRA registered or required to be registered under the Act shall:
012.01A Comply with the financial
				requirements established in SEC Rule s 15c3-1 (17 C.F.R. 240.15c3-1), and
				15c3-3 (17 C.F.R. 240.15c3-3), and
012.01B Comply with the financial reporting
				requirements established in SEC Rule 17a-11 (17 C.F.R.
				240.17a-11) and provide copies of notices and
				reports required by such SEC Rules to the Director upon request.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-013 - REGISTRATION OF SUCCESSOR TO REGISTERED BROKER-DEALER

Current through June 17, 2024
In the event that a broker-dealer succeeds to and continues
				  the business of a broker-dealer registered pursuant to Section
				  8-1103
				  of the Act, the registration of the predecessor shall be deemed to remain
				  effective as the registration of the successor if the successor, within thirty
				  days after such succession, files an application for registration on Form BD,
				  and the predecessor files a notice of withdrawal from registration on Form
				  BDW.
013.01 The registration of the
				predecessor broker-dealer will cease to be effective as the registration of the
				successor broker-dealer forty-five days after the application for registration
				on Form BD is filed by such successor.
013.02 Notwithstanding any other provision of
				this Rule, if a broker-dealer succeeds to and continues the business of a
				registered broker-dealer, and the succession is based solely on a change in the
				predecessor's date or state of incorporation, form of organization, or
				composition of a partnership, the successor may, within thirty days after the
				succession, amend the registration of the predecessor on Form BD to reflect
				these changes. This amendment is deemed an application for registration filed
				by the predecessor and adopted by the successor.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-014 - VERIFICATION OF IMMIGRATION STATUS

Current through June 17, 2024
Every broker-dealer who registers agents to transact business
				  in Nebraska must verify the citizenship and immigration status of each agent
				  registered to transact business on its behalf in Nebraska and submit such
				  verification to the Department.
014.01
				For each agent identified as a qualified legal alien, the broker-dealer must
				submit a completed United States Citizenship Attestation Form, and a legible,
				current and unexpired copy of the front and back of one of the currently
				acceptable forms of documentation required by the Systematic Alien Verification
				for Entitlements Program and the Department of Homeland Security.
014.02 The broker-dealer shall maintain, as a
				required record, a copy of the completed United States Citizenship Attestation
				Form for each agent registered in Nebraska, regardless of citizenship or
				immigration status.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-015 - USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ON PRODUCTS AND SERVICES

Current through June 17, 2024
Broker-dealers shall not be deemed to be "transacting
				  business" in this state for purposes of Section
				  8-1103
				  of the Act based solely on the use of the Internet, world wide web, and similar
				  proprietary or common carrier electronic systems (hereinafter the "Internet"")
				  to distribute information on available products and services through certain
				  communications made on the Internet directed generally to anyone having access
				  to the Internet, and transmitted through postings on bulletin boards, social
				  networking sites, blogs or similar sites, displays on "Home Pages" or similar
				  methods (hereinafter, "Internet Communications") if the following conditions
				  are observed:
015.01 The Internet
				Communications contain a disclosure statement in which it is clearly stated
				that:
015.01A The broker-dealer in question
				may only transact business in this state if first registered, excluded, or
				exempted from the broker-dealer registration requirements of the Act;
				and
015.01B The broker-dealer will
				not make follow-up, individualized responses to persons in this state, that
				involve either the effecting or attempting to effect transactions in
				securities, unless the broker-dealer has complied with, or has qualified for an
				applicable exemption or exclusion from, the broker-dealer registration
				requirements of the Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 4 - BROKER-DEALERS › Section 48-4-016 - DISHONEST AND UNETHICAL BUSINESS PRACTICES

Current through June 17, 2024
016.01 The
				conduct set forth in 48 NAC 12.002 constitutes "an act, practice or course of
				business which operates, or would operate, as a fraud or deceit upon another
				person" by a broker-dealer for purposes of Section
				8-1102(1)(c)
				 of the Act.
016.02 The conduct set forth in 48 NAC 12.003
				and 48 NAC 12.004 constitutes a "dishonest or unethical business practice" by a
				broker-dealer for purposes of Section
				8-1103(9)(a)(vii)
				 of the Act.
016.03 The delineation of certain acts and
				practices is not intended to be all inclusive. Acts or practices not enumerated
				in 48 NAC 12.002 and 48 NAC 12.003 may also be deemed fraudulent and
				dishonest.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1120
				of the Securities Act of Nebraska ("Act").
001.02 The Department has determined that
				this Rule relating to issuer-dealers is consistent with investor protection and
				is in the public interest.
001.03
				The Director may, on a case-by-case basis, and with prior written notice to the
				affected persons, require adherence to additional standards or policies, as
				deemed necessary in the public interest.
001.04 The definitions in 48 NAC 2 apply to
				the provisions of this Rule, unless otherwise specified.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-002 - ELIGIBILITY

Current through June 17, 2024
An issuer may be licensed to sell its own securities if the
				  issuer is located in Nebraska, or if the issuer registers its securities by
				  qualification and proposes to sell its securities in this state without the
				  benefit of a registered broker-dealer.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-003 - APPLICATION

Current through June 17, 2024
Applications for initial registration as an issuer-dealer
				  shall be filed with the Director and consist of the following:
003.01 A signed copy of an Application for
				Registration as Issuer-Dealer ("Application"), together with all applicable
				schedules and exhibits specified therein complete, accurate and
				current.;
003.02 A copy of the
				issuer's most recent financial statements, either audited or signed, under
				penalty of perjury, by an officer, director, trustee, general partner, or
				limited liability company managing member attesting that the statements are
				true and accurate to the best of the signer's knowledge and belief;
003.03 A corporate surety bond in the amount
				of twenty-five thousand dollars ($25, 000.00), if the issuer's net capital is
				less than twenty-five thousand dollars ($25, 000.00).
003.03A An issuer-dealer's net worth is
				computed on the basis of total assets minus total liabilities.
003.03B An issuer-dealer may request a
				signature bond in lieu of the net worth or surety bond requirement and the
				Director may allow the issuer-dealer to post the signature bond, if the
				Director finds that the net worth or the surety bond requirement causes an
				undue burden upon the issuer-dealer.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-004 - QUALIFICATIONS

Current through June 17, 2024
004.01 The issuer-dealer shall be of good
				repute, knowledgeable of the Act, and meet the requirements of the Act and
				rules adopted thereunder.
004.02
				The issuer-dealer shall not conduct a general securities business and shall not
				normally be engaged in the business of selling securities.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-006 - RENEWAL

Current through June 17, 2024
The issuer-dealer licensing period runs concurrently with the
				  registration of said issuer-dealer's securities in this state. An
				  issuer-dealer's registration may be renewed by filing the information specified
				  in Section 003, above, before the expiration of its
				  registration.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-007 - AMENDMENT

Current through June 17, 2024
Whenever a material change in operations occurs or is
				  discovered, a registered issuer-dealer shall promptly file an amendment to its
				  Application with the Director. Material changes include, but are not limited
				  to:
007.01 A change in the name or
				names under which business is conducted in Nebraska and the firm's business
				address;
007.02 A change in the
				ownership, management or control of the firm;
007.03 A change in type of entity, general
				plan or character of its business, or method of operation;
007.04 Insolvency, dissolution, liquidation,
				receivership, bankruptcy, or a material adverse change or impairment of working
				capital, or non-compliance with the minimum net capital or bond
				requirements;
007.05 The
				termination of business; or
007.06
				The filing of any of the following actions against the firm, a partner, limited
				liability company member, officer, or director of the firm, or any person in a
				similar position; or an agent:
007.06A A
				criminal charge alleging a misdemeanor involving a security or commodity or any
				aspect of the securities or commodities business, or any felony;
007.06B Any civil action in which a
				fraudulent, dishonest, or unethical act is alleged or any violation of a
				securities law is involved; or
007.06C The entry of an order or proceeding
				by any court or administrative agency against the firm denying, suspending, or
				revoking its license, or threatening to do so, or enjoining it from engaging in
				or continuing any conduct or practice in the securities business.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-008 - CORRECTION OF DOCUMENTS

Current through June 17, 2024
If the information contained in any document filed with the
				  Director is, or becomes, inaccurate or incomplete in any material respect, the
				  issuer-dealer shall file a correcting amendment on the Application within
				  thirty days of the date that information becomes inaccurate or
				  incomplete.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-009 - AGENTS

Current through June 17, 2024
Any person who is involved directly or indirectly in the sale
				  of securities of the issuer-dealer must be licensed as an agent of the
				  issuer-dealer by the Department.
009.01 An agent must have sufficient training
				and knowledge of the securities business, and must meet the requirements of the
				Act and this Rule.
009.02 Partners,
				officers, directors and managing members of an issuer-dealer may effect sales
				of securities of the issuer-dealer without registration as agents, provided two
				partners, officers, directors, or managing members shall have taken and passed
				either the Nebraska Securities Law Exam, administered by the Department, or a
				securities examination administered by the Financial Industry Regulatory
				Authority ("FINRA"), acceptable to the Director.
009.03 An application for initial
				registration as an agent of an issuer-dealer shall be filed with the Director
				and consists of the following:
009.03A A copy
				of a signed Application for Registration as Agent of Issuer-Dealer, together
				with all applicable schedules and exhibits specified therein, complete,
				accurate and current;
009.03B A
				filing fee of forty dollars ($ 40.00) ; and
009.03C Any other information the Director
				may require.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-010 - DENIAL, SUSPENSION OR REVOCATION OF LICENSE

Current through June 17, 2024
010.01 An
				issuer-dealer's license may be denied, suspended, or revoked if it, or any
				partner, limited liability company member, officer, or director of the
				issuer-dealer, or any person occupying a similar status or performing similar
				functions for the issuer-dealer, has engaged in violations of the Act or rules
				adopted thereunder, or has engaged in dishonest or unethical practices in the
				securities business.
010.02 An
				agent's license may be denied, suspended, or revoked by the Director if the
				agent has engaged in violations of the Act, or rules adopted thereunder, or
				otherwise engaged in dishonest or unethical practices in the securities
				business.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-011 - ADVERTISING RESTRICTION

Current through June 17, 2024
No advertising may be used in connection with the sale of
				  securities by the issuer-dealer or agent, unless the advertising material has
				  received the prior approval of the Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-012 - SUITABILITY

Current through June 17, 2024
012.01 No issuer-dealer or agent of an
				issuer-dealer may sell securities of the issuer-dealer unless he or she has
				reasonable grounds to believe that the investment is suitable for the investor,
				based upon the investor's other securities holdings, and the investor's
				financial situation and needs.
012.02 The issuer-dealer must keep written
				records which establish the basis for the issuer-dealer or agent's
				determination that the securities of the issuer-dealer are suitable for each
				investor.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-013 - REGISTRATION REPRESENTATIONS

Current through June 17, 2024
No issuer-dealer or agent shall make material representations
				  to a prospective investor in connection with the sale of securities of the
				  issuer-dealer that are not contained in the prospectus or registration
				  statement which has been registered or filed as an exemption with the
				  Department.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-014 - SALES LITERATURE

Current through June 17, 2024
No sales literature, other than the prospectus which has been
				  registered or filed as an exemption with the Department, may be used by the
				  issuer-dealer or agent in connection with the sale of securities of the
				  issuer-dealer.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-016 - DISHONEST AND UNETHICAL BUSINESS PRACTICES

Current through June 17, 2024
016.01 The
				conduct set forth in 48 NAC 12.002 constitutes "an act, practice or course of
				business which operates, or would operate, as a fraud or deceit upon another
				person" by an issuer-dealer or its agent for purposes of Section
				8-1102(1)(c)
				 of the Act.
016.02 The conduct set forth in 48 NAC 12.003
				constitutes "dishonest or unethical business practices" by an issuer-dealer or
				its agent for purposes of Section
				8-1103(9)(a)(vii)
				 of the Act.
016.03 The delineation of certain acts and
				practices is not intended to be all inclusive. Acts or practices not enumerated
				in 48 NAC 12.002 may also be deemed fraudulent and dishonest.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 5 - ISSUER-DEALERS › Section 48-5-017 - VERIFICATION OF IMMIGRATION STATUS

Current through June 17, 2024
Every issuer-dealer who registers issuer-dealer agents to
				  transact business in Nebraska must verify the citizenship or immigration status
				  of each issuer-dealer agent registered to transact business on its behalf in
				  Nebraska and submit such verification to the Department.
017.01 For each issuer-dealer agent
				identified as a qualified legal alien, the issuer-dealer must submit a
				completed United States Citizenship Attestation Form, and one of the currently
				acceptable forms of documentation required by the Systematic Alien Verification
				for Entitlements Program and the Department of Homeland Security.
017.02 The issuer-dealer shall maintain, as a
				required record, a copy of the completed United States Citizenship Attestation
				Form for each issuer-dealer agent registered in Nebraska, regardless of
				citizenship or immigration status. Such records shall be maintained for a
				period of five years.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1120
				of the Securities Act of Nebraska ("Act").
001.02 The Department has determined that
				this Rule relating to agents of broker-dealers is consistent with investor
				protection and is in the public interest.
001.03 The Director may, on a case-by-case
				basis, and with prior written notice to the affected persons, require adherence
				to additional standards or policies, as deemed necessary in the public
				interest.
001.04 The definitions in
				48 NAC 2 apply to the provisions of this Rule, unless otherwise
				specified.
001.05 Federal statutes
				and rules of the Securities and Exchange Commission ("SEC") and of the
				Financial Industry Regulatory Authority ("FINRA") referenced herein means those
				statutes and rules as amended on or before the effective date of this Rule. A
				copy of the statutes or rules referenced in this Rule is available as an
				appendix to this rule at
www.ndbf.nebraska.gov
.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-002 - REGISTRATION

Current through June 17, 2024
An agent may be registered to transact business in Nebraska
				  if he or she complies with the Act and the rules promulgated
				  thereunder.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-003 - CENTRAL REGISTRATION DEPOSITORY

Current through June 17, 2024
The Department utilizes the Central Registration
				  Depository/Investment Advisor Registration Depository ("CRD/IARD") to register
				  agents, and to terminate, renew, and transfer agent
				  registrations.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-004 - APPLICATION

Current through June 17, 2024
An agent's application for registration must be submitted to
				  the Director by the employing broker-dealer.
004.01 Broker-dealers that are affiliated
				with the Financial Industry Regulatory Authority ("FINRA broker-dealers") must
				submit a Uniform Application for Securities Industry Registration or Transfer
				("Form U4") and application fee of forty dollars ($ 40.00) to the Director
				through CRD/IARD. For purposes of Section
				8-1103(4)(a)
				 of the Act, a form submitted through
				CRD/IARD is deemed filed with the Director when the record is transmitted to
				the Director for review.
004.02
				Broker-dealers that are not affiliated with FINRA ("non-FINRA broker-dealers")
				must submit the agent's Form U4 and application fee of forty dollars ($ 40.00)
				directly to the Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-005 - RENEWAL

Current through June 17, 2024
An agent's registration must be renewed annually by the
				  employing broker-dealer prior to the broker-dealer's December 31 renewal
				  date.
005.01 FINRA broker-dealers must
				submit the agent's renewal fee to the Director through CRD/IARD.
005.02 Non-FINRA broker-dealers must submit
				the agent's renewal fee directly to the Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-006 - TERMINATION

Current through June 17, 2024
To terminate an agent's registration under the Act, a Uniform
				  Termination Notice For Securities Industry Registration ("Form U5") must be
				  submitted by the former employing broker-dealer within thirty days after the
				  agent's termination.
006.01 FINRA
				broker-dealers must submit the agent's Form U5 to the Director through the
				CRD/IARD system.
006.02 Non-FINRA
				broker-dealers must submit the agent's Form U5 directly to the
				Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-007 - DUAL AND MULTIPLE REGISTRATION

Current through June 17, 2024
Dual and multiple registration is prohibited in Nebraska
				  except when an agent is in the process of transferring his or her registration
				  or when the broker-dealers involved are affiliates.
007.01 Dual registration pending transfer is
				permitted only if the following conditions are satisfied:
007.01A The agent's new broker-dealer
				notifies the Director about the transfer within seven days after the agent's
				termination with his or her former broker-dealer.
007.01B The agent's new broker-dealer submits
				the agent's Form U4 to the Director within twenty-one days after the notice of
				termination has been submitted.
007.01C The agent does not have a
				disciplinary history that must be disclosed on Form U4.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-008 - QUALIFYING EXAMINATIONS

Current through June 17, 2024
An agent is required to take and pass the following
				  examinations administered by FINRA:
008.01 The Uniform Securities Agent State Law
				Examination (Series 63 examination); and
008.02 The examinations required by FINRA
				pursuant to FINRA Rule 1220.
008.03
				The Uniform Combined State Law Examination (Series 66 examination) may be taken
				in lieu of the Series 63 examination by any agent who also takes and passes the
				General Securities Representative Examination (Series 7 examination).
008.04 This examination requirement shall be
				waived for an applicant who has previously passed the required written
				examinations provided that such applicant does not have a gap in registration
				longer than two years before the date of the filing of the present registration
				application.
008.05 The Director
				may waive the requirement of this section if the Director finds the waiver is
				consistent with investor protection and is in the public interest.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-009 - CORRECTION OF DOCUMENTS

Current through June 17, 2024
If the information contained in any document filed with the
				  Director is or becomes inaccurate or incomplete in any material respect, the
				  agent shall file a correcting amendment on Form U4 within the time period
				  specified in the instructions to that form.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-010 - USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ON PRODUCTS AND SERVICES

Current through June 17, 2024
Agents shall not be deemed to be "transacting business" in
				  this state for purposes of Section
				  8-1103
				  of the Act based solely on the use of the Internet, world wide web, and similar
				  proprietary or common carrier electronic systems (hereinafter the "Internet")
				  to distribute information on available products and services through certain
				  communications made on the Internet directed generally to anyone having access
				  to the Internet, and transmitted through postings on bulletin boards, social
				  networking sites, blogs or similar sites, displays on "Home Pages" or similar
				  methods (hereinafter, "Internet Communications") if the following conditions
				  are observed:
010.01 The Internet
				Communications contain a disclosure statement which clearly states that:
010.01A The agent in question may only
				transact business in this state if first registered or excluded or exempted
				from the agent registration requirements of the Act; and
010.01B The agent will not make follow-up,
				individualized responses to persons in this state that involve either the
				effecting or attempting to effect transactions in securities, unless the agent
				has complied with, or has qualified for an applicable exemption or exclusion
				from, the agent registration requirements of the Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 6 - AGENTS OF BROKER-DEALERS › Section 48-6-011 - DISHONEST AND UNETHICAL BUSINESS PRACTICES

Current through June 17, 2024
011.01 The
				conduct set forth in 48 NAC 12.002 constitutes "an act, practice or course of
				business which operates, or would operate, as a fraud or deceit upon another
				person" by an agent for purposes of Section
				8-1102(1)(c)
				 of the Act.
011.02 The conduct set forth in 48 NAC
				12.003, 48 NAC 12.004 and 48 NAC 12.005 constitutes "dishonest or unethical
				business practices" by an agent for purposes of Section
				8-1103(9)(a)(vii)
				 of the Act.
011.03 The delineation of certain acts and
				practices is not intended to be all inclusive. Acts or practices not enumerated
				therein may also be deemed fraudulent and dishonest.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1120
				of the Securities Act of Nebraska ("Act").
001.02 The Department has determined that
				this Rule relating to investment advisers is consistent with investor
				protection and is in the public interest.
001.03 The Director may, on a case-by-case
				basis, and with prior written notice to the affected persons, require adherence
				to additional standards and policies, as deemed necessary in the public
				interest.
001.04 The definitions in
				48 NAC 2 apply to the provisions of this Rule, unless otherwise
				specified.
001.05 Federal statutes
				and rules of the Securities and Exchange Commission ("SEC"), the Financial
				Industry Regulatory Authority ("FINRA"), or the Financial Accounting Standards
				Board ("FASB") referenced herein means those statutes and rules as amended on
				or before the effective date of this Rule. A copy of the statutes or rules
				referenced in this Rule is available as an appendix to this rule at
http://www.ndbf.ne.gov/legal/title48.shtml
.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-002 - APPLICATION

Current through June 17, 2024
The application for initial registration as an investment
				  adviser pursuant to Section
				  8-1103
				  of the Act shall be filed as directed in Section 005, below, and contain the
				  following information:
002.01 Uniform
				Application for Investment Adviser Registration, ("Form ADV"), together with
				all applicable schedules and exhibits specified therein, complete, accurate and
				current;
002.02 A current and
				correct copy of the firm's articles of incorporation, partnership or
				organization, and any amendments thereto, if applicable;
002.03 A corporate resolution if
				applicable;
002.04 A completed
				"Affidavit of Investment Advisory Activity in Nebraska";
002.05 Financial statements as required by
				Section 009, below;
002.06 Specimen
				contracts or agreements relating to Nebraska clients;
002.07 Form ADV, Part 2 for the firm, the
				brochure supplement for each investment adviser representative, and any other
				promotional or disclosure literature to be furnished or disseminated to any
				client or prospective client in Nebraska;
002.08 A fee in the amount of two hundred
				dollars ($ 200.00); and
002.09 Any
				other information the Director may require.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-003 - RENEWAL AND UPDATES

Current through June 17, 2024
003.01 An
				investment adviser's registration automatically expires annually on December
				31. An investment adviser's registration must be renewed on or prior to that
				date.
003.02 An application for
				renewal of registration as an investment adviser pursuant to Section
				8-1103
				of the Act shall be filed annually as directed in Section 005, below, and
				contain the following information:
003.02A
				Financial statements as required by Section 009, below;
003.02B Specimen contracts or agreements
				relating to Nebraska clients;
003.02C A fee in the amount of two hundred
				dollars ($ 200.00); and
003.02D Any
				other information the Director may require.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-004 - WITHDRAWAL

Current through June 17, 2024
An application for withdrawal of registration as an
				  investment adviser pursuant to Section
				  8-1103
				  of the Act shall be filed on Notice of Withdrawal from Registration as
				  Investment Adviser, ("Form ADV-W"), as directed in Section 005,
				  below.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-005 - FORMS SUBMISSION

Current through June 17, 2024
005.01 All
				investment adviser applications, amendments, and fees required to be filed with
				the Director pursuant to the rules promulgated under the Act, shall be filed
				electronically with, and transmitted to, the Central Registration
				Depository/Investment Adviser Registration Depository ("CRD/IARD"). All other
				documents required by this Rule shall be filed directly with the Director.
005.02 With respect to any
				document filed electronically through CRD/IARD, when a signature or signatures
				are required by the particular instructions of any filing to be made through
				CRD/IARD, a duly authorized officer of the applicant or the applicant him or
				herself, as required, shall affix his or her electronic signature to the filing
				by typing his or her name in the appropriate fields and submitting the filing
				to CRD/IARD. Submission of a filing in this manner constitutes irrefutable
				evidence of legal signature by any individual whose name is typed on the
				filing.
005.03 A form submitted
				through CRD/IARD is deemed filed with the Department when the record is
				transmitted to the Department for review.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-006 - SUPERVISION

Current through June 17, 2024
An investment adviser is ultimately responsible for the acts
				  of its investment adviser representatives and other associated persons and must
				  maintain reasonable supervision and control over such persons at all
				  times.