reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-007 - 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 investment adviser shall
				  promptly file a correcting amendment on the appropriate form within the time
				  period specified in the instructions to that form. Such amendments and
				  corrections shall be filed as directed in Section 005, above.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-008 - FINANCIAL REQUIREMENTS

Current through June 17, 2024
008.01 An
				investment adviser registered or required to be registered under the Act shall:
008.01A Maintain at all times a minimum net
				capital of twenty-five thousand dollars ($25, 000.00); or
008.01B Post a surety bond on a form
				acceptable to the Director in the amount of twenty-five thousand dollars ($25,
				000.00).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-009 - FINANCIAL REPORTING REQUIREMENTS

Current through June 17, 2024
009.01 Every
				registered investment adviser who has custody of client funds or securities or
				who requires payment of advisory fees six months or more in advance and in
				excess of twelve hundred dollars ($1, 200.00) per client, shall file with the
				Director audited financial statements showing at a minimum the assets,
				liabilities and net capital of the investment adviser as of the end of the
				investment adviser's fiscal year. This requirement does not apply to an
				investment adviser having custody solely as a consequence of its authority to
				make withdrawals from client accounts to pay its advisory fee and who complies
				with the safekeeping requirements in subsections
				012.02C2 through
				012.02C4, below.
009.01A The financial statements must be:
009.01A1 Examined in accordance with
				generally accepted auditing standards and prepared in conformity with generally
				accepted accounting principles;
009.01A2 Audited by an independent public
				accountant or an independent certified public accountant; and
009.01A3 Accompanied by an opinion of the
				accountant as to the report of financial position, and by a note stating the
				principles used to prepare it, the basis of included securities, and any other
				explanations required for clarity.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-010 - INVESTMENT ADVISER BROCHURE

Current through June 17, 2024
010.01 Unless
				otherwise provided in this Rule, an investment adviser registered or required
				to be registered pursuant to Section
				8-1103
				of the Act shall, in accordance with the provisions of this subsection, furnish
				each advisory client and prospective advisory client with:
010.01A A brochure which may be a copy of
				Part 2A of its Form ADV or written documents containing the information
				required by Part 2A of Form ADV;
010.01B A copy of the Form ADV Part 2B
				brochure supplement for each individual that:
010.01B1 Provides investment advice and has
				direct contact with clients in this state; or
010.01B2 Exercises discretion over assets of
				clients in this state, even if no direct contact is involved;
010.01C A copy of the Form ADV
				Part 2A Appendix 1 wrap fee brochure if the investment adviser sponsors or
				participates in a wrap fee account;
010.01D A summary of material changes, which
				may be included in Form ADV Part 2 or given as a separate document;
				and
010.01E Such other information
				as the Director may require.
010.01F The brochure must comply with the
				language, organizational format and filing requirements specified in the
				instructions to Form ADV Part 2.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-011 - ASSIGNMENTS

Current through June 17, 2024
For purposes of Section
				  8-1102(3)(b)
				   of the Act, a transaction which does not
				  result in a change of actual control or management of an investment adviser is
				  not an assignment.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-013 - BUSINESS CONTINUITY AND SUCCESSION PLANNING

Current through June 17, 2024
Every investment adviser registered or required to be
				  registered under the Act shall establish, implement, and maintain written
				  procedures relating to a business continuity and succession plan. The plan
				  shall be based upon the facts and circumstances of the investment adviser's
				  business model including the size of the firm, type(s) of services provided,
				  and the number of locations of the investment adviser. The plan shall provide
				  for at least the following:
013.01 The
				protection, backup, and recovery of books and records.
013.02 Alternate means of communication with
				customers, regulators, key personnel, employees, vendors, and service
				providers, including third party custodians. Such communications shall include,
				but not be limited to, providing notice of a significant business interruption
				or the death or unavailability of key personnel or other disruptions or
				cessation of business activities.
013.03 Office relocation in the event of
				temporary or permanent loss of a principal place of business.
013.04 Assignment of duties to qualified
				responsible persons in the event of the death or unavailability of key
				personnel.
013.05 Otherwise
				minimizing service disruptions and client harm that could result from a sudden
				significant business interruption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-014 - REGISTRATION OF SUCCESSOR TO REGISTERED INVESTMENT ADVISER

Current through June 17, 2024
In the event that an investment adviser succeeds to and
				  continues the business of an investment adviser 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 ADV,
				  and the predecessor files a notice of withdrawal from registration on Form
				  ADV-W.
014.01 The registration of the
				predecessor investment adviser will cease to be effective as the registration
				of the successor investment adviser forty-five days after the application for
				registration on Form ADV is filed by such successor.
014.02 Notwithstanding any other provision of
				this Section:
014.02A A Form ADV filed by an
				investment adviser partnership which is not registered when such form is filed
				and which succeeds to and continues the business of a predecessor partnership
				registered as an investment adviser shall be deemed to be an application for
				registration even though designated as an amendment if it is filed to reflect
				the changes in the partnership and to furnish required information concerning
				any new partners.
014.02B A Form
				ADV filed by an investment adviser corporation which is not registered when
				such form is filed and which succeeds to and continues the business of a
				predecessor corporation registered as an investment adviser shall be deemed to
				be an application for registration even though designated as an amendment if
				the succession is based solely on a change in the predecessor's state of
				incorporation and the amendment is filed to reflect that change.
014.02C A Form ADV filed by an investment
				adviser corporation, partnership, sole proprietorship or other entity which is
				not registered when such form is filed and which succeeds to and continues the
				business of a predecessor corporation, partnership, sole proprietorship or
				other entity registered as an investment adviser shall be deemed to be an
				application for registration even though designated as an amendment if the
				succession is based solely on a change in the predecessor's form of
				organization and the amendment is filed to reflect that change.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-015 - VERIFICATION OF IMMIGRATION STATUS

Current through June 17, 2024
Every investment adviser who registers investment adviser
				  representatives to transact business in Nebraska must verify the citizenship or
				  immigration status of each investment adviser representative registered to
				  transact business on its behalf in Nebraska and submit such verification to the
				  Department.
015.01 For each investment
				adviser representative identified as a qualified legal alien, the investment
				adviser 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.
015.02 The
				investment adviser shall maintain, as a required book or record under 48 NAC
				10.002.21, a copy of the completed United States Citizenship Attestation Form
				for each investment adviser representative 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 7 - INVESTMENT ADVISERS › Section 48-7-016 - COMPLIANCE PROCEDURES AND PRACTICES

Current through June 17, 2024
016.01 An
				investment adviser registered or required to be registered pursuant to Section
				8-1103
				of the Act shall adopt and implement written policies and procedures reasonably
				designed to prevent violation of the Act and the rules adopted under the Act by
				the investment adviser and any investment adviser representative or other
				employee or agent.
016.02 An
				investment adviser shall review the adequacy of the policies and procedures
				established pursuant to this Section and the effectiveness of their
				implementation on an annual basis and document such review.
016.03 An investment adviser shall designate
				an investment adviser representative registered with the Department who is
				responsible for administering the policies and procedures adopted under this
				Section.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-017 - USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ON PRODUCTS AND SERVICES

Current through June 17, 2024
Investment advisers 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:
017.01 The Internet
				Communication contains a disclosure statement in which it is clearly stated
				that:
017.01A The investment adviser in
				question may only transact business in this state if first registered, excluded
				or exempted from the investment adviser registration requirements of the Act;
				and
017.01B The investment adviser
				will not make follow-up, individualized responses to persons in this state that
				involve the rendering of personalized investment advice for compensation,
				unless the investment adviser has complied with, or has qualified for an
				applicable exemption or exclusion from, the investment adviser registration
				requirements of the Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-018 - INVESTMENT ADVISER INFORMATION SECURITY AND PRIVACY POLICIES

Current through June 17, 2024
018.01 Physical Security and Cybersecurity
				Policies and Procedures. Every investment adviser registered or required to be
				registered shall establish, implement, update, and enforce written physical
				security and cybersecurity policies and procedures reasonably designed to
				ensure the confidentiality, integrity, and availability of physical and
				electronic records and information. The policies and procedures must be
				tailored to the investment adviser's business model, taking into account the
				size of the firm, type(s) of services provided, and the number of locations of
				the investment adviser. The physical security and cybersecurity policies and
				procedures must:
018.01A Protect against
				reasonably anticipated threats or hazards to the security or integrity of
				client records and information;
018.01B Ensure that the investment adviser
				safeguards confidential client records and information;
018.01C Protect any records and information
				the release of which could result in harm or inconvenience to any client;
				and
018.01D Cover at least the
				following five functions:
018.01D1 Identify.
				Develop the organizational understanding to manage information security risk to
				systems, assets, data, and capabilities;
018.01D2 Protect. Develop and implement the
				appropriate safeguards to ensure delivery of critical infrastructure services;
018.01D3 Detect. Develop and
				implement the appropriate activities to identify the occurrence of an
				information security event;
018.01D4 Respond. Develop and implement the
				appropriate activities to take action regarding a detected information security
				event; and
018.01D5 Recover.
				Develop and implement the appropriate activities to maintain plans for
				resilience and to restore any capabilities or services that were impaired due
				to an information security event.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 7 - INVESTMENT ADVISERS › Section 48-7-019 - DISHONEST OR UNETHICAL BUSINESS PRACTICES

Current through June 17, 2024
019.01 The conduct
				set forth in 48 NAC 12.006 l constitutes "an act, practice or course of
				business which operates, or would operate, as a fraud or deceit upon another
				person" by an investment adviser for purposes of Section
				8-1102
				of the Act and "dishonest or unethical business practices" by an investment
				adviser for purposes of Section
				8-1102
				and Section
				8-1103
				of the Act.
019.02 The delineation
				of certain acts and practices is not intended to be all inclusive. Acts or
				practices not enumerated in 48 NAC 12.006 may also be deemed fraudulent and
				dishonest.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-001 - 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 federal covered advisers is consistent
				with investor protection and is in the public interest.
001.03 The definitions in 48 NAC 2 shall
				apply to the provisions of this Rule, unless otherwise specified.
001.04 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 applicable
				statutes or rules referenced in this Rule is attached hereto.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-002 - NOTICE FILING

Current through June 17, 2024
Every federal covered adviser doing business in Nebraska
				  shall, pursuant to Section
				  8-1103(3)
				   of the Act, file with the Central Registry
				  Depository/Investment Adviser Registration Depository ("CRD/IARD") a notice
				  containing the following information:
002.01 A copy of Application for Investment
				Adviser Registration ("Form ADV"), Part 1A and Part 2, together with all
				applicable schedules, as filed with the Securities and Exchange Commission
				("SEC") for registration as an investment adviser pursuant to Section 203 of
				the Investment Advisers Act of 1940;
002.02 Either a consent to service of process
				in Nebraska or a signed and fully executed page 1 of Form ADV, that consents to
				the appointment of the Director of the Department of Banking and Finance as the
				agent of the federal covered adviser for service of process in Nebraska.
002.02A 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 shall constitute 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 8 - FEDERAL COVERED ADVISERS › Section 48-8-003 - RENEWAL

Current through June 17, 2024
003.01 Federal covered adviser notice filings
				automatically expire annually on December 31. Notice filings by federal covered
				advisers must be renewed on or prior to that date.
003.02 The notice filing may be renewed
				annually by filing the following information with CRD/IARD:
003.02A A copy of all amendments to Form ADV,
				Part 1A and Part 2, together with all applicable schedules, that have not
				previously been filed with the Director; and
003.02B A fee in the amount of two hundred
				dollars ($ 200.00) to be paid through CRD/IARD.
003.02C A notice filing of a federal covered
				adviser shall be deemed filed when the filing fee and Form ADV are filed with,
				and accepted by, CRD/IARD on behalf of Nebraska.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-004 - WITHDRAWAL

Current through June 17, 2024
If a federal covered adviser is no longer conducting business
				  in the state, the federal covered adviser shall notify the Director, through
				  CRD/IARD, by filing Notice of Withdrawal from Registration as Investment
				  Adviser, ("Form ADV-W"). A notice of withdrawal is deemed effective when filed
				  with, and accepted by, CRD/IARD on behalf of Nebraska.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-005 - CORRECTION OF DOCUMENTS

Current through June 17, 2024
005.01 If the information contained in any
				document filed pursuant to this Rule is or becomes inaccurate or incomplete in
				any material respect, the federal covered adviser shall file a correcting
				amendment.
005.02 Any amendment
				required by Section 005.01, above, for a federal covered adviser shall be made
				on Form ADV in the manner prescribed by that form.
005.03 Any amendment to Form ADV shall be
				filed 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 8 - FEDERAL COVERED ADVISERS › Section 48-8-006 - SUPERVISION

Current through June 17, 2024
A federal covered 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.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-007 - ASSIGNMENTS

Current through June 17, 2024
For purposes of Section
				  8-1102(3)(b)
				   of the Act, a transaction which does not
				  result in a change of actual control or management of a federal covered adviser
				  is not an assignment.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-008 - NOTICE FILING BY A SUCCESSOR TO FEDERAL COVERED ADVISER

Current through June 17, 2024
In the event that a federal covered adviser succeeds to and
				  continues the business of a federal covered adviser for which a notice filing
				  has been made pursuant to Section
				  8-1103(b)
				   of the Act or succeeds to and continues the
				  business of a registered investment adviser, the notice filing or registration
				  of the predecessor shall be deemed to remain effective as the notice filing of
				  the successor if the successor, within thirty days from such succession, files
				  a copy of its Form ADV, and the predecessor files a copy of Form ADV-W if and
				  when filed with the SEC.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 8 - FEDERAL COVERED ADVISERS › Section 48-8-009 - VERIFICATION OF IMMIGRATION STATUS

Current through June 17, 2024
Every federal covered adviser who registers investment
				  adviser representatives to transact business in Nebraska must verify the
				  citizenship and immigration status of each investment adviser representative
				  registered to transact business on its behalf in Nebraska and submit such
				  verification to the Department.
009.01
				For each investment adviser representative identified as a qualified legal
				alien, the federal covered adviser 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.
009.02 The federal covered adviser shall
				maintain a copy of the completed United States Citizenship Attestation Form for
				each investment adviser representative 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 8 - FEDERAL COVERED ADVISERS › Section 48-8-010 - DISHONEST OR UNETHICAL BUSINESS PRACTICES

Current through June 17, 2024
010.01 The conduct set forth in 48 NAC 12.005
				shall constitute "an act, practice or course of business which operates, or
				would operate, as a fraud or deceit upon another person," for purposes of
				Section
				8-1102(2)(b)
				 of the Act and "dishonest or unethical
				business practices" for purposes of Section
				8-1102(2)(d)
				 of the Act by a federal covered
				adviser.
010.02 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 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-001 - 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 investment adviser representatives 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 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
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 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-002 - APPLICATION

Current through June 17, 2024
The application for initial registration as an investment
				  adviser representative pursuant to Section
				  8-1103(3)
				   of the Act shall be filed as directed in
				  Section 008, below, and contain the following information:
002.01 Uniform Application for Securities
				Industry Registration or Transfer ("Form U4"), complete, accurate, and
				current;
002.02 Proof of passage of
				a qualifying examination set forth in Section 00 3, below;
002.03 A copy of Form ADV Part 2B;
002.03A An investment adviser representative
				affiliated with a federal covered adviser is responsible for ensuring that Form
				ADV Part 2B is filed with the Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-003 - EXAMINATION REQUIREMENTS

Current through June 17, 2024
003.01 The
				investment adviser representative shall have taken and passed the following
				qualifying examinations administered by the Financial Industry Regulatory
				Authority:
003.01A The Uniform Investment
				Adviser Licensing Examination (Series 65 examination) after January 1, 2000;
				or
003.01B The Uniform Combined
				State Law Examination (Series 66 examination) after January 1, 2000 and the
				General Securities Representative Examination (Series 7).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-004 - RENEWAL

Current through June 17, 2024
004.01 All investment adviser representative
				registrations automatically expire annually on December 31. An investment
				adviser's registration must be renewed on or prior to that date.
004.02 The application for renewal of
				registration as an investment adviser representative pursuant to Section
				8-1103(5)
				 of the Act shall be filed as directed in
				Section 008 below, and contain the following information:
004.02A Amendments (if any) to the investment
				adviser representative's Form U4;
004.02B A copy of Form ADV Part 2B supplement
				for the investment adviser representative;
004.02B1 An investment adviser representative
				affiliated with a federal covered adviser is responsible for ensuring that the
				Form ADV Part 2B is filed with the Director.
004.02C A fee in the amount of forty dollars
				($40.00); and
004.02D Any other
				information the Director may require.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-005 - AMENDMENT OF DOCUMENTS

Current through June 17, 2024
005.01 If the
				information contained in any document filed with the Director is or becomes
				inaccurate or incomplete in any material respect, the investment adviser
				representative shall file a correcting amendment.
005.02 Any amendment required by this Section
				for an investment adviser representative shall be made on Form U4 in the manner
				prescribed by that form, or as otherwise designated by the Director.
005.03 All amendments shall be filed as
				directed in Section 008, below.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-006 - WITHDRAWAL

Current through June 17, 2024
The application for withdrawal of registration as an
				  investment adviser representative pursuant to Section
				  8-1103(9)(d)
				   of the Act shall be filed upon Form U5,
				  Uniform Notice of Withdrawal of Securities Industry Registration, as directed
				  in Section 008, below.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-007 - DUAL REGISTRATION

Current through June 17, 2024
Registration as an investment adviser representative with
				  more than one investment adviser or federal covered adviser at the same time is
				  prohibited except when the investment adviser representative is in the process
				  of transferring his or her registration or when the investment advisers or
				  federal covered advisers are affiliates.
007.01 Dual registration pending transfer is
				permitted only if the following conditions are satisfied:
007.01A The investment adviser
				representative's new investment adviser or federal covered adviser notifies the
				Director about the transfer within seven days after the investment adviser
				representative's termination with his or her former investment adviser or
				federal covered adviser.
007.01B
				The investment adviser representative's new investment adviser or federal
				covered adviser submits the agent's Form U4 to the Director within twenty-one
				days after the notice of termination has been submitted.
007.01C The investment adviser representative
				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 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-008 - FORMS SUBMISSION

Current through June 17, 2024
008.01 All
				investment adviser representative applications, amendments, related filings and
				fees required to be filed with the Director pursuant to the rules promulgated
				under this Act, shall be filed electronically with, and transmitted to, the
				Central Registration Depository/Investment Advisers Registration Depository
				("CRD/IARD").
008.02 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, the applicant 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 constitute s
				irrefutable evidence of legal signature by any individuals whose names are
				typed on the filing.
008.03 For
				purposes of Section
				8-1103(4)(a)
				 of the Act, a form submitted through the
				CRD/IARD is deemed filed with the Director when the record is transmitted to
				the Director for review.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-009 - REGISTRATION OF INVESTMENT ADVISER REPRESENTATIVES OF FEDERAL COVERED ADVISERS

Current through June 17, 2024
An investment adviser representative of a federal covered
				  adviser is required to register pursuant to Neb. Rev. Stat. §
									8-1103(3)
				   only if he or she satisfies the following
				  conditions:
009.01 The investment
				adviser representative has an office in Nebraska at which the investment
				adviser representative regularly provides, or has a location in Nebraska which
				the investment adviser holds out to the general public as a location at which
				the investment adviser representative provides, investment advisory services,
				solicits, meets with, or otherwise communicates with clients.
009.02 The investment adviser representative
				is a partner, officer, director, or other person occupying a similar status or
				performing similar functions, or employee of a federal covered adviser, or
				other person who provides investment advice on behalf of the federal covered
				adviser and is subject to the supervision and control of the federal covered
				adviser ("supervised person") who:
009.02A Has
				more than five clients who are natural persons and more than ten percent of
				whose clients are natural persons (other than excepted persons as defined in
				Section 009.02C1, below); and
009.02B On a regular basis solicits, meets
				with, or otherwise communicates with clients of a federal covered adviser, or
				does not provide only "impersonal investment advice," as defined in Section
				010.02C3, below.
009.02C For
				purposes of this Section:
009.02C1 "Excepted
				person" means a natural person who immediately after entering into the
				investment advisory contract with the investment adviser has at least seven
				hundred fifty thousand dollars ($750,000.00) under management with the
				investment adviser, or who the investment adviser reasonably believes,
				immediately prior to entering into the advisory contract, has a net worth,
				together with assets held jointly with a spouse, at the time the contract is
				entered into of more than one million five hundred thousand dollars
				($1,500,000.00).
009.02C2 The
				supervised person may rely on the definition of client in 17 C.F.R. 275.
				202(a)(30)-1 to identify clients for purposes of this Section, except that a
				supervised person need not count clients who are not residents of the United
				States.
009.02C3 Impersonal
				investment advice means investment advisory services provided by means of
				written material or oral statements that do not purport to meet the objectives
				or needs of specific individuals or accounts.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-010 - BROCHURE SUPPLEMENT DELIVERY

Current through June 17, 2024
010.01 An
				investment adviser shall disclose, on the Form ADV Part 2B supplement, any
				alternate name under which the investment adviser representative conducts
				business.
010.02 An investment
				adviser representative of a federal covered adviser shall provide a copy of the
				investment adviser representative's Form ADV Part 2B supplement in accordance
				with 48 NAC 7.010.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-011 - USING THE INTERNET FOR GENERAL DISSEMINATION OF INFORMATION ON PRODUCTS AND SERVICES

Current through June 17, 2024
Investment adviser representatives are not 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, the world wide web, and
				  similar proprietary or common carrier electronic systems (hereinafter the
				  "Internet") to distribute information on available 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:
011.01 The Internet
				Communications contain a disclosure statement in which it is clearly stated
				that:
011.01A The investment adviser
				representative in question may only transact business in this state if first
				registered or excluded or exempted from the investment adviser representative
				registration requirements of the Act; and
011.01B The investment adviser representative
				will not make follow-up, individualized responses to persons in this state that
				involve the rendering of personalized investment advice for compensation,
				unless the investment adviser representative has complied with, or has
				qualified for an applicable exemption or exclusion from, the investment adviser
				representative registration requirements of the Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 9 - INVESTMENT ADVISER REPRESENTATIVES › Section 48-9-012 - DISHONEST OR UNETHICAL BUSINESS PRACTICES

Current through June 17, 2024
012.01 The
				conduct set forth in 48 NAC 12.005 constitutes "an act, practice or course of
				business which operates, or would operate, as a fraud or deceit upon another
				person," for purposes of Section
				8-1102(2)(b)
				 of the Act and "dishonest or unethical
				business practices" for purposes of Section
				8-1102(2)(d)
				 and Section
				8-1103(9)(a)(vii)
				 of the Act by an investment adviser
				representative.
012.02 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 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-001 - 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 recordkeeping by 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 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 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-002 - GENERAL RECORD-KEEPING REQUIREMENTS

Current through June 17, 2024
Every investment adviser registered or required to be
				  registered under the Act shall make and keep true, accurate and current the
				  following books, ledgers and records:
002.01 A journal or journals, including cash
				receipts and disbursements records, and any other records of original entry
				forming the basis of entries in any ledger.
002.02 General and auxiliary ledgers, or
				other comparable records, reflecting asset, liability, reserve, capital, income
				and expense accounts.
002.03 A
				memorandum of each order given by the investment adviser for the purchase or
				sale of any security; of any instruction received by the investment adviser
				from the client concerning the purchase, sale, receipt, or delivery of a
				particular security; and of any modification or cancellation of any such order
				or instruction.
002.03A Such memorandum shall
				identify:
002.03A1 The terms and conditions
				of the order, instruction, modification or cancellation;
002.03A2 The person connected with the
				investment adviser who recommended the transaction to the client and the person
				who placed such order; and
002.03A3
				The account for which entered, the date of entry, and the broker-dealer or
				other entity by or through whom executed, where appropriate.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-003 - RECORDKEEPING BY INVESTMENT ADVISERS WITH CUSTODY OF CLIENT SECURITIES OR FUNDS

Current through June 17, 2024
In addition to the records required by Section 002, above, an
				  investment adviser which has custody or possession of securities or funds of
				  any client as that term is defined in 48 NAC 7.012.04B shall be required to
				  make and keep the following records:
003.01 A copy of any and all documents
				executed by the client, including a limited power of attorney, under which the
				adviser is authorized or permitted to withdraw a client's funds or securities
				maintained with a custodian upon the adviser's instruction to the
				custodian.
003.02 A journal or
				other record showing all purchases, sales, receipts and deliveries of
				securities, including certificate numbers, for all accounts and all other
				debits and credits to the accounts.
003.03 A separate ledger account for each
				client showing all purchases, sales, receipts, and deliveries of securities,
				the date and price of each such purchase and sale, and all debits and
				credits.
003.04 Copies of
				confirmations of all transactions effected by or for the account of any such
				client.
003.05 A record for each
				security in which any client has an interest, showing the name of each client
				having any interest in that security, the amount or interest of each client,
				and the location of that security.
003.06 A copy of each of the client's
				quarterly account statements, as generated and delivered by the qualified
				custodian. If the investment adviser also generates a statement that is
				delivered to the client, the investment adviser shall also maintain copies of
				such statements along with the date such statements were sent to the
				clients.
003.07 If applicable to
				the investment adviser's situation, a copy of the special examination report
				verifying the completion of the examination by an independent certified public
				accountant and describing the nature and extent of the examination.
003.08 A record of any finding by the
				independent certified public accountant of any material discrepancies found
				during the examination.
003.09 If
				applicable, evidence of the client's designation of an independent
				representative.
003.10 If an
				investment adviser has custody because it advises a pooled investment vehicle,
				as defined in 48 NAC 7.012.04B1c, the investment adviser shall also keep the
				following records:
003.10A True, accurate and
				current account statements;
003.10B
				Where the adviser complies with 48 NAC 7.012.02D the records required to be
				made and kept shall include:
003.10B1 The
				date(s) of the audit;
003.10B2 A
				copy of the audited financial statements; and
003.10B3 Evidence of the mailing of the
				audited financial statements to all limited partners, members or other
				beneficial owners within one hundred twenty days of the end of its fiscal
				year.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-004 - RECORDKEEPING BY INVESTMENT ADVISERS WHICH RENDER INVESTMENT SUPERVISORY OR MANAGEMENT SERVICES

Current through June 17, 2024
In addition to the records required by Section 002, above, an
				  investment adviser which renders any investment supervisory or management
				  service to any client shall, to the extent the information is reasonably
				  available to or obtainable by the investment adviser, make and keep true,
				  accurate and current the following records with respect to each portfolio being
				  supervised or managed:
004.01 Separate
				records for each client showing the securities purchased and sold, and the
				date, amount and price of each such purchase and sale; and
004.02 For each security in which any client
				has a current position, records from which the investment adviser can promptly
				furnish the name of the client, and the current amount or interest of the
				client.
004.03 For purposes of this
				subsection, "investment supervisory services" means the giving of continuous
				advice as to the investment of funds on the basis of the individual needs of
				each client; and "discretionary power" shall not include discretion as to the
				price at which or the time when a transaction is or is to be effected, if,
				before the order is given by the investment adviser, the client has directed or
				approved the purchase or sale of a definite amount of the particular
				security.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-005 - CLIENT IDENTITY

Current through June 17, 2024
Any books or records required by this Rule may be maintained
				  by the investment adviser in such 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.