reglab/statecodes huggingface dataset:
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-006 - RETENTION

Current through June 17, 2024
006.01 All books and records required by this
				Rule, except for books and records required by the provisions of subsections
				002.11 and 002.16, above, shall be maintained and preserved in an easily
				accessible place for a period of not less than five years from the end of the
				fiscal year during which the last entry was made on such record, the first two
				years in the principal office of the investment adviser.
006.02 Partnership articles and any
				amendments, articles of incorporation, and charters, minute books, and stock
				certificate books of the investment adviser, and of any predecessor, shall be
				maintained in the principal office of the investment adviser and preserved
				until at least three years after termination of the enterprise.
006.03 Books and records required by
				subsections 002.11 and 002.16, above, shall be maintained and preserved in an
				easily accessible location for a period of not less than five years, the first
				two years in the principal office of the investment adviser, from the end of
				the fiscal year during which the investment adviser last published or otherwise
				disseminated, directly or indirectly, the notice, circular, advertisement,
				newspaper article, investment letter, bulletin, or other communication,
				including by electronic media.
006.04 Books and records required to be made
				under the provisions of subsections 002.17 to 002.22, above, inclusive, shall
				be maintained and preserved in an easily accessible place for a period of not
				less than five years from the end of the fiscal year during which the last
				entry was made on such record, the first two years in the principal office of
				the investment adviser, or for the time period during which the investment
				adviser was registered or required to be registered in the state, if
				less.
006.05 Notwithstanding other
				record preservation requirements of this Rule, the following records or copies
				shall be required to be maintained at the business location of the investment
				adviser from which the customer or client is being provided or has been
				provided with investment advisory services:
(A) the records required to be preserved
				under Subsections 002.03, 002.07 through 002.10, 002.14, 002.15, and 002.17
				through 002.19. and Subsections 003 and 004 Subsections 002.11 and 002.16,
				above, which records or related records identify the name of the investment
				adviser representative providing investment advice from that business location,
				or which identify the business location's physical address, mailing address,
				electronic mailing address, or telephone number. The records shall be
				maintained for the period described in this subsection.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-007 - PERSERVATION OF BOOKS AND RECORDS

Current through June 17, 2024
Before ceasing to conduct business as an investment adviser,
				  an investment adviser shall arrange for and be responsible for preserving the
				  books and records required to be maintained and preserved under this Rule for
				  the remainder of the period specified therein and shall notify the Director in
				  writing of the exact address where such books and records will be maintained
				  during such period.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-008 - PRODUCTION OF BOOKS AND RECORDS

Current through June 17, 2024
The records required to be maintained and preserved pursuant
				  to this Rule shall be immediately produced or reproduced by an investment
				  adviser.
008.01 Such records may be
				maintained and preserved for the required time by an investment adviser on:
008.01A Paper or hard copy form, as those
				records are kept in their original form; or
008.01B Micrographic media, including
				microfilm, microfiche, or any similar medium; or
008.01C Electronic storage media, including
				any digital storage medium or system that meets the terms of this
				section.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 10 - RECORDKEEPING BY INVESTMENT ADVISERS › Section 48-10-009 - EXCEPTIONS

Current through June 17, 2024
The provisions of this Rule shall not apply to any investment
				  adviser whose principal place of business is not located in this state
				  provided:
009.01 Such investment
				adviser is registered in the state in which its principal place of business is
				located; and
009.02 Such investment
				adviser is in compliance with the recordkeeping requirements established by the
				state in which its principal place of business is located.
009.03 For purposes of this Section,
				principal place of business shall mean the executive office of the investment
				adviser from which the officers, partners, or managers of the investment
				adviser direct, control, and coordinate the activities of the investment
				adviser.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 11 - PERFORMANCE BASED COMPENSATION › Section 48-11-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1102(3)
				 and Section
				8-1120(3)
				 of the Securities Act of Nebraska
				("Act").
001.02 The Department has
				determined that this Rule relating to performance based compensation for
				investment advisers and 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 parties, require adherence
				to additional standards or policies, as deemed necessary in the public
				interest.
001.04 The definitions in
				48 NAC 2 shall 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 applicable statutes or rules referenced in this Chapter is attached
				hereto.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 11 - PERFORMANCE BASED COMPENSATION › Section 48-11-002 - REQUIREMENT

Current through June 17, 2024
Notwithstanding the provisions of Section
				  8-1102(3)(a),
				  an investment adviser may enter into, perform, renew or extend an investment
				  advisory contract that provides for compensation to the investment adviser on
				  the basis of a share of the capital gains upon, or the capital appreciation of,
				  the funds, or any portion of the funds, of a client, if:
002.01 The investment adviser is not
				registered and is not required to be registered pursuant to Section
				8-1103(2)
				 of the Act; or
002.02 The following conditions are met:
002.02A The client entering into the contract
				is a "qualified client", as defined by Rule 205-3 under the Investment Advisers
				Act of 1940 (
				17
				C.F.R. §
											275.205-3 ); and
002.02B To the extent not otherwise disclosed
				on Uniform Application for Investment Adviser Registration, Form ADV Part 2,
				the investment adviser must disclose in writing to the client all material
				information concerning the proposed advisory arrangement, including the
				following:
002.02B1 That the fee arrangement
				may create an incentive for the investment adviser to make investments that are
				riskier or more speculative than would be the case in the absence of a
				performance fee;
002.02B2 Where
				relevant, that the investment adviser may receive increased compensation with
				regard to unrealized appreciation as well as realized gains in the client's
				account;
002.02B3 The periods which
				will be used to measure investment performance throughout the contract and
				their significance in the computation of the fee;
002.02B4 The nature of any index which will
				be used as a comparative measure of investment performance, the significance of
				the index, and the reason the investment adviser believes that the index is
				appropriate; and
002.02B5 Where the
				investment adviser's compensation is based in part on the unrealized
				appreciation of securities for which market quotations are not readily
				available within the meaning of Rule 2a-4(a)(1) under the Investment Company
				Act of 1940, 17 C.F.R. 270.2 a- 4(a)(1), how the securities will be valued and
				the extent to which the valuation will be independently determined.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 11 - PERFORMANCE BASED COMPENSATION › Section 48-11-003 - IDENTIFICATION OF THE CLIENT

Current through June 17, 2024
In the case of a private investment company, as defined in
				  Section 005.02 below, an investment company registered under the Investment
				  Company Act of 1940, or a business development company, as defined in section
				  202(a)(22) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b-
				  2(a)(22)
				  ), each equity owner of any such company (except for the investment adviser
				  entering into the contract and any other equity owners not charged a fee on the
				  basis of a share of capital gains or capital appreciation) will be considered a
				  client for purposes of Section 002 of this Rule.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 11 - PERFORMANCE BASED COMPENSATION › Section 48-11-004 - TRANSITION RULE

Current through June 17, 2024
An investment adviser or investment adviser representative
				  that entered into a contract before the effective date of this Rule and
				  satisfied the conditions of 48 NAC 18, Performance Based Compensation, issued
				  February 25, 1992, in effect on the date that the contract was entered into
				  will be considered to satisfy the conditions of this Rule. This Rule will apply
				  with respect to any natural person or company who is not a party to the
				  contract prior to and becomes a party to the contract after the effective date
				  of these amendments.
004.01 If an
				investment adviser entered into a contract and satisfied the conditions of this
				Rule that were in effect when the contract was entered into, the adviser will
				be considered to satisfy the conditions of this Rule; provided, however, that
				if a natural person or company who was not a party to the contract becomes a
				party, including an equity owner of a private investment company advised by the
				adviser, the conditions of this Rule in effect when the person or company
				becomes a party to the contract will apply with regard to that person or
				company.
004.02 If an investment
				adviser was not required to register pursuant to Section
				8-1103(2)
				 of the Act and was not registered, Section
				8-1102(3)(a)
				 of the Act shall not apply to an advisory
				contract entered into when the investment adviser was not required to register
				and was not registered; provided, however, that the investment adviser was in
				compliance with all rules and regulations regarding performance based
				compensation in any jurisdiction in which the investment adviser was registered
				or required to be registered at the time of entering into the advisory
				contract.
004.03 Solely for
				purposes of this section, a transfer of an equity ownership interest in a
				private investment company by gift or bequest, or pursuant to an agreement
				related to a legal separation or divorce, will not cause the transferee to
				"become a party" to the contract, and will not cause Section
				8-1102(3)(a)
				 of the Act to apply to such
				transferee.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 11 - PERFORMANCE BASED COMPENSATION › Section 48-11-005 - DEFINITIONS

Current through June 17, 2024
For the purposes of this Rule:
005.01 The term "company" has the same
				meaning as in section 202(a)(5) of the Investment Advisers Act of 1940 ( 15
				U.S.C. 80b-
				2(a)(5)
				), but does not include a company that is required to be registered under the
				Investment Company Act of 1940 but is not registered.
005.02 The term "private investment company"
				means a company that would be defined as an investment company under section
				3(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a-
				3(a)
				) but for the exception provided from that definition by section 3(c)(1) of
				such Act ( 15 U.S.C. 80a-
				3(c)(1)
				).
005.03 [Repealed]
005.04 [Repealed]
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 11 - PERFORMANCE BASED COMPENSATION › Section 48-11-006

Current through June 17, 2024
Nothing in the Rule, or the amendment of any previous rule
				  regarding performance based compensation, shall be construed to alter the
				  obligation of an investment adviser, as a fiduciary, to deal fairly with its
				  clients and to make full and fair disclosure of its compensation arrangements,
				  including disclosure of all material information regarding a proposed
				  performance fee arrangement as well as any material conflicts posed by this
				  arrangement.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 12 - FRAUDULENT, DISHONEST AND UNETHICAL BUSINESS PRACTICES › Section 48-12-001 - 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 Director has determined that this
				Rule relating to unethical and fraudulent business practices by broker-dealers,
				agents, investment advisers, federal covered advisers, and 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 The delineation
				in this Rule of certain acts and practices is not intended to be all inclusive.
				Acts or practices not enumerated herein may also be deemed fraudulent or
				dishonest.
001.06 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 12 - FRAUDULENT, DISHONEST AND UNETHICAL BUSINESS PRACTICES › Section 48-12-003 - UNETHICAL PRACTICES FOR BROKER-DEALERS, ISSUER-DEALERS, AND AGENTS

Current through June 17, 2024
A broker-dealer, issuer-dealer or agent who engages in one or
				  more of the following practices shall be deemed to have engaged in a "dishonest
				  or unethical practice" as used in Section
				  8-1103(9)(a)(vii)
				   of the Act:
003.01 Any acts or practices enumerated in
				Section 002, above.
003.02 In
				connection with the solicitation of a sale or purchase of an Over the Counter
				("OTC"), unlisted, non-Nasdaq security, failing to promptly provide the most
				current prospectus or the most recent periodic report filed under Section 13 of
				the Securities Exchange Act of 1934,
				15 U.S.C.
				78m, when requested to do so by a
				customer.
003.03 Marking any order
				tickets or confirmations as unsolicited when in fact the transaction was
				solicited.
003.04 Failing to
				provide documentation of unsolicited sales to the Department upon request,
				pursuant to 48 NAC 14.
003.05
				Failing to provide each customer with a statement of account which, with
				respect to all OTC non-Nasdaq equity securities in the account, contains a
				value for each such security based on the closing market bid on a date certain.
003.05A This statement must cover any month
				in which activity has occurred in a customer's account, but in no event shall
				be provided less than every three months.
003.05B This subsection applies only if the
				firm has been a market maker in such security at any time during the month in
				which the monthly or quarterly statement is issued.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 12 - FRAUDULENT, DISHONEST AND UNETHICAL BUSINESS PRACTICES › Section 48-12-004 - DISHONEST AND UNETHICAL PRACTICES FOR BROKER-DEALERS AND AGENTS IN CONNECTION WITH THE SALE OF INVESTMENT COMPANY SECURITIES

Current through June 17, 2024
A broker-dealer or agent who engages in one or more of the
				  following practices shall be deemed to have engaged in "dishonest or unethical
				  practices in the securities business" as used in Section
				  8-1103(9)(a)(vii)
				   of the Act:
004.01 Sales Load Communications.
004.01A In connection with the offer or sale
				of investment company shares, failing to adequately disclose to a customer all
				sales charges, including asset based and contingent deferred sales charges,
				which may be imposed with respect to the purchase, retention or redemption of
				such shares.
004.01B In connection
				with the solicitation of investment company shares, stating or implying to a
				customer that the shares are sold without a commission, are "no load" or have
				"no sales charge" if there is associated with the purchase of the shares a
				front-end load, a contingent deferred sales load, a SEC Rule 12b-1 fee,
				17
				CFR 270.12b-1, or a service fee which exceeds
				one-quarter of one percent of average net fund assets per year, or in the case
				of closed-end investment company shares, underwriting fees, commissions or
				other offering expenses.
004.01C In
				connection with the solicitation of investment company shares, failing to
				disclose to a customer any relevant:
004.01C1
				Sales charge discount on the purchase of shares in dollar amounts at or above a
				breakpoint; or
004.01C2 Letter of
				intent feature, if available, which will reduce the sales charges to the
				customer.
004.01D In
				connection with the solicitation of investment company shares, recommending to
				a customer the purchase of a specific class of investment company shares in
				connection with a multi-class sales charge or fee arrangement without
				reasonable grounds to believe that the sales charge or fee arrangement
				associated with such class of shares is suitable and appropriate based on the
				customer's investment objectives, financial situation and other securities
				holdings, and the associated transaction or other fees.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 12 - FRAUDULENT, DISHONEST AND UNETHICAL BUSINESS PRACTICES › Section 48-12-005 - UNETHICAL PRACTICES FOR AGENTS

Current through June 17, 2024
An agent of a broker-dealer or issuer-dealer who engages in
				  one or more of the following practices shall be deemed to have engaged in a
				  "dishonest or unethical practice" as used in Section
				  8-1103(9)(a)(vii)
				   of the Act:
005.01 Engaging in the practice of lending or
				borrowing money or securities from a customer, or acting as a custodian of
				money, securities or an executed stock power of a customer, unless such
				customer is a member of the agent's immediate family.
005.01A For purposes of this subsection,
				"immediate family" means a spouse, child, sibling, parent, grandparent, or
				grandchild, including stepparents, stepchildren, stepsiblings, and adoptive
				relationships.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 12 - FRAUDULENT, DISHONEST AND UNETHICAL BUSINESS PRACTICES › Section 48-12-006 - FRAUDULENT AND DISHONEST OR UNETHICAL PRACTICES FOR INVESTMENT ADVISERS, FEDERAL COVERED ADVISERS AND INVESTMENT ADVISER REPRESENTATIVES

Current through June 17, 2024
An investment adviser, federal covered adviser, or investment
				  adviser representative, or any person who receives any consideration from
				  another person primarily for advising the other person as to the value of
				  securities or their purchase or sale (collectively "adviser") who engages in
				  one or more of the following practices shall be deemed to have engaged in an
				  "act, practice, or course of business which operates or would operate as a
				  fraud" for purposes of Section
				  8-1102(2)(b)
				   or a "dishonest or unethical practice" as
				  used in Section
				  8-1102(2)(d)
				   and Section
				  8-1103(9)(a)(vii)
				   of the Act:
006.01 Recommending the purchase, sale or
				exchange of any security to a client without reasonable grounds to believe the
				recommendation is suitable for the client based on:
006.01A Information furnished by the
				client;
006.01B Reasonable inquiry
				concerning the client's investment objectives, financial situation and needs by
				the adviser or its registered representative; and
006.01C Any other information known or
				acquired by the adviser after reasonable examination of any records provided to
				the adviser by the client.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 13 - APPROVED EXCHANGES FOR THE SECTION 8-1110(5) EXCHANGE EXEMPTION › Section 48-13-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Sections
				8-1120
				and
				8-1110(5)
				 of the Securities Act of Nebraska
				("Act").
001.02 The Department has
				determined that this Rule relating to Section
				8-1110(5)
				 of the Act is consistent with investor
				protection and is in the public interest.
001.03 The definitions in 48 NAC 2 apply to
				the provisions of this Rule, unless otherwise specified.
001.04 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
.
001.05 The provisions of this Rule do not
				apply to any security that is a federal covered security pursuant to the
				provisions of Section 18(b)(1) of the Securities Act of 1933.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 13 - APPROVED EXCHANGES FOR THE SECTION 8-1110(5) EXCHANGE EXEMPTION › Section 48-13-002 - DESIGNATION OF APPROVED EXCHANGES

Current through June 17, 2024
Stock exchanges specified by or approved under Section
				  8-1110(5)
				   of the Securities Act of Nebraska, are as
				  follows:
002.01 The securities
				exchanges specified by Section 18(b)(1) of the Securities Act of 1933 and
				17 CFR
				230.146; and
002.02 The Chicago Stock Exchange.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 13 - APPROVED EXCHANGES FOR THE SECTION 8-1110(5) EXCHANGE EXEMPTION › Section 48-13-003 - DISCLOSURE

Current through June 17, 2024
Nothing in this exemption is intended to relieve, or should
				  be construed as in any way relieving, sellers or persons acting on behalf of
				  sellers from providing to prospective investors disclosure adequate to satisfy
				  the provisions of Section
				  8-1102(1)
				   of the Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 13 - APPROVED EXCHANGES FOR THE SECTION 8-1110(5) EXCHANGE EXEMPTION › Section 48-13-004 - BURDEN OF PROOF

Current through June 17, 2024
In any proceeding involving this Rule, the burden of proving
				  the exemption from registration is upon the person claiming the
				  exemption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 14 - RECORD KEEPING REQUIREMENTS FOR THE SECTION 8-1111 (3) EXEMPTION › Section 48-14-001 - 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 recordkeeping requirements for the
				exemption from registration pursuant to Section
				8-1111(3)
				 of the Act 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 shall 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 14 - RECORD KEEPING REQUIREMENTS FOR THE SECTION 8-1111 (3) EXEMPTION › Section 48-14-002 - RECORDKEEPING

Current through June 17, 2024
The following requirements must be met by registered
				  broker-dealers relying upon the exemption from registration contained in
				  Section
				  8-1111(3)
				   of the Act.
002.01 In transactions involving an
				unsolicited order or offer to buy, the broker-dealer shall require the customer
				to acknowledge upon a specified form that the sale was unsolicited.
002.02 The broker-dealer shall retain a
				signed copy of each such form for a period of five years from the date of each
				sale made in reliance upon this exemption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 14 - RECORD KEEPING REQUIREMENTS FOR THE SECTION 8-1111 (3) EXEMPTION › Section 48-14-003 - PRODUCTION OF RECORDS

Current through June 17, 2024
The broker-dealer shall provide copies of any and all
				  records required by this Rule to the Department upon request.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Sections
				8-1120(3)
				 and
				8-1111(9)
				 of the Securities Act of Nebraska
				("Act").
001.02 The Department has
				determined that this Rule relating to Section
				8-1111(9)
				 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 shall
				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 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 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-002 - NOTICE FILING REQUIREMENT

Current through June 17, 2024
The notice required by Section
				  8-1111(9)(a)
				   of the Act will be satisfied if the
				  conditions of this Rule are met.
002.01 Such notice shall be filed with the
				Nebraska Department of Banking and Finance, P.O. Box 95006, Lincoln, Nebraska
				68509-5006.
002.02 Such notice
				shall be filed within thirty days of the first sale made in reliance on this
				exemption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-003 - CONTENTS OF NOTICE

Current through June 17, 2024
The notice filed by a seller pursuant to Section
				  8-1111(9)(a)
				   shall include the following
				  information:
003.01 The name and
				address of the issuer and the name and address of the seller, if other than the
				issuer;
003.02 The name and address
				of the broker-dealer representing the seller in promoting the offering or, if
				there is no broker-dealer representing the seller, the name and address of any
				officer, director, manager, member or other person representing the seller in
				promoting the offering;
003.03 The
				business in which the issuer is to be engaged;
003.04 The type of security being issued
				(common stock, limited partnership interests, debentures, etc.);
003.05 The total dollar amount of such
				securities sold as of the date of the filing, whether in Nebraska or
				elsewhere;
003.06 The dollar amount
				to be offered during the twelve-month period following the filing, whether in
				Nebraska or elsewhere;
003.07 The
				date of the first sale made in reliance on this exemption; and
003.08 A representation that all of the
				conditions of Section
				8-1111(9)
				 of the Act have been or will be
				met.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-004 - ADDITIONAL FILINGS

Current through June 17, 2024
An issuer which meets the requirements set forth below shall
				  file audited financial statements and a sales report with the Director.
004.01 An issuer is required to make such
				filing after the issuer has made:
004.01A
				Sales pursuant to Section
				8-1111(9)(a)
				 for five consecutive twelve-month periods;
				or
004.01B Total sales of one
				million dollars ($1,000, 000.00) from one or more offerings pursuant to Section
				8-1111(9)(a).
004.01B1 In determining the total amount of
				sales for purposes of determining the necessity of complying with this
				provision, the issuer shall include sales to persons excluded from the fifteen
				person limitation under Section
				8-1111(9)(a).
004.01B2 In determining the total amount of
				sales for purposes of determining the necessity of complying with this
				provision, the issuer shall include all sales of securities, regardless of the
				location of the purchaser or the location where the transaction
				occurred.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-005 - DISCLOSURE

Current through June 17, 2024
Nothing in this exemption is intended to relieve, or should
				  be construed as in any way relieving, sellers or persons acting on behalf of
				  sellers from providing to prospective investors disclosure adequate to satisfy
				  the provisions of Section
				  8-1102(1)
				   of the Act.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-006 - INVESTMENT INTENT

Current through June 17, 2024
The seller must have reasonable belief that the securities
				  purchased are taken for investment. Investment intent may be manifested by, but
				  is not limited to, a restriction which shall be stated on the face of the
				  security that it shall be held by the purchaser until the earlier of the date
				  the issuer of the securities becomes subject to the reporting requirements of
				  Section 13 or 15(d) of the Securities Exchange Act of 1934,
				  15 U.S.C. §
										78m or
				  15
				  U.S.C. § 78o(d) or one year from the date of purchase.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-007 - EFFECTIVENESS

Current through June 17, 2024
A notice of exemption filed pursuant to Section
				  8-1111(9)(a)
				   of the Act shall remain effective until the
				  earlier of the following events:
007.01
				Sales to fifteen persons, other than persons designated in Sections
				8-1111(8),(11)
				and (17) of the Act, have been effected;
				or
007.02 One year from the date of
				the first sale.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-008 - AVAILABILITY OF EXEMPTION

Current through June 17, 2024
008.01 Offers and sales which are exempt
				under this rule may not be combined with offers and sales exempt under any
				other Rule or Section of the Act, except as specifically allowed in Section
				8-1111(9)
				 of the Act; however, nothing in this
				limitation shall act as an election. Should, for any reason, the offer and sale
				fail to comply with all of the conditions for this exemption, the seller may
				claim the availability of any other applicable exemption.
008.02 This exemption is not available to any
				seller with respect to any transaction which, although in technical compliance
				with this Rule, is part of a plan or scheme to evade registration or the
				conditions or limitations explicitly stated in this Rule.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-009 - CURE ORDERS

Current through June 17, 2024
If the notice required by Section
				  8-1111(9)(a)
				   of the Act and this Rule is not filed within
				  thirty days of the first sale made in reliance on this exemption, the seller
				  shall file the information required by 48 NAC 19.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 15 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(9) DE MINIMUS EXEMPTION › Section 48-15-010 - BURDEN OF PROOF

Current through June 17, 2024
In any proceeding involving this Rule, the burden of proving
				  the exemption from registration is upon the person claiming the
				  exemption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 16 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(15) COOPERATIVE AND LIMITED COOPERATIVE ASSOCIATION EXEMPTION › Section 48-16-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to the authority delegated to the Director in Sections
				8-1120
				and
				8-1111(15)
				 of the Securities Act of Nebraska
				("Act").
001.02 The Department has
				determined that this Rule relating to Section
				8-1111(15)
				 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 16 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(15) COOPERATIVE AND LIMITED COOPERATIVE ASSOCIATION EXEMPTION › Section 48-16-002 - NOTICE FILING REQUIREMENT

Current through June 17, 2024
The notice required by Section
				  8-1111(15)
				   of the Act will be satisfied if the
				  conditions of this Rule are met.
002.01 Such notice shall be filed with the
				Nebraska Department of Banking and Finance, P.O. Box 95006, Lincoln, Nebraska
				68509-5006.
002.02 Such notice
				shall be filed prior to the issuance of any security made in reliance upon this
				exemption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 16 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(15) COOPERATIVE AND LIMITED COOPERATIVE ASSOCIATION EXEMPTION › Section 48-16-003 - CONTENTS OF NOTICE

Current through June 17, 2024
The notice shall contain the following information:
003.01 The name and address of the
				cooperative or limited cooperative association;
003.02 The date of incorporation and the
				statute under which the cooperative or limited cooperative association was
				organized;
003.03 The amount of its
				authorized capital stock;
003.04
				The type of security being issued: identify whether it is a certificate of
				participation or interest, a certificate of indebtedness, common stock,
				preferred stock, or other;
003.05
				The total amount of the securities to be sold by the issuer in
				Nebraska;
003.06 An indication as
				to whom sales will be made: present members, patrons, or the general
				public;
003.07 A brief description
				of the methods by which the securities will be sold;
003.08 The names and addresses of the persons
				who will be selling the securities and their relationship to the cooperative or
				limited cooperative association;
003.09 A complete copy of the financial
				statements for the past two years;
003.10 A brief description of the intended
				use of the proceeds;
003.11 The
				interest rate to be paid, if the offering involves debt securities;
				and
003.12 A copy of the disclosure
				document to be provided to prospective investors, if the cooperative or limited
				cooperative association does not have a past history of offering
				securities.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 16 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(15) COOPERATIVE AND LIMITED COOPERATIVE ASSOCIATION EXEMPTION › Section 48-16-004 - AMENDMENTS

Current through June 17, 2024
If, during the offering period, an event occurs which would
				  materially affect the issuer, its prospects or properties, or otherwise
				  materially affect the accuracy or completeness of the information required in
				  Section 003, above, the notice shall be promptly revised to reflect such event
				  and filed with the Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 16 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(15) COOPERATIVE AND LIMITED COOPERATIVE ASSOCIATION EXEMPTION › Section 48-16-005 - EFFECTIVENESS

Current through June 17, 2024
A notice of exemption filed pursuant to Section
				  8-1111(15)
				   of the Act remains in effect until the
				  earliest of the following occurrences:
005.01 The amount of securities stated in the
				notice submitted to the Director is sold;
005.02 Until the issue is discontinued by
				resolution of the Board of Directors of the cooperative or limited cooperative
				association; or
005.03 Three years
				from the date of the initial filing of the notice under this Rule.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 16 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(15) COOPERATIVE AND LIMITED COOPERATIVE ASSOCIATION EXEMPTION › Section 48-16-006 - BURDEN OF PROOF

Current through June 17, 2024
In any proceeding involving this Rule, the burden of proving
				  the exemption from registration is upon the person claiming the
				  exemption.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 18 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(20) NEBRASKA INTRASTATE ISSUER EXEMPTION › Section 48-18-001 - GENERAL

Current through June 17, 2024
001.01 This Rule has been promulgated
				pursuant to authority delegated to the Director in Section
				8-1111(20)
				 and Section
				8-1120
				of the Securities Act of Nebraska ("Act").
001.02 The Department has determined that
				this Rule regarding intrastate offerings 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 parties, 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 18 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(20) NEBRASKA INTRASTATE ISSUER EXEMPTION › Section 48-18-002 - CONDITIONS OF EXEMPTION

Current through June 17, 2024
Transactions meeting the conditions of this Rule will be
				  deemed exempt from the registration provisions of the Act.
002.01 The offer or sale of securities
				pursuant to this Rule may be made only to Nebraska residents. No offers or
				sales may be made to persons who are not residents of Nebraska nor may offers
				or sales be made outside Nebraska.
002.02 An issuer relying on the Rule must
				have, both before and upon completion of the offering, its principal office and
				more than fifty percent of its employees located in Nebraska.
002.03 No commission, finder's fee, or other
				remuneration shall be paid or given, directly or indirectly, to any person for
				soliciting any prospective purchaser or in connection with sales of securities
				in reliance on this Rule, unless such person is registered in this state as a
				broker-dealer or issuer-dealer, or agent of such.
002.04 The offering price for the securities,
				and the exercise price, if the securities offered are options, warrants or
				rights for common stock, and the conversion price if the securities are
				convertible into common stock, must be equal to or greater than five dollars
				($5.00) per share or unit offered.
002.05 The total aggregate amount of proceeds
				collected in a twelve-month period shall not exceed one million two hundred
				fifty thousand dollars ($1,250,000.00).
002.06 At least eighty percent of the net
				proceeds from the sale of the offering shall be used in Nebraska.
002.07 The issuer shall file a notice, as
				specified in Section 003, below, with the Nebraska Department of Banking and
				Finance, P.O. Box 95006, Lincoln, Nebraska 68509-5006, no later than twenty
				days prior to any sales for which an exemption under this Rule is claimed.
002.07A The Director shall notify the issuer
				of the date on which the notice of exemption becomes effective.
002.07B Such notice is effective for a period
				of twelve consecutive months from the effective date established by the
				Director.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 18 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(20) NEBRASKA INTRASTATE ISSUER EXEMPTION › Section 48-18-003 - CONTENTS OF NOTICE

Current through June 17, 2024
003.01 The notice
				shall include the following information:
003.01A The name and address of the
				issuer;
003.01B The names and
				addresses of the broker-dealer or issuer-dealer, and any individuals selling or
				promoting the offering;
003.01C The
				business in which the issuer is to be engaged;
003.01D The type of security being issued
				(common stock, limited partnership interests, debentures, etc.);
003.01E The total dollar amount of such
				securities;
003.01F The Securities
				Offering Disclosure Document ("Form SODD");
003.01G The financial statements prepared in
				accordance with Section 005 below;
003.01H A representation that all of the
				conditions of Section
				8-1111(20)
				 have been or will be met by the issuer;
				and
003.01I A filing fee of two
				hundred dollars ($200.00).
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 18 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(20) NEBRASKA INTRASTATE ISSUER EXEMPTION › Section 48-18-004 - DELIVERY OF DISCLOSURE DOCUMENT

Current through June 17, 2024
A copy of the offering disclosure document and the financial
				  statements prepared in accordance with Section 005, below, shall be given to
				  prospective investors at least twenty-four hours prior to signing any agreement
				  to purchase the securities or paying any consideration for the
				  securities.
Nebraska Administrative Code › Topic - BANKING AND FINANCE, DEPARTMENT OF › Title 48 - DEPARTMENT OF BANKING AND FINANCE › Chapter 18 - INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(20) NEBRASKA INTRASTATE ISSUER EXEMPTION › Section 48-18-005 - FINANCIAL REPORTING REQUIREMENTS

Current through June 17, 2024
005.01 The issuer
				shall provide the following financial statements for itself and its
				consolidated subsidiaries, if applicable:
005.01A A balance sheet as of the end of the
				most recent fiscal year, or, as of a date within one hundred twenty days of the
				date of the first sale, if the issuer has been in existence for less than one
				fiscal year; and
005.01B An income
				statement for the immediate past fiscal year or such shorter period as the
				issuer (including predecessors) has been in existence.
005.01C If the issuer has not conducted
				significant operations, a statement of receipts and disbursements shall be
				included in lieu of a statement of income.