Nevada Administrative Code

NAC 90.071 “Office of the Administrator” defined. (NRS 90.750) “Office of the Administrator” means the Office of the Secretary of State, Securities Division, 555 East Washington Avenue, Suite 5200, Las Vegas, Nevada 89101. (Added to NAC by Sec’y of State, eff. 11-19-92; A 5-23-96…

NAC 90.075 “Representative of an investment adviser” defined. (NRS 90.750) “Representative of an investment adviser” has the meaning ascribed to it in NRS 90.278. (Added to NAC by Sec’y of State, eff. 5-23-96)

NAC 90.076 “Securities Act of 1933,” “Securities Exchange Act of 1934,” “Investment Company Act of 1940” and “Investment Advisers Act of 1940” defined. (NRS 90.750) “Securities Act of 1933,” “Securities Exchange Act of 1934,” “Investment Company Act of 1940” and “Investment Advis…

NAC 90.078 “Securities industry personnel” defined. (NRS 90.750) “Securities industry personnel” includes, without limitation, broker-dealers, sales representatives, investment advisers, representatives of investment advisers and any other persons the Administrator designates as …

NAC 90.088 “Institutional buyer” interpreted. (NRS 90.750) The Administrator will interpret the term “institutional buyer” as used in subsection 6 of NRS 90.240 to include, without limitation, any accredited investor as defined under Rule 501(a)(1)-(4), (7) and (8) of Regulation …

NAC 90.090 “Investment contract” interpreted. (NRS 90.750) An “investment contract” as used in NRS 90.295, includes: 1. Any investment in a common enterprise with the expectation of profit to be derived substantially through the efforts of a promoter or other third party; or 2. A…

NAC 90.095 Construction of chapter. (NRS 90.750) Chapter 90 of NAC must be interpreted and applied in harmony with the National Securities Markets Improvement Act of 1996, Public Law 104-290. (Added to NAC by Sec’y of State by R018-21, eff. 6-2-2023)

NAC 90.101 Severability of provisions. (NRS 90.750) If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect any other provision or application of this chapter that can be given effect without the in…

NAC 90.315 Availability of forms. (NRS 90.750) 1. Except as otherwise provided in this section, any form referred to in this chapter that pertains to the registration of securities or the licensing of investment advisers may be obtained from the Internet website of the Securities…

NAC 90.3155 Irrevocable consent to service of process. (NRS 90.750, 90.770) 1. An applicant for licensing as a broker-dealer satisfies the requirement set forth in NRS 90.770 concerning the filing of an irrevocable consent to service of process by filing with the Administrator th…

NAC 90.317 Issuance of written interpretations of provisions. (NRS 90.715, 90.750) The Division will not render a written interpretation of any provision of this chapter or chapter 90 of NRS. (Added to NAC by Sec’y of State, eff. 10-16-89; A by R047-04, 5-25-2004)

NAC 90.318 Request for waiver or no-action letter. (NRS 90.715, 90.750) 1. A request for a waiver or no-action letter must be submitted in writing to the Office of the Administrator, accompanied by the fee set forth in NRS 90.715. 2. Two copies of the request for a waiver or no-a…

NAC 90.321 Adoption by reference of certain provisions of Financial Industry Regulatory Authority Rules; review of changes. (NRS 90.750) 1. The Administrator hereby adopts by reference chapters 2000 to 7000, inclusive, of the Financial Industry Regulatory Authority Rules, which a…

NAC 90.325 Availability of registration information for Financial Industry Regulatory Authority examinations. (NRS 90.750) Registration information for appropriate Financial Industry Regulatory Authority examinations may be obtained from the Internet website of the Financial Indu…

NAC 90.327 Unethical and dishonest practices. (NRS 90.420, 90.750) 1. A broker-dealer, sales representative, investment adviser, representative of an investment adviser or transfer agent who engages in any of the following acts or practices shall be deemed to have engaged in an u…

NAC 90.328 Fraudulent practices. (NRS 90.570, 90.750) 1. A broker-dealer, sales representative, investment adviser, representative of an investment adviser or transfer agent who engages in any of the following acts or practices shall be deemed to have engaged in an act, practice …

NAC 90.329 Notification of customers before assessing new charges for services performed. (NRS 90.750) A broker-dealer, sales representative, investment adviser, representative of an investment adviser or transfer agent shall notify a customer in writing at least 30 days before a…

NAC 90.3291 Merger and acquisition brokers: Exemption from licensing requirements under certain circumstances. (NRS 90.320, 90.750) 1. Except as provided in subsection 2, a merger and acquisition broker is exempt from the licensing requirements described in NRS 90.310. 2. A merge…

NAC 90.3292 Broker-dealers and sales representatives: Exemption from licensing requirements under certain circumstances. (NRS 90.320, 90.750) 1. A broker-dealer who: (a) Is a resident of Canada; and (b) Meets the conditions of paragraph (a) of subsection 1 of NRS 90.320, Ê is exe…

NAC 90.32923 Broker-dealers and investment advisers: Delay of transactions or disbursements to prevent exploitation of older or vulnerable persons. (NRS 90.614, 90.6145, 90.740, 90.750) 1. A broker-dealer or investment adviser may delay a transaction or disbursement from an accou…

NAC 90.3293 Investment advisers and representatives of investment advisers: Electronic transfer of fees to and filing of documents with certain depositories. (NRS 90.350, 90.750, 90.845, 90.847) 1. Pursuant to subsection 2 of NRS 90.350, the Administrator designates the Investmen…

NAC 90.32932 Investment advisers, representatives of investment advisers and federal covered advisers: Fiduciary duties; unethical business practices. (NRS 90.575, 90.750) 1. A person who is an investment adviser, a representative of an investment adviser or a federal covered adv…

NAC 90.32934 Investment advisers, representatives of investment advisers and federal covered advisers: Advertisements. (NRS 90.420, 90.750) 1. An investment adviser, representative of an investment adviser or federal covered adviser shall be deemed to have engaged in an unethical…

NAC 90.3294 Federal covered advisers: Filing, renewal and updates to Form ADV. (NRS 90.340, 90.750) 1. Except as otherwise provided in subsection 2, a federal covered adviser shall file a notice with the Administrator in the manner set forth in NAC 90.3293. The notice must consis…

NAC 90.3296 Federal covered advisers: Employment restrictions. (NRS 90.750) 1. Except as otherwise provided in subsection 3, a federal covered adviser shall not employ, in order to engage in any activity related to the sale of securities in this State, any person having a place o…

NAC 90.3298 Securities industry personnel: Use of Internet for distribution of information. (NRS 90.320, 90.340, 90.750) 1. Securities industry personnel who use the Internet to distribute information on available products and services shall not be deemed to be transacting busine…

NAC 90.330 Applicant for licensing: Filing requirements; payment of fee. (NRS 90.350, 90.390, 90.750) 1. An applicant for licensing as a broker-dealer who is not registered with the Financial Industry Regulatory Authority must pay to the Office of the Administrator the fee requir…

NAC 90.335 Filing of balance sheet. (NRS 90.350, 90.750) The balance sheet filed pursuant to NAC 90.330 by an applicant for licensing as a broker-dealer: 1. Must be prepared in accordance with generally accepted accounting principles; 2. Must be accompanied by a report of audit c…

NAC 90.340 Failure to comply with Rule 15c3-1: Disciplinary proceedings. (NRS 90.420, 90.750) Disciplinary proceedings may be commenced pursuant to NRS 90.420 against a broker-dealer who fails to comply with the provisions of Rule 15c3-1 of the Securities and Exchange Commission,…

NAC 90.342 Compliance with certain provisions of Financial Industry Regulatory Authority Rules. (NRS 90.390, 90.750) For the purposes of subsection 5 of NRS 90.390, each licensed broker-dealer shall comply with the provisions of Rules 4511 to 4515, inclusive, and 7440 of the Fina…

NAC 90.345 Expiration and renewal of license. (NRS 90.350, 90.390, 90.750) 1. The license of a broker-dealer expires on December 31 of each year. A broker-dealer must renew his or her license annually by paying the fee required by NRS 90.360 and, if the provisions of subsection 2…

NAC 90.350 Withdrawal from licensing. (NRS 90.750, 90.847) 1. Except as otherwise provided in subsection 2, a broker-dealer who withdraws from licensing in this State shall file with the Office of the Administrator the Uniform Request for Broker-Dealer Withdrawal (Form BDW). 2. I…

NAC 90.351 Registration of sales representatives by broker-dealers. (NRS 90.750) 1. Except as otherwise provided in subsection 2, a broker-dealer may not make or maintain the registration of a sales representative if the registration is for: (a) A person who is no longer active i…

NAC 90.355 Applicant for licensing: Filing requirements; payment of fee; required examinations. (NRS 90.350, 90.360, 90.750, 90.845, 90.847) 1. Except as otherwise provided in this section, an applicant for licensing as a sales representative must include in his or her applicatio…

NAC 90.360 Cessation of employment or contractual relationship with broker-dealer. (NRS 90.350, 90.360, 90.380, 90.750, 90.845, 90.847) 1. The license of a sales representative terminates upon the withdrawal, cancellation or termination of his or her employment or contractual rel…

NAC 90.365 Expiration and renewal of license. (NRS 90.350, 90.360, 90.750, 90.845) 1. The license of a sales representative expires on December 31 of each year. Except as otherwise provided in subsection 2, a sales representative must renew his or her license annually by paying t…

NAC 90.368 Licensing as representative of investment adviser: Exemption from licensing requirements under certain circumstances. (NRS 90.340, 90.750) 1. A sales representative who is: (a) Licensed pursuant to NRS 90.310; (b) Not employed in the offer or sale of investment advice …

NAC 90.369 Licensing requirements inapplicable under certain circumstances. (NRS 90.320, 90.750) The provisions of NRS 90.310 do not apply to a sales representative acting for an issuer effecting offers to sell or sales of securities if: 1. The securities are set forth in subpara…

NAC 90.3695 Affiliation with registered branch office required. (NRS 90.380, 90.750) Notwithstanding the Financial Industry Regulatory Authority Rules adopted by reference in NAC 90.321, any sales representative located in and working from this State must be affiliated with an as…

NAC 90.371 Licensing requirements; expiration and renewal of license. (NRS 90.350, 90.360, 90.380, 90.750, 90.845, 90.847) 1. A person desiring to transact business as an assistant sales representative must apply to the Administrator for licensure. 2. An applicant for licensure a…

NAC 90.373 Restrictions on activities and compensation. (NRS 90.380, 90.750) 1. An assistant sales representative shall not: (a) Solicit a transaction or a new account on behalf of a broker-dealer; (b) Render investment advice; (c) Make recommendations to customers regarding the …

NAC 90.374 Applicant for licensing: Filing requirements. (NRS 90.350, 90.750) 1. An applicant for licensing as a transfer agent must file an application with the Administrator. The application must include: (a) A copy of the most recent Uniform Form for Registration as a Transfer…

NAC 90.3743 Expiration and renewal of license. (NRS 90.380, 90.750) The license of a transfer agent expires on December 31 of each year. A transfer agent must renew his or her license annually. (Added to NAC by Sec’y of State by R033-08, eff. 6-17-2008)

NAC 90.3745 Compliance with certain provisions of Financial Industry Regulatory Authority Rules. (NRS 90.750) Each licensed transfer agent shall comply with the provisions of Rules 4511 to 4515, inclusive, and 7440 of the Financial Industry Regulatory Authority Rules, as adopted …

NAC 90.3747 Withdrawal from licensing. (NRS 90.750) A transfer agent who withdraws from licensing in this State shall file with the Administrator a Notice of Withdrawal From Registration as Transfer Agent (SEC Form TA-W). (Added to NAC by Sec’y of State by R033-08, eff. 6-17-2008…

NAC 90.375 Applicant for initial license: Filing requirements; payment of fee. (NRS 90.350, 90.360, 90.750, 90.845, 90.847) 1. An applicant for an initial license as an investment adviser must file an application with the Administrator in the manner set forth in NAC 90.3293. The …

NAC 90.380 Expiration and renewal of license; filing of amendments and updates to Form ADV. (NRS 90.350, 90.360, 90.750, 90.845, 90.847) 1. The license of an investment adviser expires on December 31 of each year. An investment adviser must renew his or her license annually, on o…