Nevada Administrative Code

NAC 90.3856 Performance-based compensation. (NRS 90.420, 90.750) 1. It is unethical or dishonest practice for an investment adviser to enter into, extend or renew an investment advisory contract if the contract provides for compensation to the investment adviser on the basis of a…

NAC 90.3858 Business continuity and success planning and procedures. (NRS 90.390, 90.750) 1. An investment adviser shall establish, implement and maintain written procedures relating to a plan for business continuity and success. 2. The plan described in subsection 1 must: (a) Be…

NAC 90.386 Information security and cybersecurity policies and procedures. (NRS 90.390, 90.750) 1. An investment adviser who is licensed or required to be licensed shall establish, implement, update and enforce written policies and procedures for physical security and cybersecuri…

NAC 90.3862 Policies relating to collection of private personal information of clients. (NRS 90.390, 90.750) 1. An investment adviser who is licensed or required to be licensed shall establish, implement, update and enforce written policies that are reasonably designed to aid a c…

NAC 90.3864 Adoption by reference of certain policies and rules governing practice. (NRS 90.390, 90.750) For the purposes of subsection 5 of NRS 90.390, the Administrator hereby adopts by reference: 1. The Statement of Policy on Unethical Business Practices of Investment Advisers…

NAC 90.3865 Delivery of brochures, supplements and other required documents. (NRS 90.390, 90.750) 1. Except as otherwise provided in this section, an investment adviser who is licensed or required to be licensed pursuant to NRS 90.330 shall furnish each designated client and desi…

NAC 90.3866 Materials adopted by reference: Availability. (NRS 90.390, 90.750) 1. The Statement of Policy on Unethical Business Practices of Investment Advisers of the North American Securities Administrators Association and Model Rule 203(a)(2), as adopted by reference in subsec…

NAC 90.3867 Recordkeeping: General requirements. (NRS 90.390, 90.750) 1. An investment adviser who is registered or required to be registered under the Investment Advisers Act of 1940 shall maintain the following, which are true, accurate and current: (a) A journal which includes…

NAC 90.3868 Materials adopted by reference: Review of changes. (NRS 90.390, 90.750) The Administrator will periodically review: 1. The Statement of Policy on Unethical Business Practices of Investment Advisers of the North American Securities Administrators Association, as adopte…

NAC 90.3869 Recordkeeping: Securities transactions involving beneficial ownership of investment advisers and advisory representatives. (NRS 90.390, 90.750) 1. In addition to any other recordkeeping requirement, an investment adviser who is registered or required to be registered …

NAC 90.387 Recordkeeping requirements; disclosures to clients. (NRS 90.390, 90.750) 1. Except as otherwise provided in subsection 2, an investment adviser licensed or required to be licensed pursuant to NRS 90.330 shall comply with the provisions of: (a) Model Rule 203(a)(2), as …

NAC 90.3871 Recordkeeping: Securities transactions involving beneficial ownership when investment adviser is primarily engaged in business other than advising clients. (NRS 90.390, 90.750) 1. Notwithstanding the provisions of NAC 90.3869, and in addition to any other recordkeepin…

NAC 90.3873 Recordkeeping: Additional requirements when investment adviser has custody of client funds or securities. (NRS 90.390, 90.750) In addition to any recordkeeping requirement, if an investment adviser is registered or required to be registered under the Investment Advise…

NAC 90.3875 Recordkeeping: Additional requirements when custody of client funds or securities arises from advising a pooled investment vehicle. (NRS 90.390, 90.750) In addition to any recordkeeping requirement, if an investment adviser is registered or required to be registered u…

NAC 90.3877 Recordkeeping: Records required when providing investment supervisory or management services to client portfolios. (NRS 90.390, 90.750) In addition to any recordkeeping requirement, if an investment adviser is registered or required to be registered under the Investme…

NAC 90.3879 Recordkeeping: Maintenance and preservation of required records. (NRS 90.390, 90.750) 1. A record required to be maintained by an investment adviser pursuant to NAC 90.386, 90.3862 and 90.3867 to 90.3877, inclusive: (a) May be maintained by the investment adviser in s…

NAC 90.3881 Recordkeeping: Preservation of records upon cessation or discontinuance of business. (NRS 90.390, 90.750) An investment adviser who is subject to the recordkeeping requirements described in NAC 90.386, 90.3862 and 90.3867 to 90.3877, inclusive, shall, before ceasing t…

NAC 90.3883 Recordkeeping: Authorized media for record storage; organization and accessibility of records; separate storage of duplicate copies; safeguards for electronic records. (NRS 90.390, 90.750) 1. An investment adviser may immediately produce and reproduce, and shall maint…

NAC 90.3885 Recordkeeping: Compliance with federal law deemed to meet certain recordkeeping requirements. (NRS 90.390, 90.750) If a record is made, kept, maintained and preserved in compliance with Rule 17a-3 or 17a-4 of the Securities Exchange Act of 1934, and the record is subs…

NAC 90.3887 Recordkeeping: Exemption for certain investment advisers licensed in another state. (NRS 90.390, 90.750) Every investment adviser registered or required to be registered in this State and that has its principal place of business in a state other than this State is exe…

NAC 90.390 Minimum net capital or tangible net worth; submission of certificate of accountant. (NRS 90.390, 90.750) 1. Unless he or she is exempt from registration under the Investment Advisers Act of 1940, an investment adviser who is not registered under that Act, and who takes…

NAC 90.391 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 a representative of an investment adviser must file an application with the Administrator in the manner set forth …

NAC 90.3911 Expiration and renewal of license; required updating of certain information. (NRS 90.350, 90.360, 90.750, 90.845, 90.847) 1. The license of a representative of an investment adviser expires on December 31 of each year. A representative of an investment adviser must re…

NAC 90.3912 Licensing requirements inapplicable under certain circumstances. (NRS 90.340, 90.750) The licensing requirements of NRS 90.330 do not apply to a representative of an investment adviser who is a federal covered adviser if the representative does not have a place of bus…

NAC 90.3913 Continuing education requirements. (NRS 90.750) 1. Every representative of an investment adviser licensed under NRS 90.330 must complete the following continuing education for each reporting period: (a) Six credits of ethics and professional responsibility offered by …

NAC 90.3915 Cessation of employment or contractual relationship with investment adviser. (NRS 90.350, 90.360, 90.750, 90.847) 1. The license of a representative of an investment adviser terminates upon the withdrawal, cancellation or termination of his or her employment or contra…

NAC 90.392 Licensing requirements; changes in certain information; expiration and renewal of license. (NRS 90.360, 90.750) 1. A broker-dealer who maintains a branch office must obtain a license from the Division before doing business at that office. 2. A broker-dealer who desires…

NAC 90.3925 Designation as office of supervisory jurisdiction; designation of supervisor. (NRS 90.360, 90.750) 1. A person who files a Uniform Branch Office Registration Form (Form BR) pursuant to NAC 90.392 must designate the branch office as an office of supervisory jurisdictio…

NAC 90.393 Licensing of person in charge; roster of affiliated sales representatives. (NRS 90.360, 90.750) 1. The individual in charge of a branch office must be licensed in this State as a sales representative or broker-dealer. 2. A broker-dealer who maintains a branch office sh…

NAC 90.3935 Restrictions on name and location of operation. (NRS 90.360, 90.750) A branch office must not be operated: 1. Under any name other than: (a) The name of the broker-dealer; or (b) A fictitious name registered by the broker-dealer as required by chapter 602 of NRS. 2. W…

NAC 90.394 Grounds for denial, suspension or revocation of license. (NRS 90.360, 90.750) The Administrator may deny, suspend or revoke any license issued for the operation of a branch office on any ground applicable to the denial, suspension or revocation of the license of a brok…

NAC 90.3945 Notification of Division before closing office or terminating business. (NRS 90.360, 90.750) A broker-dealer shall notify the Division before closing a branch office or terminating business at that location. Notice must be given by the filing of a Uniform Branch Offic…

NAC 90.395 Definitions. (NRS 90.750) As used in NAC 90.395 to 90.538, inclusive, unless the context otherwise requires: 1. “Commission” means any consideration paid for services rendered, whether received by or accruing to the benefit of a person in connection with the distributi…

NAC 90.398 Electronic filing; electronic payment of fees. (NRS 90.750, 90.845, 90.847) 1. Any document which must be filed pursuant to NRS 90.470 to 90.500, inclusive, or 90.520 may be filed with the Securities Registration Depository or any other system for the electronic regist…

NAC 90.3982 Electronic delivery of offering documents. (NRS 90.390, 90.750) 1. An issuer of securities or an agent acting on behalf of the issuer may deliver an offering document over the Internet or by other electronic means or in machine-readable format if: (a) The offering doc…

NAC 90.3984 Electronic subscription agreements. (NRS 90.390, 90.750) In addition to any requirement prescribed by NAC 90.3982, a subscription agreement may be provided by an issuer or an agent acting on behalf of the issuer electronically for review and completion if the subscrip…

NAC 90.3986 Electronic initiatives for offering documents and subscription agreements: Policies; procedures; record storage. (NRS 90.390, 90.750) 1. An investor or prospective investor who declines to participate in an electronic initiative for offering documents and subscription…

NAC 90.3988 Use of electronic signature. (NRS 90.750) 1. An issuer of securities or an agent acting on behalf of the issuer may provide for the use of electronic signatures if the process by which electronic signatures are obtained: (a) Is implemented in compliance with chapter 7…

NAC 90.399 Security breaches relating to electronic offering documents or electronic signatures. (NRS 90.390, 90.750) 1. In the event of discovery of a security breach, the issuer or its agent, as appropriate, will take prompt action to: (a) Identify and locate the breach; (b) Se…

NAC 90.400 Filing of Year-End Securities Sales Report. (NRS 90.500, 90.750) If an open-end management company, face amount certificate company or unit investment trust is required to file a report pursuant to paragraph (b) of subsection 3 of NRS 90.500, it shall satisfy that requ…

NAC 90.402 Prospectus: Index. (NRS 90.750) Any prospectus, amendment or supplement to a prospectus required by chapter 90 of NRS must have an index clearly identifying each topical heading in the order that it appears in the prospectus. (Added to NAC by Sec’y of State, eff. 10-16…

NAC 90.403 Prospectus: Use and availability of Small Company Offering Registration Form. (NRS 90.750) 1. The Small Company Offering Registration Form (Form U-7), as adopted by the North American Securities Administrators Association, may be used as a prospectus for the purposes o…

NAC 90.405 Application of statements of policy to offerings; offerings made with unreasonable amounts of underwriters’ and sellers’ compensation; aggregate amount of compensation. (NRS 90.510, 90.750) 1. For the purposes of NRS 90.510: (a) Except as otherwise provided in paragrap…

NAC 90.408 Registration statements: Use of financial statements and financial information prepared in accordance with generally accepted accounting principles of Canada. (NRS 90.500, 90.750) 1. Financial statements and financial information which have been prepared in accordance …

NAC 90.410 Registration statements deemed abandoned: Circumstances and effect. (NRS 90.500, 90.750) A registration statement shall be deemed abandoned if the registration statement does not become effective within 1 year after the date on which the registration statement is filed…

NAC 90.412 Withdrawal of registration statement. (NRS 90.750) Any withdrawal of a registration statement must be submitted on a Notice of Withdrawal of Registration (Nevada Form 500-12). No refund of filing fees will be made if a registration statement is withdrawn. (Added to NAC…

NAC 90.413 Application to extend effectiveness of registration statement. (NRS 90.500, 90.750) 1. Except as otherwise provided in this section, any application to extend the effectiveness of a registration statement previously approved by the Administrator will be processed as a …