Title 7

NRS 90.225 “Depository institution” defined. 1. “Depository institution” means: (a) A person that is organized, chartered or holding an authorization certificate under the laws of a state or of the United States which authorizes the person to receive deposits, including a savings…

NRS 90.230 “Division” defined. “Division” means the Securities Division of the Office of the Secretary of State. (Added to NRS by 1987, 2150; A 1989, 160)

NRS 90.235 “Filing” and “file” defined. 1. “Filing” means: (a) The actual delivery of a record or application to the Administrator or the designee of the Administrator or to the principal office of the Administrator; or (b) The electronic delivery of a record or application to th…

NRS 90.240 “Financial or institutional investor” defined. “Financial or institutional investor” means any of the following, whether acting for itself or others in a fiduciary capacity other than as an agent: 1. A depository institution; 2. An insurance company; 3. A separate acco…

NRS 90.245 “Fraud,” “deceit” and “defraud” defined. “Fraud,” “deceit” and “defraud” are not limited to common-law fraud or deceit. (Added to NRS by 1987, 2150; A 1989, 160)

NRS 90.250 “Investment adviser” defined. “Investment adviser” means any person who, for compensation, engages in the business of advising others as to the value of securities or as to the advisability of investing in, purchasing or selling securities, or who, for compensation and…

NRS 90.253 “Investment Adviser Registration Depository” defined. “Investment Adviser Registration Depository” means the Investment Adviser Registration Depository of the Financial Industry Regulatory Authority, or its successor, and the North American Securities Administrators As…

NRS 90.255 “Issuer” defined. “Issuer” means a person who issues or proposes to issue a security, except that: 1. The “issuer” of a collateral trust certificate, voting trust certificate, certificate of deposit for a security or share in an investment company without a board of di…

NRS 90.257 “Nevada certified investor” defined. 1. “Nevada certified investor” means a natural person who is, or a married couple who each are, a resident of this State and who, at the time an offer to sell or sale of a security is made to the person or couple: (a) Holds an owner…

NRS 90.260 “Nonissuer transaction” defined. “Nonissuer transaction” means a transaction not directly or indirectly for the benefit of the issuer. (Added to NRS by 1987, 2151; A 1989, 160)

NRS 90.265 “Person” defined. “Person” includes a government, governmental agency or political subdivision of a government. (Added to NRS by 1987, 2151; A 1989, 160)

NRS 90.270 “Price amendment” defined. “Price amendment” means the amendment to a registration statement filed under the Securities Act of 1933 or, if no amendment is filed, the prospectus or prospectus supplement filed under the Securities Act of 1933, which includes a statement …

NRS 90.275 “Promoter” defined. “Promoter” includes: 1. A person who, acting alone or in concert with one or more other persons, takes the entrepreneurial initiative in founding or organizing the business or enterprise of an issuer; 2. An officer or director who owns any securitie…

NRS 90.276 “Provider of viatical settlements” defined. “Provider of viatical settlements” has the meaning ascribed to it in NRS 688C.080. (Added to NRS by 2009, 1824)

NRS 90.2775 “Qualifying private fund” defined. “Qualifying private fund” has the meaning ascribed to it in 17 C.F.R. § 275.203(m)-1. (Added to NRS by 2021, 244)

NRS 90.278 “Representative of an investment adviser” defined. 1. “Representative of an investment adviser” means any person employed by or associated with an investment adviser who: (a) Provides advice concerning securities; (b) Manages accounts or portfolios of clients; (c) Dete…

NRS 90.280 “Sale” and “sell” defined. “Sale” includes every contract of sale, contract to sell, or other disposition, of a security or interest in a security for value. “Sell” has a corresponding meaning. In this context: 1. “Offer to sell” includes every attempt or offer to disp…

NRS 90.285 “Sales representative” defined. “Sales representative” means a natural person other than a broker-dealer, authorized to act and acting for a broker-dealer or issuer effecting or attempting to effect purchases or sales of securities. A partner, officer or director of a …

NRS 90.290 “Securities Act of 1933,” “Securities Exchange Act of 1934,” “Public Utility Holding Company Act of 1935,” “Investment Company Act of 1940,” “Investment Advisers Act of 1940,” “Employees Retirement Income Security Act of 1974,” “National Housing Act” and “Commodity Exc…

NRS 90.292 “Securities exchange” defined. “Securities exchange” means any organization, association or group of persons, incorporated or unincorporated, located within this State which constitutes, maintains or provides a marketplace, facilities or electronic communications equip…

NRS 90.295 “Security” defined. “Security” means a note, stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in a profit-sharing agreement, a limited partnership interest, an interest in a limited-liability company, collateral-trust certifica…

NRS 90.300 “Self-regulatory organization” defined. “Self-regulatory organization” means a national securities exchange registered under section 6 of the Securities Exchange Act of 1934, a national association of brokers and dealers registered under section 15A of the Securities E…

NRS 90.305 “State” defined. “State” means a state, commonwealth, territory or possession of the United States, the District of Columbia or the commonwealth of Puerto Rico. (Added to NRS by 1987, 2153; A 1989, 160)

NRS 90.307 “Transfer agent” defined. “Transfer agent” means any person who, for a fee, performs the service of registering the transfer of securities that do not trade on the New York Stock Exchange or the NYSE American or in the over-the-counter market, if the price quotations f…

NRS 90.308 “Viatical settlement investment” defined. “Viatical settlement investment” means the contractual right to receive a specified portion of the death benefit or ownership of a life insurance policy or certificate in exchange for consideration that is less than the dollar …

NRS 90.309 “Viator” defined. “Viator” has the meaning ascribed to it in NRS 688C.150, except that for the purposes of this chapter, a viator need not be a resident of this State. (Added to NRS by 2009, 1825) LICENSING OF BROKER-DEALERS, SALES REPRESENTATIVES, INVESTMENT ADVISERS,…

NRS 90.310 Licensing of broker-dealers, sales representatives and transfer agents. 1. It is unlawful for any person to transact business in this State as a broker-dealer or sales representative unless licensed or exempt from licensing under this chapter. 2. It is unlawful for any…

NRS 90.320 Exempt broker-dealers and sales representatives. 1. The following broker-dealers are exempt from licensing under NRS 90.310: (a) A broker-dealer who is registered or, is not required to be registered under the Securities Exchange Act of 1934 and who has no place of bus…

NRS 90.330 Licensing of investment advisers and representatives of investment advisers. 1. It is unlawful for any person to transact business in this State as an investment adviser or as a representative of an investment adviser unless licensed or exempt from licensing under this…

NRS 90.340 Exempt investment advisers and representatives of investment advisers. 1. The following persons are exempt from licensing under NRS 90.330: (a) Except as otherwise provided in subsection 2, an investment adviser who is registered or is not required to be registered as …

NRS 90.345 Investment advisers to certain private funds exempt from licensing. 1. An investment adviser is exempt from the licensing requirements under NRS 90.330 if: (a) The investment adviser provides advice solely to one or more qualifying private funds; (b) The investment adv…

NRS 90.350 Application. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child support arrearages and f…

NRS 90.360 Licensing fees. 1. An applicant for licensing shall pay a nonrefundable licensing fee, due annually in the following amounts: (a) Broker-dealer, $300. (b) Sales representative, $125. (c) Investment adviser, $300. (d) Representative of an investment adviser, $110. 2. Th…

NRS 90.370 Examinations: Requirement for licensure; administration; waiver. 1. Except as otherwise provided in NRS 90.372, the Administrator by regulation or order may require an examination of an applicant applying for licensing under this chapter, a class of applicants, or a cl…

NRS 90.372 Eligibility of officer or director of issuer for waiver from examination for licensure as sales representative or broker-dealer. 1. The Administrator shall grant to a bona fide officer or director of an issuer a waiver from the examination required for licensure as a s…

NRS 90.375 Application for issuance or renewal of license: Statement regarding obligation of child support required; grounds for denial of license; duty of Administrator. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish…

NRS 90.377 Application for renewal of license to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection. 1. In addition to any other requirements set forth in this chapter, an applicant for the renewal…

NRS 90.380 Licensing: General provisions. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recreational licenses for child suppor…

NRS 90.390 Requirements after licensing. 1. The Administrator by regulation may require that: (a) A licensed broker-dealer who is not registered under the Securities Exchange Act of 1934 maintain minimum net capital and a prescribed ratio between net capital and aggregate indebte…

NRS 90.400 Licensing of successor firms. 1. A licensed broker-dealer or investment adviser may file an application for licensing of a successor, whether or not the successor is then in existence, if the fee the Administrator prescribes for the application is submitted with the ap…

NRS 90.410 Power of inspection. 1. The Administrator, without previous notice, may examine in a manner reasonable under the circumstances the records, within or without this State, of a licensed broker-dealer, sales representative, investment adviser or representative of an inves…

NRS 90.415 Fee for inspection of records. 1. For any inspection of records conducted pursuant to NRS 90.410, the Administrator shall impose a fee of not more than: (a) One thousand dollars for an inspection within this State; (b) Five thousand dollars for an inspection in which a…

NRS 90.420 Grounds for denial, suspension, revocation, fine or condition. 1. The Administrator by order may deny, suspend or revoke any license, fine any licensed person, limit the activities governed by this chapter that an applicant or licensed person may perform in this State,…

NRS 90.425 Unethical or dishonest practices: Use of certain certifications and professional designations. 1. A person engages in unethical or dishonest practices in the securities business if, without limitation, the person uses a certification or professional designation that: (…

NRS 90.430 Denial, suspension, revocation, fine or condition on grounds of lack of qualification. The Administrator’s determination that an applicant or licensed person lacks qualification under NRS 90.420 is limited by the following provisions: 1. The Administrator may not enter…

NRS 90.435 Mandatory suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withhol…