Nevada Administrative Code Chapter 90 - Securities
Nevada Administrative Code (NAC) Chapter 90 – Securities outlines the administrative regulations governing the offer, sale, and regulation of securities in Nevada. These regulations are enforced by the Nevada Secretary of State – Securities Division, and they complement Nevada Revised Statutes (NRS) Chapter 90.
🔹 Purpose of NAC Chapter 90:
NAC Chapter 90 provides detailed rules to implement the statutory requirements in NRS Chapter 90, which is Nevada’s version of the Uniform Securities Act. It aims to:
Protect investors
Ensure transparency in securities offerings
Regulate broker-dealers, investment advisers, and their representatives
🔹 Major Areas Covered in NAC Chapter 90:
Definitions and General Provisions
Clarifies terms used throughout the chapter
Incorporates references to federal securities regulations
Broker-Dealer and Agent Regulations
Licensing and registration procedures
Examination and qualification standards
Recordkeeping and reporting requirements
Disciplinary actions and disqualifications
Investment Advisers and Representatives
Registration requirements
Fiduciary duty and ethical conduct standards
Custody of client funds
Financial and bonding requirements
Securities Registration
Exemptions from registration
Filing requirements for securities offerings
Disclosure obligations
Franchises and Business Opportunities
Rules applying securities laws to franchise offerings
Disclosure documents and consent to service of process
Enforcement Provisions
Administrative procedures
Cease and desist orders
Hearings and appeals processes
🔹 Regulatory Authority:
NRS Chapter 90 (Securities Law)
Nevada Secretary of State – Securities Division
Website: https://www.nvsos.gov/sos/securities
🔹 Related Federal Laws:
Many provisions in NAC Chapter 90 mirror or incorporate federal securities regulations, particularly those enforced by the SEC (Securities and Exchange Commission), such as:
Securities Act of 1933
Securities Exchange Act of 1934
Investment Advisers Act of 1940
🔸 Example Topics in NAC Chapter 90:
Section | Topic |
---|---|
NAC 90.040 | Definitions and terminology |
NAC 90.130–90.210 | Broker-dealer registration and practices |
NAC 90.215–90.235 | Investment adviser conduct |
NAC 90.400+ | Securities offerings and registration |
NAC 90.500+ | Enforcement and disciplinary action |
0 comments