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:

SectionTopic
NAC 90.040Definitions and terminology
NAC 90.130–90.210Broker-dealer registration and practices
NAC 90.215–90.235Investment adviser conduct
NAC 90.400+Securities offerings and registration
NAC 90.500+Enforcement and disciplinary action

 

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