1. In addition to any other recordkeeping requirement, an investment adviser who is registered or required to be registered under the Investment Advisers Act of 1940 shall maintain a true, accurate and current record of every security transaction in which the investment adviser or any advisory representative of the investment adviser has, or by reason of any transaction acquires, any direct or indirect beneficial ownership, unless the transaction is: (a) In an account over which neither the investment adviser nor the advisory representative of the investment adviser has any direct or indirect influence or control; or(b) A direct obligation of the United States.2. The record described in subsection 1:(a) Must include: (1) The title and amount of the security involved;(2) The date and nature of the transaction, including, without limitation, the purchase, sale or other acquisition or disposition;(3) The price at which the transaction was effected; and(4) The name of the broker-dealer or bank with or through whom the transaction was effected; and(b) May contain a statement declaring that the reporting or recording of the transaction described in this section must not be construed as an admission that the investment adviser or advisory representative of the investment adviser has any direct or indirect beneficial ownership in the security.3. The transaction described in subsection 1 must be recorded not later than 10 days after the end of the calendar quarter in which the transaction was effected.4. The failure of an investment adviser to record the transaction of an advisory representative of the investment adviser shall not be deemed to be a violation of this section if the investment adviser establishes that the investment adviser instituted adequate procedures and used reasonable diligence to promptly obtain reports of all transactions required to be recorded pursuant to this section.5. As used in this section: (a) "Advisory representative of an investment adviser" means:(1) A partner, officer or director of an investment adviser;(2) An employee of an investment adviser who: (I) Participates in any way in the determination of which recommendations will be made; or(II) In connection with the duties of the employee, obtains any information concerning which securities are being recommended before the effective dissemination of the recommendations; or(3) Any of the following persons who obtain information concerning securities recommendations being made by the investment adviser before the effective dissemination of the recommendations:(I) A person in a control relationship to the investment adviser;(II) An affiliated person of a controlling person; or(III) An affiliated person of an affiliated person.(b) "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with the company. A person who owns beneficially, either directly or through one or more controlled companies, more than 25 percent of the voting securities of a company shall be presumed to control such company.Nev. Admin. Code § 90.Sec. 14
Added to NAC by Sec'y of State by R018-21A, eff. 6/2/2023