1. An investment adviser, representative of an investment adviser or federal covered adviser shall be deemed to have engaged in an unethical or dishonest practice within the meaning of paragraph (h) of subsection 1 of NRS 90.420 if the adviser or representative, directly or indirectly, uses any advertisement: (a) To refer to a testimonial of any kind relating to:(1) The adviser or a representative of the investment adviser; or(2) The advice, analysis, report or other service rendered by the adviser or representative of the investment adviser;(b) To refer to past specific recommendations of the adviser or representative of the investment adviser that were or would have been profitable to any person, unless the adviser or representative of the investment adviser furnishes or offers to furnish a list of all recommendations made by the adviser or representative of the investment adviser within the immediately preceding 1-year period, if the advertisement or list includes, without limitation: (1) The name of each security recommended;(2) The date and nature of each recommendation;(3) The market price of the security at that time and the price at which the recommendation was to be acted upon by the adviser or representative of the investment adviser;(4) The most recently available market price of each such security; and(5) A legend on the first page of the advertisement or list, in prominent print or type, that states that the reader should not assume that recommendations made in the future will be profitable or will equal the performance of the securities in the advertisement or list;(c) To represent that any graph, chart, formula or other device being offered may, in and of itself, be used to determine which securities to buy or sell, or when to buy or sell the securities;(d) To represent, directly or indirectly, that any graph, chart, formula or other device being offered will assist any person in making any decision of the person as to which securities to buy or sell, or when to buy or sell them, without prominently disclosing in such advertisement the limitations thereof and the difficulties with respect to the use of the graph, chart, formula or other device;(e) To represent that any report, analysis or other service will be furnished for free or without charge, unless such report, analysis or other service actually is or will be furnished entirely free and without any direct or indirect condition or obligation;(f) To represent that the Administrator or the Division has approved any advertisement; or(g) That contains any untrue statement of a material fact or that is otherwise false or misleading.2. The provisions of this section apply to federal covered advisers as permitted by section 203A of the Investment Advisers Act of 1940 and the National Securities Markets Improvement Act of 1996, Public Law No. 104-290.3. As used in this section, "advertisement" includes, without limitation, any notice, circular, letter or other written communication addressed to more than one person, or any notice or other announcement in an electronic or paper publication, by radio or television or by any medium that offers: (a) Any analysis, report or publication concerning securities;(b) Any analysis, report, publication, graph, chart, formula or other device that is to be used in making any determination as to when to buy or sell any security or which security to buy or sell; or(c) Any other investment advisory service with regard to securities.Nev. Admin. Code § 90.Sec. 6
Added to NAC by Sec'y of State by R018-21A, eff. 6/2/2023