NAC356.110. Collateral pools: General requirements for participation by public depositor.

     1. To participate in a collateral pool at a depository, a public depositor must notify the depository on a form approved by the State Treasurer. The public depositor must provide a copy of the notice to the State Treasurer.

     2. Within 5 business days after receipt of the notice described in subsection 1, the depository shall provide to the public depositor a list of the names and titles of all the accounts maintained by the public depositor at the depository. The public depositor shall review the list and, within 5 business days after receipt of the list, notify the depository of any inaccurate or incomplete information relating to the accounts of the public depositor at the depository.

     3. Within 5 business days after submission of the form described in subsection 1 to the depository, the public depositor shall provide to the depository written authorization to:

     (a) Request any third-party depository that holds collateral pledged on behalf of the public depositor to release all such collateral to the depository; and

     (b) Repledge the securities for the benefit of the State Treasurer at the third-party depository selected by the depository.

     4. For each new account opened at a depository by a public depositor that participates in a collateral pool at the depository, the public depositor shall:

     (a) Inform the depository that the account is subject to the provisions of NRS 356.360.

     (b) Report the account to the State Treasurer, on a form approved by the State Treasurer, on or before the deadline established by the State Treasurer for submission of such a form. The report must be submitted by file transfer protocol, electronic mail, facsimile, telephone or any other method approved by the State Treasurer.

     5. A depository shall seek verification from a public depositor that participates in a collateral pool at the depository if the depository suspects that an account of the public depositor is not identified as a public account.

     6. A public depositor that participates in a collateral pool at one or more depositories shall submit to the State Treasurer an annual report of all accounts that the public depositor maintained at each such depository during the immediately preceding year. The report must be submitted:

     (a) On or before the deadline established by the State Treasurer for submission of the report;

     (b) In a format approved by the State Treasurer; and

     (c) By file transfer protocol, electronic mail, facsimile, telephone or any other method approved by the State Treasurer.

Ê The public depositor shall transmit to each depository referenced in the report a copy of the portion of the annual report that pertains to that depository.

     7. A public depositor that participates in a collateral pool at a depository shall not secure any portion of the uninsured balances of its deposits pursuant to a direct pledge agreement with the depository.

     (Added to NAC by St. Treasurer by R028-04, eff. 6-30-2004)