NAC90.3294. Federal covered advisers: Licensing requirements inapplicable under certain circumstances.

     1. The licensing requirements of NRS 90.330 do not apply to a federal covered adviser if the federal covered adviser complies with the requirements set forth in this section.

     2. Except as otherwise provided in subsection 3, a federal covered adviser shall file a notice with the Administrator in the manner set forth in NAC 90.3293. The notice must consist of:

     (a) An executed Uniform Application for Investment Adviser Registration (Form ADV); and

     (b) The fee required by NRS 90.360 for an investment adviser.

     3. If the depository designated or approved pursuant to subsection 1 of NAC 90.3293 does not allow the filing of Part 2 of Form ADV and the Administrator so requests, the federal covered adviser shall submit Part 2 of Form ADV to the Administrator within 5 days after the Administrator requests the federal covered adviser to submit the form.

     4. A federal covered adviser must renew the notice required by subsection 2 annually, on or before December 31, by paying the fee required by NRS 90.360 for an investment adviser to the Administrator in the manner set forth in NAC 90.3293.

     5. A federal covered adviser shall file with the Administrator in the manner set forth in NAC 90.3293 any amendments to the most recent Form ADV filed by the federal covered adviser that are required by the instructions set forth in Form ADV.

     (Added to NAC by Sec’y of State, eff. 10-30-97; A by R016-02, 8-6-2002)