NAC90.368. Licensing as representative of investment adviser: Exemption from licensing requirements under certain circumstances.

     1. A sales representative who is:

     (a) Licensed pursuant to NRS 90.310;

     (b) Not employed in the offer or sale of investment advice unless as part of a wrap fee program; and

     (c) Employed by:

          (1) A broker-dealer licensed pursuant to NRS 90.310 and 90.330; or

          (2) A broker-dealer licensed pursuant to NRS 90.310 who offers investment advice provided by an investment adviser licensed pursuant to NRS 90.330,

Ê is exempt from licensing under NRS 90.330.

     2. As used in this section:

     (a) “Sales representative” has the meaning ascribed to it in NRS 90.285.

     (b) “Wrap fee program” means a program that charges a client a fee which is not directly based upon transactions in the client’s account for:

          (1) Investment advisory services, including portfolio management and advice concerning the selection of other investment advisers, and the execution of transactions; or

          (2) Advice relating to the allocation of the assets of a client among investment companies or to investments within an investment company, if the adviser or a related person serves as an investment adviser, administrator or a principal underwriter for an investment company. As used in this subsection, “related person” means any officer, director or partner of an adviser or any person directly or indirectly controlling, controlled by or under common control with the adviser.

     (Added to NAC by Sec’y of State, eff. 9-15-94)