NRS 90.320 Exempt broker-dealers and sales representatives.

372 words·~2 min read·/nv/chapter-90-securities-uniform-act/90-320

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1. The following broker-dealers are exempt from licensing under NRS 90.310 :

(a)A broker-dealer who is registered or, is not required to be registered under the Securities Exchange Act of 1934 and who has no place of business in this State if:

(1)The transactions effected by the broker-dealer in this State are exclusively with the issuer of the securities involved in the transactions, other broker-dealers licensed or exempt under this chapter, and financial or institutional investors;

(2)The broker-dealer is licensed under the securities laws of a state in which the broker-dealer maintains a place of business and the broker-dealer offers and sells in this State to a person who is an existing customer of the broker-dealer and whose principal place of residence is not in this State; or

(3)The broker-dealer is licensed under the securities laws of a state in which the broker-dealer maintains a place of business and during any 12 consecutive months the broker-dealer does not effect transactions with more than five persons in this State in addition to the transactions with the issuers of the securities involved in the transactions, financial or institutional investors, or broker-dealers, whether or not the offeror or an offeree is then present in this State.

(b)Other broker-dealers the Administrator by regulation or order exempts.

2. The following sales representatives are exempt from licensing under NRS 90.310 :

(a)A sales representative acting for a broker-dealer exempt under subsection 1;

(b)A sales representative acting for an issuer in effecting transactions in a security exempted by paragraphs (a), (b), (c), (d), (k),

(l)or

(m)of subsection 2 of NRS 90.520 ;

(c)A sales representative acting for an issuer effecting offers or sales of securities in transactions exempted by NRS 90.530 ;

(d)A sales representative acting for an issuer effecting transactions with employees, partners, officers or directors of the issuer, a parent or a wholly owned subsidiary of the issuer, if no commission or other similar compensation is paid or given directly or indirectly to the sales representative for soliciting an employee, partner, officer or director in this State; and

(e)Other sales representatives the Administrator by regulation or order exempts.