48 Neb. Admin. Code, ch. 10, § 004 - RECORDKEEPING BY INVESTMENT ADVISERS WHICH RENDER INVESTMENT SUPERVISORY OR MANAGEMENT SERVICES
In addition to the records required by Section 002, above, an investment adviser which renders any investment supervisory or management service to any client shall, to the extent the information is reasonably available to or obtainable by the investment adviser, make and keep true, accurate and current the following records with respect to each portfolio being supervised or managed:
004.01 Separate
records for each client showing the securities purchased and sold, and the
date, amount and price of each such purchase and sale; and
004.02 For each security in which any client
has a current position, records from which the investment adviser can promptly
furnish the name of the client, and the current amount or interest of the
client.
004.03 For purposes of this
subsection, "investment supervisory services" means the giving of continuous
advice as to the investment of funds on the basis of the individual needs of
each client; and "discretionary power" shall not include discretion as to the
price at which or the time when a transaction is or is to be effected, if,
before the order is given by the investment adviser, the client has directed or
approved the purchase or sale of a definite amount of the particular
security.
Notes
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