48 Neb. Admin. Code, ch. 7, § 008 - FINANCIAL REQUIREMENTS
008.01 An
investment adviser registered or required to be registered under the Act shall:
008.01A Maintain at all times a minimum net
capital of twenty-five thousand dollars ($25, 000.00); or
008.01B Post a surety bond on a form
acceptable to the Director in the amount of twenty-five thousand dollars ($25,
000.00).
008.02 Unless
otherwise exempted, as a condition of the right to continue to transact
business in this state, every investment adviser registered or required to be
registered under the Act shall notify the Director if such investment adviser's
net capital is less than the minimum required by the close of business on the
next business day. After transmitting such notice, the investment adviser shall
file a report with the Director of its financial condition by the close of
business on the next business day. The report shall include:
008.02A A trial balance of all ledger
accounts;
008.02B A statement of
all client funds or securities which are not segregated;
008.02C A computation of the aggregate amount
of debit balances in the client ledger;
008.02D A statement as to the number of
client accounts; and
008.02E Any
other information the Director may require.
008.03 For purposes of this Section, net
capital means total assets less total liabilities.
008.03A In determining net capital, the
following items are not included as assets:
008.03A1 Prepaid expenses, except items
properly classified as current assets under generally accepted accounting
principles, deferred charges, goodwill, franchise rights, organizational
expenses, patents, copyrights, marketing rights, unamortized debt discount and
expense, and all other assets of intangible nature;
008.03A2 Home, home furnishings,
automobile(s), and any other personal items not readily marketable in the case
of an individual;
008.03A3 Advances
or loans to stockholders or officers in the case of a corporation;
008.03A4 Advances or loans to partners in the
case of a partnership; and
008.03A5
Advances or loans to members in the case of a limited liability
company.
008.03B The
Director may require that a current appraisal be submitted in order to
establish the worth of any asset.
008.04 This Section does not apply to an
investment adviser whose principal place of business is not located in this
state, provided:
008.04A Such investment
adviser is registered in the state in which its principal place of business is
located; and
008.04B Such
investment adviser is in compliance with the minimum financial requirements
established by the state in which its principal place of business is
located.
008.04C For purposes of
this Section, principal place of business means the executive office of the
investment adviser from which the officers, partners, or managers of the
investment adviser direct, control, and coordinate the activities of the
investment adviser.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.