Nev. Admin. Code § 90.Sec. 16 - NEW

In addition to any recordkeeping requirement, if an investment adviser is registered or required to be registered under the Investment Advisers Act of 1940 and the investment adviser has custody of client funds or securities, the investment adviser shall ensure that any record required to be maintained by the investment adviser includes, as applicable:

1. A copy of each document executed by the client, including, without limitation, a limited power of attorney, under which the investment adviser is authorized or permitted to withdraw funds or securities of the client which are maintained with a custodian upon the instruction of the investment adviser to the custodian.

2. A journal or other record showing all purchases, sales, receipts and deliveries of securities, including, without limitation, certificate numbers, for all accounts and all other debits and credits to the accounts.

3. A separate ledger account for each client showing:

(a) All purchases, sales, receipts and deliveries of securities;

(b) The date and price of each purchase and sale described in paragraph (a); and

(c) All debits and credits.

4. A copy of any confirmation of a transaction effected by or for the account of any client.

5. A record for each security in which any client has a position showing:

(a) The name of each client having any interest in each security;

(b) The amount or interest of each client; and

(c) The location of each security.

6. A copy of:

(a) Each quarterly account statement of the client, as generated and delivered by the qualified custodian;

(b) If the adviser generates a statement that is delivered to the client, the statement and the date that the statement was sent to the client; and

(c) A special examination report verifying the completion of the examination by an independent certified public accountant and describing the nature and extent of the examination, as applicable.

7. A record of any finding by the independent certified public accountant of any material discrepancies found during the examination.

8. Any evidence of the designation of an independent representative by a client, if applicable.

Notes

Nev. Admin. Code § 90.Sec. 16

Added to NAC by Sec'y of State by R018-21A, eff. 6/2/2023

NRS 90.390, 90.750