Nebraska Administrative Code
Topic - BANKING AND FINANCE, DEPARTMENT OF
Title 48 - DEPARTMENT OF BANKING AND FINANCE
Chapter 39 - CONDITIONS AND INFORMATION REQUIREMENTS FOR THE SECTION 8-1111(24) CROWDFUNDING EXEMPTION
Section 48-39-015 - RECORDS

Universal Citation: 48 NE Admin Rules and Regs ch 39 ยง 015

Current through March 20, 2024

An issuer shall maintain and preserve for a period of five years from either the date of the document or communication or the date of the closing or termination of the securities offering, whichever is later, records related to offers and sales made pursuant to this exemption.

015.01 The records that shall be maintained include, but are not limited to, the following:

015.01A The disclosure document provided to prospective investors;

015.01B The signed investor certification prescribed by Neb. Rev. Stat. § 8-1111(24)(a)(viii);

015.01B All subscription agreements;

015.01C All information used to establish that an issuer, prospective purchaser, or investor is a Nebraska resident;

015.01D All information used to establish that a prospective purchaser or investor is an accredited investor as defined in subsection 002.01, above;

015.01E All agreements and/or contracts between the issuer and the portal operator;

015.01F All escrow agreements between the issuer and a financial institution pursuant to section 010, above;

015.01G All correspondence or other communications with portal operators, financial institutions acting as escrow agents, prospective purchasers, and/or investors;

015.01H Each quarterly report prepared pursuant to section 014, above; and

015.01I All other records relating to the offers and/or sales of securities made through the funding portal.

015.02 An issuer shall, upon written request of the Director, furnish to the Director any records required to be maintained and preserved under this subdivision.

015.03 The records required to be kept and preserved under this Rule must be maintained in a manner, including by any electronic storage media, that will permit the immediate location of any particular document so long as such records are available for immediate and complete access by representatives of the Director. Any electronic storage system must preserve the records exclusively in a nonrewriteable, nonerasable format; verify automatically the quality and accuracy of the storage media recording process; serialize the original and, if applicable, duplicate units storage media, and time-date for the required period of retention the information placed on such electronic storage media; and be able to download indexes and records preserved on electronic storage media to an acceptable medium. In the event that a records retention system commingles records required to be kept under this subdivision with records not required to be kept, representatives of the Director may review all commingled records.

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