Current through February 27, 2024
1.
Every representative of an investment adviser licensed under
NRS
90.330 must complete the following continuing
education for each reporting period:
(a) Six
credits of ethics and professional responsibility offered by an authorized
provider, at least three credits of which must cover the topic of ethics;
and
(b) Six credits of products and
practice content offered by an authorized provider.
2. A representative of an investment adviser
who is also registered as a sales representative of a broker-dealer member of
the Financial Industry Regulatory Authority, or its successor, and who complies
with the continuing education requirements of the Financial Industry Regulatory
Authority, or its successor, is considered to be in compliance with paragraph
(b) of subsection 1 so long as the continuing education content of the
Financial Industry Regulatory Authority, or its successor, meets all of the
following baseline criteria as determined by the North American Securities
Administrator Association:
(a) The continuing
education content focuses on compliance, regulatory, ethical and sales
practices standards;
(b) The
continuing education content is derived from state and federal investment
advisory statutes, rules and regulations, securities industry rules and
regulations, and accepted standards and practices in the financial services
industry; and
(c) The continuing
education content requires that participants demonstrate proficiency in the
subject matter of the educational materials.
3. A representative of an investment advisor
who was awarded and currently holds a credential that qualifies for an
examination waiver under subsection 3 of NAC
90.391 shall be deemed to be in
compliance with subsection 1 if all of the following are true:
(a) The representative of an investment
adviser completes the credits of continuing education as a condition of
maintaining the credential for the relevant reporting period;
(b) The credits of continuing education
completed during the relevant reporting period by the representative of an
investment adviser are mandatory to maintain the credential; and
(c) The continuing education content provided
by the credentialing organization during the relevant reporting period is
approved continuing education content.
4. Every representative of an investment
adviser is responsible for ensuring that the authorized provider reports
completion of the continuing education.
5. A representative of an investment adviser
who completes credits of continuing education in excess of the amount required
for the reporting period may not carry forward the excess credits to a
subsequent reporting period.
6. A
representative of an investment adviser who fails to comply with the
requirements of this section by the end of a reporting period will renew as "CE
Inactive" at the close of the calendar year in this State until the
representative of the investment adviser completes and reports all required
continuing education credits for all reporting periods as required by this
section. A representative who is CE Inactive at the close of the next calendar
year is not eligible for licensing or renewal as an investment
adviser.
7. The Administrator may,
in his or her discretion, waive any requirements of this section.
8. A representative of an investment adviser
licensed or required to be licensed under chapter 90 of NRS who is registered
as a representative of an investment adviser in his or her home state shall be
deemed to be in compliance with this section if:
(a) The representative of an investment
adviser's home state has continuing education requirements that are at least as
stringent as the requirements of this section; and
(b) The representative of an investment
adviser is in compliance with the home state's investment adviser
representative continuing education requirements.
9. A representative of an investment adviser
who was previously licensed under chapter 90 of NRS and became unlicensed must
complete continuing education for all reporting periods that occurred between
the time that the representative became unlicensed and when the representative
became licensed again under chapter 90 of NRS unless the representative takes
and passes the examination or receives an examination waiver as required by
NRS
90.370 in connection with the subsequent
application for licensing.
10. As
used in this section:
(a) "Approved
continuing education content" means the materials, whether written, oral or
otherwise, that have been approved by the North American Securities
Administrators Association, or its designee, and which make up the educational
program provided to a representative of an investment adviser.
(b) "Authorized provider" means a person who
is authorized by the North American Securities Administrators Association, or
its designee, to provide continuing education content.
(c) "Credit" means a unit that has been
designated by the North American Securities Administrators Association, or its
designee, as at least 50 minutes of educational instruction.
(d) "Home state" means the state in which the
representative of an investment adviser has its principal office and place of
business.
(e) "North American
Securities Administrators Association" includes a committee designated by the
Board of Directors of the North American Securities Administrators
Association.
(f) "Products and
practice content" means approved continuing education content that addresses
the continuing skills and knowledge of a representative of an investment
adviser relating to financial products, investment features and practices in
the investment advisory industry.
(g) "Ethics and professional responsibility"
means approved continuing education content that addresses ethical and
regulatory obligations of representatives of investment advisers.
(h) "Reporting period" means a 12-month
period as determined by the North American Securities Administrators
Association. The initial reporting period of an investment adviser with this
State commences the first day of the first full reporting period after the
individual is licensed or required to be licensed in this State.
(i) "Representative of an investment adviser"
means an individual who meets the definition of:
(1) "Representative of an investment adviser"
pursuant to NRS
90.278; and
(2) "Investment adviser representative"
pursuant to 17 C.F.R. "275.203A
-3.
Added
to NAC by Sec'y of State by
R018-21A,
eff. 6/2/2023
NRS
90.750
