Nevada § 90.390 - Requirements after licensing
Full text of Nevada Nevada Revised Statutes § 90.390 — Requirements after licensing, with citation guidance and answers to common questions.
§ 90.390. Requirements after licensing
1. The Administrator by regulation may require that: (a) A licensed broker-dealer who is not registered under the Securities Exchange Act
of 1934 1 maintain minimum net capital and a prescribed ratio between net capital and aggregate
indebtedness, which may vary with type or class of broker-dealer; or (b) A licensed investment adviser who is not registered under the Investment Advisers
Act of 1940 maintain a minimum net worth. 2. If a licensed broker-dealer or investment adviser knows, or has reasonable cause
to know, that a requirement imposed on it under this section is not being met, the
broker-dealer or investment adviser shall promptly notify the Administrator of its
current financial condition. 3. The Administrator by regulation may require a fidelity bond from a broker-dealer
who is not registered under the Securities Exchange Act of 1934. 4. A licensed broker-dealer or investment adviser shall file financial and other reports
that the Administrator determines by regulation or order are necessary, but filing
a copy of the financial reports filed under the Securities Exchange Act of 1934, in
the case of a broker-dealer, or the Investment Advisers Act of 1940, 2 in the case of an investment adviser, satisfies the requirements regarding the filing
of financial reports pursuant to this subsection. 5. A licensed broker-dealer, sales representative, investment adviser or representative
of an investment adviser shall make and maintain records that the Administrator determines
by regulation are necessary and appropriate, but compliance with the recordkeeping
requirements of the Securities Exchange Act of 1934, in the case of a broker-dealer,
or the Investment Advisers Act of 1940, in the case of an investment adviser, satisfies
the requirements of this subsection. 6. Required records may be maintained in any form of data storage if they are readily
accessible to the Administrator. Required records must be preserved for 5 years unless the Administrator by regulation
specifies a different period for a particular type or class of records. 7. If the information contained in a record filed with the Administrator as part of
the application for licensing or under the section, except information the Administrator
by regulation or order excludes, is or becomes inaccurate or incomplete in a material
respect, the licensed person shall promptly file correcting information, unless notification
of termination has been given pursuant to subsection 5 of NRS 90.380 . 1
15 USCA § 78a et seq. 2
15 USCA § 80b-1 et seq.
Frequently Asked Questions About Nevada § 90.390
What does Nevada Revised Statutes § 90.390 cover?
Section 90.390 ("Requirements after licensing") is part of the Nevada Revised Statutes, the codified statutory law of Nevada. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nevada § 90.390?
A common citation format is "Nevada Revised Statutes § 90.390" (Nevada). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nevada law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nevada official source linked on this page or consult a licensed Nevada attorney.
How does Nevada § 90.390 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nevada can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nevada.