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Sales Representative/Agent of the Issuer

SENATE BILL 28

RECENT LEGISLATION:
Nevada State Senate Bill 28 (“SB 28”), effective July 1, 2013, prohibits the unethical or dishonest practice in the securities business of utilizing certain “senior designation” certifications, as well as other unethical conduct. SB 28 also modifies the information that may be considered during licensing proceedings, and makes it a specific violation of Nevada securities laws to provide any materially false, fraudulent or fictitious statement during an investigation. For these and other changes to the Nevada Uniform Securities Act, see the complete copy of SB 28 as enrolled, at the following web address. https://www.leg.state.nv.us/Session/77th2013/Bills/SB/SB28_EN.pdf  

 

An FINRA member broker-dealer seeking licensing of a sales representative in this state shall submit to the Central Registration Depository (CRD), P.O. Box 9401, Gaithersburg, MD 20898-9401, the following:

  1. Form U-4 with original signatures;
  2. Proof of passing the Series 63 or 66 exam and any other applicable exams required by the FINRA and the state of Nevada;
  3. A fee as determined by NRS 90.360, $125.00, and in the form of payment as prescribed by the CRD.

See NAC 90.355

Waiver of Exam Requirement: 
The Administrator by order may waive any requirement for examination imposed pursuant to subsection 1 as to any person or class of persons if the Administrator determines that an examination is not necessary for the protection of investors by reason of the training and experience of the applicant or class of applicants.  See NRS 90.370

To obtain a waiver of the exam requirement, an applicant must submit their request as stated in NAC 90.318:

1. A request for a waiver or no-action letter must be submitted in writing to the Office of the Administrator, accompanied by the fee set forth in NRS 90.715 (a fee of $200).

2. Two copies of the request for a waiver or no-action letter must be filed. The request for a waiver or no-action letter must contain:

(a) A brief summary of the statutory and regulatory provisions to which it pertains;

(b) A detailed statement of the relevant facts;

(c) A detailed discussion and analysis of the law as it relates to the facts;

(d) A statement of the legal authority for granting the request;

(e) A statement of the reasons a waiver or no-action letter is appropriate;

(f) A statement explaining any adverse or beneficial effect upon the public interest resulting from the granting of the request;

(g) A certification that, within the knowledge of the person on whose behalf the request is made, the transaction described is not directly or indirectly the subject of any pending judicial or administrative proceeding or, if such a proceeding is pending, a description of the proceeding;

(h) A certification that the transaction in question has not been commenced or, if it has commenced, a statement concerning its status; and

(i) An acknowledgment by the person on whose behalf the request is made that the request, together with any documents or information submitted and any response from the Division, is, except as otherwise provided in NRS 90.730, public information which may be released for publication.

3. A request for a waiver or no-action letter must be limited to the particular situation involving the problem at hand and must not attempt to include every possible type of situation that may arise in the future. 


NOTE:  The submission of the request for a waiver must also be accompanied by the application for licensing and the applicable licensing fee.  

Sales Representatives seeking licensing as Agent of the Issuer, shall submit to the Division the following:

  1. A form U-4 with original signatures;
  2. Proof of passing the Series 63 or 66 exam;
  3. A fee as determined by NRS 90.360, $125.00.  

Waiver of Exam Requirement:
Pursuant to NRS 90.372, an officer or director of an issuer is eligible for a waiver from the exam requirement for licensure as sales representative or broker-dealer if the requirements for a waiver are met.  To obtain such a waiver, an applicant must submit their request as stated in NAC 90.318.

 NOTE: The submission of the request for a waiver pursuant to NRS 90.372 must also be accompanied by the application for licensing and the applicable licensing fee.


Dual Licensing of Sales Representatives
A person shall not at any one time act as a sales representative for more than one broker-dealer or for more than one issuer, unless the Administrator by regulation or order authorizes multiple licenses.  Refer to NAC 90.318, for instructions regarding requesting a waiver or no-action letter.

Renewal of Sales Representative License
Renewal is accomplished in the following manner:

  1. For sales representative NOT licensed with a FINRA member firm, applicants must submit a written request for renewal and the fee of $125.00 as required by NRS 90.360 prior to December 31st of each year.
  2. For sales representatives licensed with a FINRA member firm, applicants must submit the renewal fee of $125.00 as required by NRS 90.360 prior to December 31st of each year to the CRD.

For questions on the application of sales representatives, contact:

Terry Sanchez, Administrative Assistant III, Licensing 
702-486-2440

Last updated: 6/28/2013 1:56:26 PM