September 18, 1989
TO: INVESTMENT ADVISERS COMMITTEE NO. 39-89
RE: NEVADA PROPOSES INVESTMENT ADVISER RULE CHANGES
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The Securities Division of the office of the Nevada
Secretary of State is proposing certain changes in the Division's
regulations. The relevant proposed changes and a Summary of
Regulatory Changes are attached.
Section 5 would permit the administrator to impose a fee
for inspection of the records of any investment adviser of up to
$500 for an inspection within the state of Nevada or up to $2500
for any part of an inspection which may occur outside of the
state of Nevada. The fee would be due within 60 days after
notice by the administrator.
In Section 13, the proposed regulation would delete the
current language which requires the administrator to permit a
completed license application to become automatically effective
30 days after it has been filed. In its place, there would be a
rule that would permit the administrator of the Securities
Division to issue an order upon receipt of a completed license
application. This would permit the administrator to issue an
order that an application has become effective prior to the 30
days, provided the application is complete, but would also permit
the administrator to issue an effectiveness order after the 30
day period.
If you have any comments about these proposed regulations,
please contact the undersigned by Friday, September 29, 1989.
Robert L. Bunnen, Jr.
Assistant General Counsel
Attachment