Section 48-9-009 - REGISTRATION OF INVESTMENT ADVISER REPRESENTATIVES OF FEDERAL COVERED ADVISERSAn investment adviser representative of a federal covered adviser is required to register pursuant to Neb. Rev. Stat. § 8-1103(3) only if he or she satisfies the following conditions:
009.01 The investment adviser representative has an office in Nebraska at which the investment adviser representative regularly provides, or has a location in Nebraska which the investment adviser holds out to the general public as a location at which the investment adviser representative provides, investment advisory services, solicits, meets with, or otherwise communicates with clients.009.02 The investment adviser representative is a partner, officer, director, or other person occupying a similar status or performing similar functions, or employee of a federal covered adviser, or other person who provides investment advice on behalf of the federal covered adviser and is subject to the supervision and control of the federal covered adviser ("supervised person") who:009.02A Has more than five clients who are natural persons and more than ten percent of whose clients are natural persons (other than excepted persons as defined in Section 009.02C1, below); and009.02B On a regular basis solicits, meets with, or otherwise communicates with clients of a federal covered adviser, or does not provide only "impersonal investment advice," as defined in Section 010.02C3, below.009.02C For purposes of this Section:009.02C1 "Excepted person" means a natural person who immediately after entering into the investment advisory contract with the investment adviser has at least seven hundred fifty thousand dollars ($750,000.00) under management with the investment adviser, or who the investment adviser reasonably believes, immediately prior to entering into the advisory contract, has a net worth, together with assets held jointly with a spouse, at the time the contract is entered into of more than one million five hundred thousand dollars ($1,500,000.00).009.02C2 The supervised person may rely on the definition of client in 17 C.F.R. 275. 202(a)(30)-1 to identify clients for purposes of this Section, except that a supervised person need not count clients who are not residents of the United States.009.02C3 Impersonal investment advice means investment advisory services provided by means of written material or oral statements that do not purport to meet the objectives or needs of specific individuals or accounts.009.03 Notwithstanding Section 009.02, above, a person who solicits, offers or negotiates for the sale of, or sells, investment advisory services on behalf of a federal covered adviser shall register as an investment adviser representative even if he or she is not a supervised person.48 Neb. Admin. Code, ch. 9, § 009
Amended effective 6/5/2017.Amended effective 6/13/2022