Section 296-3.013 - INSTITUTIONAL INVESTORS3.013.01 For the purposes of these rules, ''Institutional investor'', refers to any of the following entities having a 5 percent or greater ownership interest in a gaming establishment or gaming licensee: A corporation, bank, insurance company, pension fund or pension fund trust, retirement fund, including funds administered by a public agency, employees' profit-sharing fund or employees' profit-sharing trust, an association engaged, as a substantial part of its business or operation, in purchasing or holding securities, or any trust in respect of which a bank is a trustee or co-trustee, investment company registered under the federal Investment Company Act of 1940, collective investment trust organized by banks under part 9 of the Rules of the Comptroller of Currency, closed end investment trust, chartered or licensed life insurance company or property and casualty insurance company, investment advisor registered under the federal Investment Advisers Act of 1940, and such other persons as the Commission may reasonably determine to qualify as an institutional investor for with the purposes of this chapter.3.013.02 To be presumed suitable or qualified as an institutional investor, an entity will submit to the Commission: (1) Documentation sufficient to establish qualifications as an institutional investor; and(2) completed certification form, as required and prescribed by the Commission.3.013.03 The Commission may request any other information that would affect an entity's suitability or qualification as an institutional investor. The entity will provide all information, documents and materials at the entity's sole expense and cost.3.013.04 An institutional investor will notify the Commission within thirty days of any increase in its percentage ownership of the securities of the Authorized Gaming Operator, Gaming-Related Vendor, Gaming Facility owner, or holding, intermediate, subsidiary, or parent company of the Authorized Gaming Operator, Gaming-Related Vendor, Gaming Facility owner that issued the publicly traded securities held by the entity when such percentage ownership is greater than ten percent (10%).3.013.05 An institutional investor will notify the Commission within 10 calendar days of any changes to its name or to its state of incorporation or principal place of business.3.013.06 An institutional investor will notify the Commission within 10 calendar days of any inquiry into, investigation of or action filed against the entity by any gaming regulatory agency or authority or other governmental agency or authority, except for routine renewal reviews.3.013.07 An institutional investor will notify the Commission immediately, which shall not be more than 48 hours after receiving notice of any rejection, suspension, revocation or denial of any institutional investor process by any gaming regulatory agency or authority, and any fine, penalty or settled amount relating to any institutional process or gaming-related license imposed upon or agreed to by the entity in any jurisdiction.3.013.08 An institutional investor will notify the Commission within 10 calendar days of any other information that would affect the entity's suitability or qualifications as an institutional investor under these rules.3.013.09 The Commission may rescind any institutional investor designation if: 3.013.09A The institutional investor notifies the Commission that it exercises or intends to exercise influence over the affairs of the Authorized Gaming Operator, Gaming-Related Vendor, Gaming Facility owner, or holding, intermediate, subsidiary, or parent company of the Authorized Gaming Operator, Gaming-Related Vendor, Gaming Facility owner that issued the publicly traded securities held by the entity; or3.013.09B The Commission discovers that the institutional investor exercises or intends to exercise influence over the affairs of the Authorized Gaming Operator, Gaming-Related Vendor, Gaming Facility owner, or holding, intermediate, subsidiary, or parent company of the Authorized Gaming Operator, Gaming-Related Vendor, Gaming Facility owner that issued the publicly traded securities held by the entity.3.013.10 Upon rescission of a designation as an institutional investor, an entity will submit information required by the Commission within thirty days and undergo a suitability background evaluation.3.013.11 This rule will not be construed to preclude the Commission from investigating the suitability or qualifications of an institutional investor if the Commission becomes aware of facts or information that may result in the institutional investor being found unsuitable or disqualified as an institutional investor.296 Neb. Admin. Code, ch. 3, § 296-3.013
Adopted effective 5/16/2022Amended effective 2/1/2023