1. Every representative of an investment adviser licensed under NRS 90.330 must complete the following continuing education for each reporting period: (a) Six credits of ethics and professional responsibility offered by an authorized provider, at least three credits of which must cover the topic of ethics; and(b) Six credits of products and practice content offered by an authorized provider.2. A representative of an investment adviser who is also registered as a sales representative of a broker-dealer member of the Financial Industry Regulatory Authority, or its successor, and who complies with the continuing education requirements of the Financial Industry Regulatory Authority, or its successor, is considered to be in compliance with paragraph (b) of subsection 1 so long as the continuing education content of the Financial Industry Regulatory Authority, or its successor, meets all of the following baseline criteria as determined by the North American Securities Administrator Association:(a) The continuing education content focuses on compliance, regulatory, ethical and sales practices standards;(b) The continuing education content is derived from state and federal investment advisory statutes, rules and regulations, securities industry rules and regulations, and accepted standards and practices in the financial services industry; and(c) The continuing education content requires that participants demonstrate proficiency in the subject matter of the educational materials.3. A representative of an investment advisor who was awarded and currently holds a credential that qualifies for an examination waiver under subsection 3 of NAC 90.391 shall be deemed to be in compliance with subsection 1 if all of the following are true: (a) The representative of an investment adviser completes the credits of continuing education as a condition of maintaining the credential for the relevant reporting period;(b) The credits of continuing education completed during the relevant reporting period by the representative of an investment adviser are mandatory to maintain the credential; and(c) The continuing education content provided by the credentialing organization during the relevant reporting period is approved continuing education content.4. Every representative of an investment adviser is responsible for ensuring that the authorized provider reports completion of the continuing education.5. A representative of an investment adviser who completes credits of continuing education in excess of the amount required for the reporting period may not carry forward the excess credits to a subsequent reporting period.6. A representative of an investment adviser who fails to comply with the requirements of this section by the end of a reporting period will renew as "CE Inactive" at the close of the calendar year in this State until the representative of the investment adviser completes and reports all required continuing education credits for all reporting periods as required by this section. A representative who is CE Inactive at the close of the next calendar year is not eligible for licensing or renewal as an investment adviser.7. The Administrator may, in his or her discretion, waive any requirements of this section.8. A representative of an investment adviser licensed or required to be licensed under chapter 90 of NRS who is registered as a representative of an investment adviser in his or her home state shall be deemed to be in compliance with this section if: (a) The representative of an investment adviser's home state has continuing education requirements that are at least as stringent as the requirements of this section; and(b) The representative of an investment adviser is in compliance with the home state's investment adviser representative continuing education requirements.9. A representative of an investment adviser who was previously licensed under chapter 90 of NRS and became unlicensed must complete continuing education for all reporting periods that occurred between the time that the representative became unlicensed and when the representative became licensed again under chapter 90 of NRS unless the representative takes and passes the examination or receives an examination waiver as required by NRS 90.370 in connection with the subsequent application for licensing.10. As used in this section: (a) "Approved continuing education content" means the materials, whether written, oral or otherwise, that have been approved by the North American Securities Administrators Association, or its designee, and which make up the educational program provided to a representative of an investment adviser.(b) "Authorized provider" means a person who is authorized by the North American Securities Administrators Association, or its designee, to provide continuing education content.(c) "Credit" means a unit that has been designated by the North American Securities Administrators Association, or its designee, as at least 50 minutes of educational instruction.(d) "Home state" means the state in which the representative of an investment adviser has its principal office and place of business.(e) "North American Securities Administrators Association" includes a committee designated by the Board of Directors of the North American Securities Administrators Association.(f) "Products and practice content" means approved continuing education content that addresses the continuing skills and knowledge of a representative of an investment adviser relating to financial products, investment features and practices in the investment advisory industry.(g) "Ethics and professional responsibility" means approved continuing education content that addresses ethical and regulatory obligations of representatives of investment advisers.(h) "Reporting period" means a 12-month period as determined by the North American Securities Administrators Association. The initial reporting period of an investment adviser with this State commences the first day of the first full reporting period after the individual is licensed or required to be licensed in this State.(i) "Representative of an investment adviser" means an individual who meets the definition of: (1) "Representative of an investment adviser" pursuant to NRS 90.278; and(2) "Investment adviser representative" pursuant to 17 C.F.R. "275.203A -3.Nev. Admin. Code § 90.Sec. 35
Added to NAC by Sec'y of State by R018-21A, eff. 6/2/2023