§ 90.614 — Duty of broker-dealers and investment advisers to provide training; reporting to designated reporter

1. Each broker-dealer and investment adviser shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each sales representative, representative of the investment adviser and officer and employee of the broker-dealer or investment adviser who may:
(a) As part of his or her regular duties for the broker-dealer or investment adviser, come into direct contact with an older person or vulnerable person;
(b) Review or approve the financial documents, records or transactions of an older person or vulnerable person in connection with the offer, sale or purchase of securities; or
(c) Offer advice as to the value or advisability of investing in, purchasing or selling securities to an older person or vulnerable person.
2. The training required pursuant to subsection 1:
(a) Must be provided as soon as reasonably practicable, but not later than 6 months after the sales representative, representative of the investment adviser or officer or employee is employed by the broker-dealer or investment adviser; and
(b) May be part of any existing continuing education or training program required to be completed by the sales representative, representative of the investment adviser or officer or employee of the broker-dealer or investment adviser.
3. The training required pursuant to subsection 1 must include, without limitation:
(a) An explanation of the conduct which constitutes exploitation of an older person or vulnerable person;
(b) The manner in which exploitation of an older person or vulnerable person may be recognized;
(c) Information concerning the manner in which reports of exploitation of an older person or vulnerable person are investigated; and
(d) Instruction concerning when and how to report known or suspected exploitation of an older person or vulnerable person.
4. A sales representative, representative of an investment adviser or officer or employee of a broker-dealer or investment adviser who has observed or has knowledge of an incident that is directly related to a transaction or matter which is within his or her scope of practice and which reasonably appears to be exploitation of an older person or vulnerable person shall report the known or suspected exploitation to a designated reporter pursuant to NRS 90.6145 .

Legislative History

(Added to NRS by 2015, 2020 )