Nevada Securities Act Amendments - What's Next?

Over the summer, much was written about amendments to the Nevada Securities Act provisions governing financial planners, which became effective July 1, after being signed by the Governor on June 2.

Prior to the amendments, Nevada law excluded from the definition of financial planner insurance producers, broker-dealers, sales representatives, and investment advisers. As amended, the exclusion for insurance producers was maintained but those for broker-dealers, sales representatives, and investment advisers were removed. Thus, unless an individual is an insurance producer only, such person is a financial planner subject to Nevada law imposing fiduciary duties in connection with their investment advice to clients.