Nevada Revised Statutes
Chapter 90 - Securities (Uniform Act)
NRS 90.425 - Unethical or dishonest practices: Use of certain certifications and professional designations.


1. A person engages in unethical or dishonest practices in the securities business if, without limitation, the person uses a certification or professional designation that:
(a) Indicates or implies that the person has special certification or training in advising or providing services to older persons or retirees in connection with the offer, sale or purchase of securities or in the provision of advice as to the value of or advisability of investing in, purchasing or selling securities, either directly or indirectly, through publications or writings or by issuing or publishing analyses or reports related to securities if the person does not have such special certification or training;
(b) The person has not earned or is otherwise ineligible to use;
(c) Is nonexistent;
(d) The person conferred upon himself or herself;
(e) Indicates or implies a level of occupational qualifications obtained through education, training or experience that the person using the certification or professional designation has not obtained; or
(f) Was obtained from a certifying or designating organization that, except as otherwise provided in subsection 2:
(1) Is primarily engaged in the business of instruction in sales or marketing;
(2) Does not have reasonable standards or procedures for assuring the competency of its certificate holders or designees;
(3) Does not have reasonable standards or procedures for monitoring and disciplining its certificate holders or designees for conduct that is improper or unethical; or
(4) Does not have reasonable requirements for continuing education for its certificate holders or designees in order to maintain the certificate or designation.
2. There is a rebuttable presumption that paragraph (f) of subsection 1 does not include a certification or professional designation that:
(a) Does not primarily apply to sales or marketing; and
(b) Was conferred by a certifying or designating organization that has been accredited by:
(1) The American National Standards Institute;
(2) The National Commission for Certifying Agencies; or
(3) An organization that is on the list provided by the United States Department of Education entitled "Accrediting Agencies Recognized for Title IV Purposes."
3. In determining whether a combination of words or an acronym standing for a combination of words constitutes a certification or professional designation indicating or implying that a person has special certification or training in advising or providing services to older persons or retirees, factors to be considered must include, without limitation:
(a) The use of one or more words such as "elder," "retirement," "senior" or similar words combined with one or more words such as "chartered," "certified," "registered," "adviser," "consultant," "planner," or "specialist" or similar words in the name of the certification or professional designation; and
(b) The manner in which those words are combined.
4. For the purposes of this section, a title of a job within an organization that is licensed or registered by a financial services regulatory agency of this State, any other state or the Federal Government is not a certification or professional designation if the title is not used in a manner that would confuse or mislead a reasonable consumer and the title:
(a) Indicates seniority or standing within the organization; or
(b) Specifies a person’s area of specialization within the organization.
5. As used in this section:
(a) "Financial services regulatory agency" includes, without limitation, an agency that regulates broker-dealers, investment advisers or investment companies as defined in the Investment Company Act of 1940, 15 U.S.C. § 80a-3.
(b) "Older person" has the meaning ascribed to it in NRS 200.5092.
(Added to NRS by 2013, 169)

Structure Nevada Revised Statutes

Nevada Revised Statutes

Chapter 90 - Securities (Uniform Act)

NRS 90.211 - Definitions.

NRS 90.215 - "Administrator" defined.

NRS 90.220 - "Broker-dealer" defined.

NRS 90.223 - "Commission" defined.

NRS 90.225 - "Depository institution" defined.

NRS 90.230 - "Division" defined.

NRS 90.235 - "Filing" and "file" defined.

NRS 90.240 - "Financial or institutional investor" defined.

NRS 90.245 - "Fraud," "deceit" and "defraud" defined.

NRS 90.250 - "Investment adviser" defined.

NRS 90.253 - "Investment Adviser Registration Depository" defined. [Effective July 1, 2022.]

NRS 90.255 - "Issuer" defined.

NRS 90.260 - "Nonissuer transaction" defined.

NRS 90.265 - "Person" defined.

NRS 90.270 - "Price amendment" defined.

NRS 90.275 - "Promoter" defined.

NRS 90.276 - "Provider of viatical settlements" defined.

NRS 90.2775 - "Qualifying private fund" defined. [Effective July 1, 2022.]

NRS 90.278 - "Representative of an investment adviser" defined.

NRS 90.280 - "Sale" and "sell" defined.

NRS 90.285 - "Sales representative" defined.

NRS 90.290 - "Securities Act of 1933," "Securities Exchange Act of 1934," "Public Utility Holding Company Act of 1935," "Investment Company Act of 1940," "Investment Advisers Act of 1940," "Employees Retirement Income Security Act of 1974," "National...

NRS 90.292 - "Securities exchange" defined.

NRS 90.295 - "Security" defined.

NRS 90.300 - "Self-regulatory organization" defined.

NRS 90.305 - "State" defined.

NRS 90.307 - "Transfer agent" defined.

NRS 90.308 - "Viatical settlement investment" defined.

NRS 90.309 - "Viator" defined.

NRS 90.310 - Licensing of broker-dealers, sales representatives and transfer agents.

NRS 90.320 - Exempt broker-dealers and sales representatives.

NRS 90.330 - Licensing of investment advisers and representatives of investment advisers.

NRS 90.340 - Exempt investment advisers and representatives of investment advisers. [Effective through June 30, 2022.] Exempt investment advisers and representatives of investment advisers. [Effective July 1, 2022.]

NRS 90.345 - Investment advisers to certain private funds exempt from licensing. [Effective July 1, 2022.]

NRS 90.350 - Application. [Effective through the earlier of June 30, 2022, or until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional,...

NRS 90.360 - Licensing fees.

NRS 90.370 - Examinations: Requirement for licensure; administration; waiver.

NRS 90.372 - Eligibility of officer or director of issuer for waiver from examination for licensure as sales representative or broker-dealer.

NRS 90.375 - Application for issuance or renewal of license: Statement regarding obligation of child support required; grounds for denial of license; duty of Administrator. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law r...

NRS 90.377 - Application for renewal of license to include information relating to state business license; denial of renewal for unpaid debt assigned to State Controller for collection.

NRS 90.380 - Licensing: General provisions. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to establish procedures for withholding, suspending and restricting the professional, occupational and recrea...

NRS 90.390 - Requirements after licensing.

NRS 90.400 - Licensing of successor firms.

NRS 90.410 - Power of inspection.

NRS 90.415 - Fee for inspection of records.

NRS 90.420 - Grounds for denial, suspension, revocation, fine or condition.

NRS 90.425 - Unethical or dishonest practices: Use of certain certifications and professional designations.

NRS 90.430 - Denial, suspension, revocation, fine or condition on grounds of lack of qualification.

NRS 90.435 - Mandatory suspension of license for failure to pay child support or comply with certain subpoenas or warrants; reinstatement of license. [Effective until the date of the repeal of 42 U.S.C. § 666, the federal law requiring each state to...

NRS 90.440 - Withdrawal.

NRS 90.450 - Custody of client’s securities and money.

NRS 90.453 - Registration required; exemption; regulations; investigation of persons associated with applicant; denial, suspension or revocation.

NRS 90.4535 - Description of person "associated with" securities exchange or applicant for registration.

NRS 90.454 - Limitations on trading of security.

NRS 90.456 - Fee for transactions.

NRS 90.457 - Use of unregistered exchange by broker-dealer or representative prohibited.

NRS 90.460 - Registration requirement.

NRS 90.465 - Expeditious processing of notice of claim of exemption from registration requirement.

NRS 90.470 - Registration by filing.

NRS 90.480 - Registration by coordination.

NRS 90.490 - Registration by qualification.

NRS 90.500 - Provisions applicable to registration generally.

NRS 90.510 - Denial, suspension or revocation of registration.

NRS 90.520 - Exempt securities; filing and fee required for exemption.

NRS 90.530 - Exempt transactions.

NRS 90.540 - Additional exemptions; fee.

NRS 90.550 - Revocation of exemptions.

NRS 90.560 - Filing of sales and advertising literature. [Effective through June 30, 2022.] Filing of sales and advertising literature. [Effective July 1, 2022.]

NRS 90.565 - Filing of notice before initial offering of securities.

NRS 90.567 - Filing of notice after first sale of securities.

NRS 90.570 - Offer, sale and purchase.

NRS 90.575 - Fiduciary duty of broker-dealers, sales representatives, investment advisers and representatives of investment advisers; regulations.

NRS 90.580 - Manipulation of market.

NRS 90.590 - Prohibited transactions by investment advisers and representatives of investment advisers.

NRS 90.600 - Misleading filings.

NRS 90.605 - False or fraudulent representations in investigations, proceedings or prosecutions; offering false evidence; destroying evidence.

NRS 90.610 - Unlawful representation concerning licensing, registration or exemption.

NRS 90.611 - Definitions.

NRS 90.6115 - "Designated reporter" defined.

NRS 90.612 - "Exploitation" defined.

NRS 90.6125 - "Older person" defined.

NRS 90.613 - "Reasonable cause to believe" defined.

NRS 90.6135 - "Vulnerable person" defined.

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

NRS 90.6145 - Designated reporter: Designation; duty to report; immunity.

NRS 90.615 - Authority of Attorney General and district attorney.

NRS 90.620 - Investigations and subpoenas.

NRS 90.630 - Enforcement.

NRS 90.640 - Power of court to grant relief.

NRS 90.650 - Criminal penalties.

NRS 90.660 - Civil liability.

NRS 90.670 - Statute of limitations.

NRS 90.680 - Offer of rescission and settlement.

NRS 90.690 - Burden of proof.

NRS 90.700 - Liability: General provisions.

NRS 90.710 - Administration of chapter.

NRS 90.715 - Strict interpretation of provisions; waiver of enforcement; no-action letter; fee.

NRS 90.720 - Prohibitions on use of information.

NRS 90.730 - Public information and confidentiality.

NRS 90.740 - Cooperation with other agencies.

NRS 90.750 - Regulations, forms and orders. [Effective through June 30, 2022.] Regulations, forms and orders. [Effective July 1, 2022.]

NRS 90.755 - Authority to adopt regulations and orders consistent with federal Jumpstart Our Business Startups Act.

NRS 90.760 - Good faith reliance.

NRS 90.770 - Consent to service of process.

NRS 90.780 - Administrative files and records.

NRS 90.785 - Biennial report of Administrator. [Effective July 1, 2022.]

NRS 90.790 - Administrative proceedings.

NRS 90.800 - Summary order of Administrator; notice and opportunity for hearing; final order.

NRS 90.820 - Emergency administrative proceedings.

NRS 90.830 - Scope of chapter.

NRS 90.840 - Contract provisions.

NRS 90.845 - Payment of fees by electronic transfer.

NRS 90.847 - Electronic delivery of records and applications.

NRS 90.860 - Short title; uniformity of application and construction.