USA Statutes : nevada
Title : Title 07 - BUSINESS ASSOCIATIONS; SECURITIES; COMMODITIES
Chapter : CHAPTER 91 - COMMODITIES
The Legislature intends that
this chapter be construed and implemented to effectuate its general
purpose to protect investors, to prevent and prosecute illegal and
fraudulent schemes involving commodity contracts and to maximize
coordination with federal and other states’ law and the administration
and enforcement thereof. This chapter is not intended to create any
rights or remedies upon which actions may be brought by private persons
against persons who violate the provisions of this chapter.
(Added to NRS by 1987, 1287)
As used in this chapter, unless the
context otherwise requires, the words and terms defined in NRS 91.030
to 91.150 , inclusive, have the meanings ascribed to them
in those sections.
(Added to NRS by 1987, 1282; A 2003, 3178 )
“Administrator” means the
Administrator of the Securities Division of the Office of the Secretary
of State.
(Added to NRS by 1987, 1282)
“Board of trade” means any
person or group of persons engaged in buying or selling any commodity or
receiving any commodity for sale on consignment, whether or not the
person or group of persons is characterized as a board of trade, exchange
or other form of market place.
(Added to NRS by 1987, 1282)
1. “Commodity” means, except as otherwise provided in subsection 2
or specified by the Administrator by regulation or order:
(a) Any agricultural, grain or livestock product or by-product;
(b) Any metal or mineral, including a precious metal;
(c) Any gem or gemstone whether characterized as precious,
semiprecious or otherwise;
(d) Any fuel, whether liquid, gaseous or otherwise;
(e) Any foreign currency; and
(f) All other goods, articles, products or items of any kind.
2. “Commodity” does not include:
(a) A numismatic coin whose fair market value is at least 15
percent higher than the value of the metal it contains;
(b) Real property or any timber, agricultural or livestock product
grown or raised on real property and offered or sold by the owner or
lessee of such real property; or
(c) Any work of art offered or sold by art dealers, at public
auction or offered or sold through a private sale by the owner thereof.
(Added to NRS by 1987, 1282)
1. “Commodity contract” means any account, agreement or contract
for the purchase or sale, primarily for speculation or investment
purposes and not for use or consumption by the offeree or purchaser, of
one or more commodities, whether for immediate or subsequent delivery or
whether delivery is intended by the parties, and whether characterized as
a cash contract, deferred shipment or deferred delivery contract, forward
contract, futures contract, installment or margin contract, leverage
contract or otherwise. Any commodity contract offered or sold, in the
absence of evidence to the contrary, is presumed to be offered or sold
for speculation or investment purposes.
2. “Commodity contract” does not include any contract or agreement
which requires, and under which the purchaser receives, within 28
calendar days after the payment of any portion of the purchase price,
physical delivery of the total amount of each commodity to be purchased
under the contract or agreement.
(Added to NRS by 1987, 1283)
“Commodity Exchange
Act” means the act of Congress known as the Commodity Exchange Act, 7
U.S.C. §§ 1 et seq.
(Added to NRS by 1987, 1283)
“Commodity Futures Trading Commission” means the independent regulatory
agency established by Congress to administer the Commodity Exchange Act.
(Added to NRS by 1987, 1283)
“Commodity merchant”
means any of the following, as defined or described in the Commodity
Exchange Act or by a rule of the Commodity Futures Trading Commission:
1. A futures commission merchant;
2. A commodity pool operator;
3. A commodity trading adviser;
4. An introducing broker;
5. A leverage transaction merchant;
6. An associated person of any person listed in subsections 1 to
5, inclusive;
7. A floor broker; or
8. Any other person, other than a futures association, required to
register with the Commodity Futures Trading Commission.
(Added to NRS by 1987, 1283)
“Commodity option” means
any account, agreement or contract giving a party thereto the right but
not the obligation to purchase or sell one or more commodities or one or
more commodity contracts, whether characterized as an option, privilege,
indemnity, bid, offer, put, call, advance guaranty, decline guaranty or
otherwise, but does not include an option traded on a national securities
exchange registered with the Securities and Exchange Commission.
(Added to NRS by 1987, 1283)
“Financial
institution” means a bank, credit union, savings institution or trust
company organized under, or supervised pursuant to, the laws of the
United States or of any state.
(Added to NRS by 1987, 1284; A 1999, 1456 )
“Offer” includes every offer to sell,
purchase or enter into a commodity contract or commodity option.
(Added to NRS by 1987, 1284)
1. “Person” includes a government, governmental agency or
political subdivision of a government.
2. “Person” does not include a contract market designated by the
Commodity Futures Trading Commission or any clearinghouse thereof or a
national securities exchange registered with the Securities and Exchange
Commission, or any employee, officer or director of such a contract
market, clearinghouse or exchange acting solely in that capacity.
(Added to NRS by 1987, 1284)
“Precious metal” means the
following in either coin, bullion or other form:
1. Silver;
2. Gold;
3. Platinum;
4. Palladium;
5. Copper; and
6. Such other items as the administrator may specify by regulation
or order.
(Added to NRS by 1987, 1284)
“Record” means information that is
inscribed on a tangible medium or that is stored in an electronic or
other medium and is retrievable in perceivable form.
(Added to NRS by 2003, 3178 )
“Sale” or “sell” includes
every contract of sale, contract to sell or disposition for value.
(Added to NRS by 1987, 1284)
1. This chapter must be administered by the Administrator of the
Securities Division of the Office of the Secretary of State.
2. It is unlawful for the Administrator or any employee of the
Administrator to use for personal benefit any information which is filed
with or obtained by the Administrator and which is not made public. It is
unlawful for the Administrator or any employee of the Administrator to
conduct any dealings regarding a security or commodity based upon any
such information, even though made public, if there has not been a
sufficient period of time for the securities or commodity markets to
assimilate such information.
3. Except as otherwise provided in subsection 4, all information
and materials collected, assembled or maintained by the Administrator are
public records.
4. The following information is confidential:
(a) Information obtained in private investigations pursuant to NRS
91.300 ; and
(b) Information obtained from federal agencies which may not be
disclosed under federal law.
5. The Administrator in his discretion may disclose any
information made confidential under subsection 4 to persons identified in
subsection 1 of NRS 91.170 .
6. No provision of this chapter either creates or derogates any
privilege which exists at common law, by statute or otherwise when any
record or other evidence is sought under subpoena directed to the
Administrator or any employee of the Administrator.
(Added to NRS by 1987, 1289; A 2003, 3178 )
1. To encourage uniform application and interpretation of this
chapter and regulation and enforcement of securities laws in general, the
Administrator and the employees of the Administrator may cooperate,
including bearing the expense of the cooperation, with the securities
agency or administrator of another jurisdiction, Canadian province or
territory, the Commodity Futures Trading Commission, the Securities and
Exchange Commission, any self-regulatory organization established under
the Commodity Exchange Act or the Securities Exchange Act of 1934, any
national or international organization of officers or agencies which
regulate commodities or securities, and any governmental law enforcement
agency.
2. The cooperation authorized by subsection 1 includes, but is not
limited to, the following:
(a) Making joint examinations or investigations;
(b) Holding joint administrative hearings;
(c) Filing and prosecuting joint litigation;
(d) Sharing and exchanging personnel;
(e) Sharing and exchanging information and records;
(f) Formulating and adopting mutual regulations, statements of
policy, guidelines, proposed statutory changes and releases; and
(g) Issuing and enforcing subpoenas at the request of the agency
administering this chapter in another jurisdiction, the securities agency
of another jurisdiction, the Commodity Futures Trading Commission or the
Securities and Exchange Commission if the information sought would also
be subject to lawful subpoena for conduct occurring in this State.
(Added to NRS by 1987, 1290; A 2003, 3178 )
Nothing in this chapter impairs, derogates or otherwise affects the
authority or powers of the Administrator under chapter 90 of NRS or the application of any provision thereof
to any person or transaction subject thereto.
(Added to NRS by 1987, 1287)
UNLAWFUL ACTS
Except as otherwise provided in NRS 91.200 and 91.210 ,
a person shall not sell or purchase or offer to sell or purchase any
commodity under any commodity contract or under any commodity option or
offer to enter into or enter into as seller or purchaser any commodity
contract or any commodity option.
(Added to NRS by 1987, 1284)
The prohibitions in NRS 91.190
do not apply to any transaction offered
by and in which any of the following persons, or any employee, officer or
director thereof acting solely in that capacity, is the purchaser or
seller:
1. A person registered with the Commodity Futures Trading
Commission as a futures commission merchant or as a leverage transaction
merchant whose activities require such registration;
2. A person registered with the Securities and Exchange Commission
as a broker-dealer whose activities require such registration;
3. A person affiliated with, and whose obligations and liabilities
under the transaction are guaranteed by, a person referred to in
subsection 1 or 2;
4. A person who is a member of a contract market designated by the
Commodity Futures Trading Commission or any clearinghouse thereof;
5. A financial institution; or
6. A person registered under the laws of this State as a
securities broker-dealer whose activities require such registration.
Ê The exemption provided in this section does not apply to any
transaction or activity which is prohibited by the Commodity Exchange Act
or by a rule of the Commodity Futures Trading Commission.
(Added to NRS by 1987, 1284)
1. The prohibitions in NRS 91.190 do not apply to the following:
(a) An account, agreement or transaction within the exclusive
jurisdiction of the Commodity Futures Trading Commission granted under
the Commodity Exchange Act.
(b) A commodity contract for the purchase of one or more precious
metals which requires, and under which the purchaser receives, within 7
calendar days after the payment of any portion of the purchase price,
physical delivery of the quantity of the precious metals purchased by the
payment. For purposes of this paragraph, physical delivery shall be
deemed to have occurred if, within the 7-day period, the quantity of
precious metals purchased by the payment is delivered, whether in
specifically segregated or fungible bulk form, into the possession of a
depository other than the seller which is either:
(1) A financial institution;
(2) A depository the warehouse receipts of which are
recognized for delivery purposes for any commodity on a contract market
designated by the Commodity Futures Trading Commission;
(3) A storage facility licensed or regulated by the United
States or any agency thereof; or
(4) A depository designated by the Administrator,
Ê and the depository issues, and the purchaser receives, a certificate,
record of title, confirmation or other instrument evidencing that such a
quantity of precious metals has been delivered to the depository and is
being and will continue to be held by the depository on the purchaser’s
behalf, free and clear of all liens and encumbrances, other than liens of
the purchaser, tax liens, liens agreed to by the purchaser, or liens of
the depository for fees and expenses, which have previously been
disclosed to the purchaser.
(c) A commodity contract solely between persons engaged in
producing, processing, using commercially or handling as merchants, each
commodity subject thereto, or any by-product thereof.
(d) A commodity contract under which the offeree or the purchaser
is a person referred to in NRS 91.200 ,
an insurance company, an investment company as defined in the Investment
Company Act of 1940, or an employee pension and profit-sharing or benefit
plan, other than a self-employed individual retirement plan or individual
retirement account.
2. The Administrator may adopt regulations or issue orders
prescribing the terms and conditions of all transactions and contracts
covered by the provisions of this chapter which are not within the
exclusive jurisdiction of the Commodity Futures Trading Commission
granted by the Commodity Exchange Act, exempting any person or
transaction from any provision of this chapter conditionally or
unconditionally and otherwise implementing the provisions of this chapter
for the protection of purchasers and sellers of commodities.
(Added to NRS by 1987, 1285; A 2003, 3179 )
1. A person shall not engage in a trade or business or otherwise
act as a commodity merchant unless the person:
(a) Is registered or temporarily licensed with the Commodity
Futures Trading Commission for each activity constituting the person as a
commodity merchant and the registration or temporary license has not
expired or been suspended or revoked; or
(b) Is exempt from registration by virtue of the Commodity Exchange
Act or of a rule of the Commodity Futures Trading Commission.
2. A board of trade must not trade, or provide a place for the
trading of, any commodity contract or commodity option required to be
traded on or subject to the rules of a contract market designated by the
Commodity Futures Trading Commission unless the board of trade has been
designated for the commodity contract or commodity option and the
designation has not been vacated, suspended or revoked.
(Added to NRS by 1987, 1286)
A person shall not directly or
indirectly:
1. Cheat or defraud, or attempt to cheat or defraud, any other
person or employ any device, scheme or artifice to defraud any other
person;
2. Make any false report, enter any false record, or make any
untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made, in the light of the
circumstances under which they were made, not misleading;
3. Engage in any transaction, act, practice or course of business,
including, without limitation, any form of advertising or solicitation,
which operates or would operate as a fraud or deceit upon any person; or
4. Misappropriate or convert the money, security or property of
any other person,
Ê in or in connection with the purchase or sale of, the offer to purchase
or sell, the offer to enter into, or the entry into of, any commodity
contract or commodity option subject to the provisions of NRS 91.190
or 91.200 or paragraph (b) or (d) of subsection 1 of NRS
91.210 .
(Added to NRS by 1987, 1286)
190 , 91.220 and
91.230 .
1. NRS 91.190 , 91.220 and 91.230
apply to persons who sell or offer to sell when:
(a) An offer to sell is made in this State; or
(b) An offer to buy is made and accepted in this State.
2. NRS 91.190 , 91.220 and 91.230
apply to persons who buy or offer to buy when:
(a) An offer to buy is made in this State; or
(b) An offer to sell is made and accepted in this State.
3. For the purposes of this section, an offer to sell or to buy is
made in this State, whether or not either party is then present in this
State, when the offer:
(a) Originates from this State; or
(b) Is directed by the offeror to this State and received at the
place to which it is directed, or at any post office in this State in the
case of a mailed offer.
4. For the purposes of this section, an offer to buy or to sell is
accepted in this State when acceptance:
(a) Is communicated to the offeror in this State; and
(b) Has not previously been communicated to the offeror, orally or
in writing, outside this State.
Ê Acceptance is communicated to the offeror in this State, whether or not
either party is then present in this State, when the offeree directs it
to the offeror in this State, reasonably believing the offeror to be in
this State and it is received at the place to which it is directed, or at
any post office in this State in the case of a mailed acceptance.
5. For the purposes of this section, an offer to sell or to buy is
not made in this State when:
(a) The publisher circulates or there is circulated on his behalf
in this State a bona fide newspaper or other publication of general,
regular and paid circulation which is not published in this State, or
which is published in this State but has had more than two-thirds of its
circulation outside this State during the past 12 months; or
(b) A radio or television program originating outside this State is
received in this State.
(Added to NRS by 1987, 1291)
1. The act, omission, or failure of any officer, agent or other
person acting for any natural person, association, partnership,
corporation or trust within the scope of his employment or office shall
be deemed the act, omission or failure of the natural person,
association, partnership, corporation or trust, as well as of the
officer, agent or other person.
2. Every person who directly or indirectly controls another person
liable under any provision of this chapter, every partner, officer or
director of the liable person, every person occupying a similar status or
performing similar functions as the liable person and every employee of
the liable person who materially aids in the violation is also liable
jointly and severally with and to the same extent as the liable person,
unless the person who is also liable by virtue of this provision sustains
the burden of proof that he did not know, and in exercise of reasonable
care could not have known, of the existence of the facts by reason of
which the liability is alleged to exist.
(Added to NRS by 1987, 1286)
ENFORCEMENT; REMEDIES; PENALTIES
The Administrator may adopt
such regulations or issue such orders as are necessary to carry out the
provisions of this chapter and which are in the public interest or for
the protection of investors. The regulations or orders may:
1. Designate items which are not commodities;
2. Designate precious metals; and
3. Prescribe forms to be used pursuant to this chapter.
(Added to NRS by 1987, 1290)
1. The Administrator shall commence an administrative proceeding
under this chapter by entering either a notice of intent to do a
contemplated act or a summary order. The notice of intent or summary
order may be entered without notice or opportunity for hearing, and need
not be supported by findings of fact or conclusions of law, but must be
in writing.
2. Upon entry of a notice of intent or summary order, the
Administrator shall promptly notify all interested parties that the
notice or summary order has been entered and the reasons therefor. If the
proceeding is pursuant to a notice of intent, the Administrator shall
inform all interested parties of the date, time and place set for the
hearing on the notice. If the proceeding is pursuant to a summary order,
the Administrator shall inform all interested parties that they have 30
business days after the entry of the order to file a written request for
a hearing on the matter with the Administrator and that the hearing will
be scheduled to commence within 30 business days after the receipt of the
written request.
3. If the proceeding is pursuant to a summary order, the
Administrator, whether or not a written request for a hearing is received
from any interested party, may set the matter for hearing on the
Administrator’s own motion.
4. If no hearing is requested and none is ordered by the
Administrator, the summary order automatically becomes a final order 30
business days after the entry of the order.
5. If a hearing is requested or ordered, the Administrator, after
notice of and opportunity for a hearing, may modify or vacate the order
or extend it until a final determination is made.
6. No final order or order after a hearing may be returned without:
(a) Appropriate notice to all interested persons;
(b) Opportunity for hearing by all interested persons; and
(c) Entry of written findings of fact and conclusions of law.
Ê Every hearing in an administrative proceeding under this chapter must
be public unless the Administrator grants a request joined in by all the
respondents that the hearing be conducted privately.
(Added to NRS by 1987, 1292)
1. Any person aggrieved by a final order of the Administrator may
obtain judicial review of the order in the District Court for the First
Judicial District by filing with the court, within 60 days after the
entry of the order, a written petition praying that the order be modified
or set aside in whole or in part. A copy of the petition for review must
be served upon the Administrator.
2. Upon the filing of a petition for review, unless the court
orders the taking of additional evidence pursuant to subsection 5 or 6,
the court has exclusive jurisdiction of the matter, and the Administrator
may not modify or set aside the order, in whole or in part.
3. The filing of a petition for review under subsection 1 does
not, unless specifically ordered by the court, operate as a stay of the
Administrator’s order, and the Administrator may enforce or ask the court
to enforce the order pending the outcome of the proceedings.
4. Upon receipt of the petition for review, the Administrator
shall certify and file in the court a copy of the order and the
transcript or record of the evidence upon which it was based. If the
order became final by operation of law under subsection 4 of NRS 91.270
, the Administrator shall certify and
file in court the summary order, evidence of its source and an affidavit
certifying that no hearing has been held and that the order became final
pursuant to that subsection.
5. If either the aggrieved party or the Administrator applies to
the court for leave to submit additional evidence, and shows to the
satisfaction of the court that there were reasonable grounds for failure
to submit the evidence in the hearing before the Administrator or other
good cause, the court may order the additional evidence to be taken by
the Administrator under such conditions as the court considers proper.
6. If new evidence is ordered taken by the court, the
Administrator may modify the findings and order by reason of the
additional evidence and shall file in the court the additional evidence
together with any modified or new findings or order.
7. The court shall review the petition based upon the original
record before the Administrator as amended under subsections 5 and 6. The
findings of the Administrator as to the facts, if supported by competent,
material and substantive evidence, are conclusive. Based upon this
review, the court may affirm, modify, enforce or set aside the order, in
whole or in part.
8. The judgment of the court is subject to review by the Supreme
Court.
(Added to NRS by 1987, 1293)
1. Every applicant for registration under this chapter shall file
with the Administrator, in the form prescribed by the Administrator, an
irrevocable consent appointing the Administrator or his successor in
office as his attorney to receive service of any lawful process in any
noncriminal suit, action or proceeding against him or his successor,
executor or Administrator which arises under this chapter or any
regulation adopted or order issued under this chapter after the consent
has been filed, with the same force and validity as if served personally
on the person filing the consent.
2. When a person, including a nonresident of this State, engages
in conduct prohibited or made actionable by this chapter, or by any
regulation or order of the Administrator, the engaging in the conduct
shall be deemed to constitute the appointment of the Administrator as the
person’s attorney to receive service of any lawful process in a
noncriminal proceeding against the person, a successor or a personal
representative, which grows out of that conduct and which is brought
under this chapter or any regulation or order of the Administrator with
the same force and validity as if served personally.
3. Service under subsection 1 or 2 may be made by leaving a copy
of the process in the office of the Administrator, but it is not
effective unless:
(a) The plaintiff, who may be the Administrator in a suit, action
or proceeding instituted by him, forthwith sends notice of the service
and a copy of the process by registered mail to the defendant or
respondent at his last address known to the Administrator; and
(b) The plaintiff’s affidavit of compliance with this subsection is
filed in the case on or before the date for return of the process, if
any, or within such further time as the court allows.
(Added to NRS by 1987, 1291)
1. The Administrator may make investigations, within or outside of
this State, as he finds necessary or appropriate to:
(a) Determine whether any person has violated, or is about to
violate, any provision of this chapter or any regulation or order of the
Administrator; or
(b) Aid in the enforcement of this chapter.
2. The Administrator may publish information concerning any
violation of this chapter or any regulation or order of the Administrator.
3. For the purposes of any investigation or proceeding under this
chapter, the Administrator, or an officer or employee designated by the
Administrator, may administer oaths and affirmations, subpoena witnesses,
compel their attendance, take evidence and require the production of any
books, papers, correspondence, memoranda, agreements or other records
which the Administrator finds to be relevant or material to the inquiry.
4. If a person does not give testimony or produce the records
required by the Administrator or a designated officer or employee
pursuant to an administrative subpoena, the Administrator or designated
officer or employee may apply for a court order compelling compliance
with the subpoena or the giving of the required testimony.
5. The request for an order of compliance may be addressed to
either:
(a) The District Court for the First Judicial District;
(b) The district court for any judicial district where service may
be obtained on the person refusing to testify or produce, if the person
is within this State; or
(c) The appropriate court of the state having jurisdiction over the
person refusing to testify or produce, if the person is outside of this
State.
6. If the activities constituting an alleged violation for which
the information is sought would be a violation of this chapter had the
activities occurred in this State, the Administrator may issue and apply
to enforce subpoenas, in the manner set forth in subsection 5, in this
State at the request of a securities agency or administrator of another
state.
(Added to NRS by 1987, 1287; A 1991, 611; 2003, 3180 )
1. If the Administrator believes, whether or not based upon an
investigation conducted under NRS 91.300 , that any person has engaged or is about to
engage in any act or practice constituting a violation of any provision
of this chapter or a regulation adopted or order issued pursuant to its
provisions, the Administrator may:
(a) Issue an order to cease and desist;
(b) Take disciplinary action against a licensed person;
(c) Issue an order imposing a civil penalty in an amount which may
not exceed $10,000 for any single violation or $100,000 for multiple
violations in a single proceeding or a series of related proceedings; or
(d) Initiate any of the actions specified in subsection 2.
2. The Administrator may institute any of the following actions in
the district courts of this State, or in the appropriate courts of
another state, in addition to any legal or equitable remedies otherwise
available:
(a) An action for a declaratory judgment;
(b) An action for a prohibitory or mandatory injunction to enjoin
the violation and to ensure compliance with this chapter or any
regulation or order of the Administrator;
(c) An action for disgorgement;
(d) An action for appointment of a receiver or conservator for the
defendant or the defendant’s assets; or
(e) An action to enjoin permanently any person from acting as a
commodity broker-dealer or a commodity sales representative.
(Added to NRS by 1987, 1287)
1. Upon a proper showing by the Administrator that a person has
violated, or is about to violate, any provision of this chapter or any
regulation or order of the Administrator, the district court may grant
appropriate legal or equitable remedies.
2. Upon a showing of a violation of this chapter or a regulation
or order of the Administrator, the court, in addition to traditional
legal and equitable remedies, including a temporary restraining order, a
permanent or temporary prohibitory or mandatory injunction, and a writ of
prohibition or mandamus, may grant the following special remedies:
(a) The imposition of a civil penalty in an amount which may not
exceed $10,000 for any single violation or $100,000 for multiple
violations in a single proceeding or a series of related proceedings;
(b) Disgorgement;
(c) A declaratory judgment;
(d) Restitution to investors wishing restitution;
(e) The appointment of a receiver or conservator for the defendant
or the defendant’s assets; and
(f) An injunction permanently enjoining a defendant from acting as
a commodity broker-dealer or a commodity sales representative.
3. Upon a showing that the defendant is about to violate this
chapter or a rule or order of the Administrator, the court may grant the
following remedies:
(a) A temporary restraining order;
(b) A temporary or permanent injunction;
(c) A writ of prohibition or mandamus; and
(d) An order appointing a receiver or conservator for the defendant
or the defendant’s assets.
4. A court shall not require the Administrator to post a bond in
any official action under this chapter.
(Added to NRS by 1987, 1288)
1. Upon a proper showing by the Administrator or a securities or
commodity agency of another state that a person has violated, or is about
to violate, any provision of the commodity code of that state or any rule
or order of the Administrator or securities or commodity agency of that
state, a district court in this State may grant appropriate legal and
equitable remedies.
2. Upon a showing of a violation of the securities or commodity
act of the foreign state or a rule or order of the Administrator or
securities or commodity agency of the foreign state, the court, in
addition to traditional legal or equitable remedies, including a
temporary restraining order, a permanent or temporary prohibitory or
mandatory injunction and a writ of prohibition or mandamus, may grant the
following special remedies:
(a) Disgorgement; and
(b) The appointment of a receiver, conservator or ancillary
receiver or conservator for the defendant or the defendant’s assets
located in this State.
3. Upon a showing that the defendant is about to violate the
securities or commodity act of the foreign state or a rule or order of
the Administrator or securities or commodity agency of the foreign state,
the court may grant the following remedies:
(a) A temporary restraining order;
(b) A temporary or permanent injunction;
(c) A writ of prohibition or mandamus; and
(d) An order appointing a receiver, conservator or ancillary
receiver or conservator for the defendant or the defendant’s assets
located in this State.
(Added to NRS by 1987, 1288)
1. Except as otherwise provided in subsection 2, a person who
willfully violates:
(a) Any provision of this chapter; or
(b) Any regulation or order of the Administrator under this chapter,
Ê is guilty of a category C felony and shall be punished as provided in
NRS 193.130 , or by a fine of not more
than $20,000, or by both fine and the punishment provided in NRS 193.130
, for each violation. In addition to any
other penalty, the court shall order the person to pay restitution.
2. A person convicted of violating a regulation or order under
this chapter may be fined, but must not be imprisoned, if the person
proves he had no knowledge of the regulation or order.
3. The Administrator may refer such evidence as is available
concerning violations of this chapter or any regulation or order of the
Administrator to the Attorney General or the proper district attorney,
who may, with or without such a reference from the Administrator,
institute the appropriate criminal proceeding under this chapter.
(Added to NRS by 1987, 1289; A 1993, 938; 1995, 1242)
