NC Register Volume 16 Issue 15 - Office of Administrative Hearings

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(16) For each client that was obtained by theadviser by means of a solicitor to whom a cashfee was paid by the adviser;(A) evidence of a written agreement towhich the adviser is a party related tothe payment of such fee;(B) a signed and dated acknowledgementof receipt from the client evidencingthe client's receipt of the investmentadviser's disclosure statement and awritten disclosure statement of thesolicitor; and(C)a copy of the solicitor's writtendisclosure statement. The writtenagreement, acknowledgment andsolicitor disclosure statement will beconsidered to be in compliance withRule .1718 of the Act. For purposesof this Rule, the term "solicitor" shallmean any person or entity who, forcompensation, acts as an agent of aninvestment adviser in referringpotential clients;(17) Copies, with original signatures of theinvestment adviser's appropriate signatory andthe investment adviser representative, of eachinitial Form U-4 and each amendment toDisclosure Reporting Pages (DRPs U-4) mustbe retained by the investment adviser (filingon behalf of the investment adviserrepresentative) and must be made available forinspection upon regulatory request.(b) If an investment adviser subject to Paragraph (a) of this Rulehas custody or possession of securities or funds of any client, therecords required to be made and kept under Paragraph (a) of thisRule shall also include:(1) A journal or other record showing allpurchases, sales, receipts and deliveries ofsecurities (including certificate numbers) forsuch accounts and all other debits and creditsto such accounts;(2) A separate ledger account for each such clientshowing all purchases, sales, receipts anddeliveries of securities, the date and price ofeach such purchase and sale, and all debits andcredits;(3) Copies of confirmations of all transactionseffected by or for the account of any suchclient; and(4) A record for each security in which any suchclient has a position, which record shall showthe name of each such client having anyinterest in each security, the amount or interestof each such client, and the locations of eachsuch security.(c) Every investment adviser subject to Paragraph (a) of thisRule who renders any investment supervisory or managementservice to any client shall, with respect to the portfolio beingsupervised or managed and to the extent that the information isreasonably available to or obtainable by the investment adviser,make and keep true, accurate and current:TEMPORARY RULES16:15 NORTH CAROLINA REGISTER February 1, 20021731(1) Records showing separately for each suchclient the securities purchased and sold, andthe date, amount and price of each suchpurchase and sale; and(2) For each security in which any such client hasa current position, information from which theinvestment adviser can promptly furnish thename of each such client, and the currentamount or interest of such client.(d) Any books or records required by this Rule may bemaintained by the investment adviser in such manner that theidentity of any client to whom such investment adviser rendersinvestment supervisory services is indicated by numerical oralphabetical code or some similar designation.(e) Duration requirement for maintenance of records:(1) All books and records required to be madeunder the provisions of Paragraphs (a) to(c)(1), inclusive, of this Rule shall bemaintained and preserved in an easilyaccessible place for a period of not less thanfive years from the end of the fiscal yearduring which the last entry was made on suchrecord, the first two years in the principaloffice of the investment adviser.(2) Partnership articles and any amendmentsthereto, articles of incorporation, charters,minute books, and stock certificate books ofthe investment adviser and of any predecessor,shall be maintained in the principal office ofthe investment adviser and preserved until atleast three years after termination of theenterprise.(f) An investment adviser subject to Paragraph (a) of this Rule,before ceasing to conduct or discontinuing business as aninvestment adviser, shall arrange for and be responsible for thepreservation of the books and records required to be maintainedand preserved under this Rule for the remainder of the periodspecified in this Rule, and shall notify the administrator inwriting of the exact address where such books and records willbe maintained during such period.(g) Preservation and maintenance of records:(1) The records required to be maintained andpreserved pursuant to this Rule may beimmediately produced or reproduced byphotograph on film or, as provided inSubparagraph (g)(2) of this Rule, on magneticdisk, tape or other computer storage medium,and be maintained and preserved for therequired time in that form. If records areproduced or reproduced by photographic filmor computer storage medium, the investmentadviser shall:(A) arrange the records and index thefilms or computer storage medium soas to permit the immediate location ofany particular record;(B) be ready at all times to provide, andpromptly provide, any facsimileenlargement of film or computerprintout or copy of the computerstorage medium which the
administrator by its examiners orother representatives may request;(C) store separately from the original oneother copy of the film or computerstorage medium for the time required;(D) with respect to records stored on acomputer storage medium, maintainprocedures for maintenance andpreservations of, and access to,records from loss, alteration, ordestruction; and(E) with respect to records stored onphotographic film, at all times haveavailable for the administrator'sexamination of its records pursuant toSection 78C-18(e) of the Act,facilities for immediate, easilyreadable projection of the film and forproducing easily readable facsimileenlargements.(2) Pursuant to Subparagraph (g)(1) of this Rulean adviser may maintain and preserve oncomputer tape or disk or other computerstorage medium records which, in the ordinarycourse of the adviser's business, are created bythe adviser on electronic media or are receivedby the adviser solely on electronic media or byelectronic data transmission.(h) For purposes of this Rule, "investment supervisory services"means the giving of continuous advice as to the investment offunds on the basis of the individual needs of each client.(i) Every registered investment adviser shall maintain withinthis state, in a readily accessible location, all records required bythis Rule. A written request for the waiver of the provisions ofthis Section may be made to the administrator to permit anyregistered investment adviser to maintain any of the recordsrequired by this Rule in some place other than the State of NorthCarolina. In determining whether or not the provisions of thisRule shall be waived, the administrator may consider, amongother things, whether the main office of the investment adviser isin a place outside the State of North Carolina or whether theinvestment adviser uses all or some of the bookkeeping facilitiesof some other investment adviser whose main office is outsidethe State of North Carolina.(j) Every investment adviser that has its principal place ofbusiness in a state other than this state shall be exempt from therequirements of this section, provided the investment adviser islicensed in such state and is in compliance with such state'srecord keeping requirements, if any.History Note: Authority G.S. 78C-18(a); 78C-18(b);78C-18(e); 78C-30(a);Temporary Rule Eff. January 2, 1989 for a Period of 180 days toexpire on June 30, 1989;Eff. February 1, 1989;Temporary Amendment Eff. October 1, 1997;Amended Eff. August 1, 1998;Temporary Amendment Eff. January 14, 2002.18 NCAC 06 .1707 INVESTMENT ADVISERBROCHURE RULETEMPORARY RULES16:15 NORTH CAROLINA REGISTER February 1, 20021732(a) General Requirements. Unless otherwise provided in thisRule, an investment adviser, registered or required to beregistered pursuant to Section 78C-16 of the Act, shall offer anddeliver to each advisory client and prospective advisory client afirm brochure and one or more supplement(s) as required by thisRule. The brochure and supplement(s) must contain allinformation required by Part 2 of Form ADV [CFR279.1], andsuch other information as the Administrator may require.(b) Offer and Delivery Requirements.(1) An investment adviser shall deliver:(A) The current brochure required by thisRule to a client or prospective client,and(B) The current brochure supplement(s)for each investment adviserrepresentative who will provideadvisory services to the client. Forpurposes of this Rule, an investmentadviser representative will provideadvisory services to a client if theinvestment adviser representativewill:(i) Regularly communicateinvestment advice to thatclient; or(ii)Formulate investment advicefor assets of that client; or(iii) Make discretionaryinvestment decisions forassets of that client; or(iv) Solicit, offer or negotiate forthe sale of or sell investmentadvisory services.(2) The documents required in Subparagraph(b)(1) of this Rule shall be delivered:(A)(B)Not less than 48 hours prior toentering into any investment advisorycontract with such client orprospective client, orAt the time of entering into any suchcontract, if the client has a right toterminate the contract without penaltywithin five business days afterentering into the contract.(3) An investment adviser shall, at least once ayear, without charge, deliver or offer inwriting to deliver to each of its clients thecurrent brochure and any current brochuresupplement(s) required by Subparagraph (b)(1)of this Rule. If a client accepts the writtenoffer, the investment adviser must send to thatclient the current brochure and supplementswithin seven days after the investment adviseris notified of the acceptance.(c) Delivery to Limited Partners. If the adviser is the generalpartner of a limited partnership, the manager of a limited liabilitycompany, or the trustee of a trust, then for purposes of this Rulethe investment adviser must treat each of the partnership'slimited partners, the company's members, or the trust's beneficialowners as a client. For purposes of this Rule, a limited liability
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NORTH CAROLINAIN THIS ISSUEI. EXECU
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NORTH CAROLINA REGISTERPublication
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EXECUTIVE ORDERSEXECUTIVE ORDER NO.
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(l) Six members from non-profit age
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IN ADDITIONThis Section contains pu
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IN ADDITIONU.S. Department of Justi
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IN ADDITIONU.S. Department of Justi
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IN ADDITIONPUBLIC HEARING NOTICETIT
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RULE-MAKING PROCEEDINGSA Notice of
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PROPOSED RULESfor public hearing ma
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(2) the characteristics which make
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shall be allowed shall be non-domes
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Person CountyPitt CountyVance Count
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PROPOSED RULESCreek and all tributa
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esult in the termination of the int
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Authority G.S. 88B-4; 88B-21(e).21
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(D)(E)experience shall be considere
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(4) Examination. The examination fe
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competence in the subject matter, a
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(3) The licensee's written signatur
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adio signals of the Department of D
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TEMPORARY RULESThis Section include
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(3) provide documentation of all as
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Page 49 and 50: Eff. November 1, 1990;Temporary Ame
Page 51 and 52: quarter of the third year of operat
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Page 55 and 56: accepted medical practice at each f
Page 57 and 58: TEMPORARY RULES8 (Gaston) June 1, 2
Page 59 and 60: (19) There are 10 categories of pro
Page 61 and 62: TEMPORARY RULESCleveland Yadkin War
Page 63 and 64: TEMPORARY RULES12Cherokee, Clay, Gr
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Page 69 and 70: TEMPORARY RULESGaston 1Wake 1(b) Fi
Page 71 and 72: TEMPORARY RULESthere is no need for
Page 73 and 74: TEMPORARY RULEScounty's June 30, 20
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Page 77 and 78: TEMPORARY RULESVance 1Watauga 1Wilk
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Page 81 and 82: (C)(D)nursing care was not known to
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Page 85 and 86: Comment Procedures: Written comment
Page 87 and 88: entitled to receive such informatio
Page 89 and 90: (A) during open seasons prescribed
Page 91 and 92: TEMPORARY RULESTemporary Adoption E
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Page 95 and 96: History Note: Authority G.S. 78C-16
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Page 101 and 102: (1) Uniform Termination Notice for
Page 103 and 104: electronically (if it has not previ
Page 105 and 106: Authority for the rulemaking: G.S.
Page 107 and 108: mobile/modular homes not to exceed
Page 109 and 110: Temporary Amendment Eff. October 1,
Page 111 and 112: Lisa MartinLinda RaynorDedra Alston
Page 113 and 114: RULES REVIEW COMMISSION21 NCAC 58C
Page 115 and 116: RULES REVIEW COMMISSIONAccrued Paym
Page 117 and 118: RULES REVIEW COMMISSIONCertificatio
Page 119 and 120: CONTESTED CASE DECISIONSThis Sectio
Page 121 and 122: CONTESTED CASE DECISIONSLuther I Go
Page 123 and 124: CONTESTED CASE DECISIONSPandora M.
Page 125 and 126: CONTESTED CASE DECISIONSFordion Pac
Page 127 and 128: CONTESTED CASE DECISIONSTown of Mur
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NC Register Volume 16 Issue 15 - Office of Administrative Hearings

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