Electronic initiatives for offering documents and subscription agreements: Policies; procedures; record storage

NAC 90.3986 Electronic initiatives for offering documents and subscription agreements: Policies; procedures; record storage. ( NRS 90.390 , 90.750 ) 1. An investor or prospective investor who declines to participate in an electronic initiative for offering documents and subscription agreements pursuant to NAC 90.3982 and 90.3984 , respectively, is not subject to any higher costs for declining to participate in the initiative, except those relating to the actual direct cost of printing, mailing, processing and storing offering documents and subscription agreements. A discount must not be given for participating in the electronic initiative. 2. An entity participating in an electronic initiative described in subsection 1 shall maintain, and shall require participating underwriters, dealer-managers, placement agents, broker-dealers or other selling agents to maintain, written policies and procedures covering the use of electronic offering documents and subscription agreements in accordance with this section and NAC 90.3982 and 90.3984 , respectively. 3. An entity and its contractors and agents having custody and possession of any electronic offering documents, including, without limitation, electronic subscription agreements, shall store such documents in a non-rewritable and non-erasable format. 4. This section does not change or waive any other requirement of law concerning the registration or presale disclosure of a securities offering. (Added to NAC by Sec’y of State by R018-21, eff. 6-2-2023)