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Can I collect financial information from participants in Nebraska? What are the requirements?

Requirements for Collecting Financial Information from Participants in Nebraska

Based on the provided context documents, it appears that you may be able to collect financial information from participants in Nebraska, but there are certain requirements that must be met.

Financial Reporting Requirements for Investment Advisers

If you are an investment adviser registered in Nebraska and have custody of client funds or securities or require payment of advisory fees six months or more in advance and in excess of twelve hundred dollars ($1,200.00) per client, you must file audited financial statements with the Director showing at a minimum the assets, liabilities, and net capital of the investment adviser as of the end of the investment adviser’s fiscal year [NEAC 48-07-09][1.1].

Reporting Requirements for Microenterprise Development Act

If you are a recipient of a grant made pursuant to the Microenterprise Development Act in Nebraska, you may be required to provide periodic performance reports to the Department of Economic Development to enable the Department to fulfill the requirements of the reports to the Legislature [NEAC 85-4-09][2.1].

Escrow Agreement Requirements for Investment Funds

If you are an issuer of an investment fund in Nebraska, all funds received from investors shall be deposited into a bank, regulated trust company, savings bank, savings and loan association or a credit union authorized to do business in Nebraska in accordance with the terms of an escrow agreement. The escrow agreement shall provide certain provisions, including that the investor funds will be deposited into an escrow account with the financial institution acting as escrow agent, and that the issuer must raise the minimum offering amount as stated in the disclosure document before the financial institution may release the offering proceeds to the issuer [NEAC 48-39-10][1.2].

Based on the above information, it appears that you may be able to collect financial information from participants in Nebraska, but you must ensure that you meet the specific requirements outlined in the relevant regulations. If you have any further questions or concerns, it may be advisable to consult with a legal professional.

Source(s):
Jurisdiction

Nebraska