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Can you summarize Nevada GCCB Regulation 15B?
Regulations of the Nevada Gaming Commission and Control Board > Regulation 15B
Short Summary
Regulation 15B, part of the Regulations of the Nevada Gaming Commission and Control Board, governs limited-liability company licensees. It provides definitions for various terms and clarifies that certain definitions are not intended for use in this or any other regulation or statute. The regulation grants the Board and Commission full power and authority to recommend or take actions related to licenses, registrations, approvals, findings of suitability, or other disciplinary actions. The burden of proof is placed on the person applying for any approval required or permitted by Regulation 15B. The regulation outlines registration requirements for members with a 5 percent or less ownership interest in a limited-liability company licensee, including document submission and a fee. Holding companies are exempt from registration unless required by the Chair. The regulation also governs the waiver of requirements for institutional investors with an interest in or equity securities of limited-liability company licensees or holding companies. It specifies eligibility criteria for receiving a waiver and the obligations and restrictions imposed on institutional investors granted a waiver. The regulation further outlines required provisions in the articles of organization of limited-liability companies that receive a state gaming license, including language regarding the sale, assignment, transfer, or other disposition of an interest in the limited-liability company. It also discusses the determination of unsuitability of certain persons and the licensing requirements for managers and members of limited-liability company holding companies. The regulation provides guidelines for delayed licensing approval and the activation of licensing for members. It mentions the power of the Board and Commission to require licensing, approval, or suitability for certain persons and the waiver of certain requirements. No specific exemptions or penalties are mentioned in this regulation.
Whom does it apply to?
Limited-liability company licensees, members with a 5 percent or less ownership interest in a limited-liability company licensee, institutional investors with an interest in or equity securities of limited-liability company licensees or holding companies, managers and members of limited-liability company holding companies
What does it govern?
Limited-liability company licensees
What are exemptions?
Holding companies are exempt from registering with the Commission unless required by the Chair.
What are the Penalties?
No specific penalties are mentioned in this regulation.
Jurisdiction
Nevada