Nev. Rev. Stat. § 90.340

1. The following persons are exempt from licensing under NRS 90.330 : (a) Except as otherwise provided in subsection 2, an investment adviser who is registered or is not required to be registered as an investment adviser under the Investment Advisers Act of 1940 1 if: (1) Its only clients in this State are other investment advisers, broker-dealers or financial or institutional investors; (2) The investment adviser has no place of business in this State and directs business communications in this State to a person who is an existing client of the investment adviser and whose principal place of residence is not in this State; or (3) The investment adviser has no place of business in this State and during any 12 consecutive months it does not direct business communications in this State to more than five present or prospective clients other than those specified in subparagraph (1), whether or not the person or client to whom the communication is directed is present in this State; (b) A representative of an investment adviser who is employed by an investment adviser who is exempt from licensing pursuant to paragraph (a) or NRS 90.345 ; (c) A sales representative licensed pursuant to NRS 90.310 who: (1) Has passed the following examinations administered by the Financial Industry Regulatory Authority: (I) The Uniform Investment Adviser Law Examination, designated as the Series 65 examination; or (II) The Uniform Combined State Law Examination designated as the Series 66 examination and the General Securities Registered Representative Examination, designated as the Series 7 examination; or (2) On January 1, 1996, has been continuously licensed in this State as a sales representative for 5 years or more; and (d) Other investment advisers and representatives of investment advisers the Administrator by regulation or order exempts.

2. Regardless of whether an investment adviser qualifies for an exemption pursuant to paragraph (a) of subsection 1, if the investment adviser advises one or more qualifying private funds, the investment adviser must additionally satisfy all of the requirements set forth in NRS 90.345 in order to qualify for an exemption from licensing under NRS 90.330 .

3. The Administrator may, by order or rule, waive the examinations required by subparagraph (1) of paragraph (c) of subsection 1 for an applicant or a class of applicants if the Administrator determines that the examination is not necessary for the protection of investors because of the training and experience of the applicant or class of applicants.

1 15 USCA § 80b-1 et seq.