The State Treasurer:

1. May adopt such regulations as he or she deems necessary to carry out the provisions of NRS 355.250 to 355.285, inclusive.

2. Shall adopt regulations:

(a) Requiring the performance of audits and the submission of reports to ensure compliance with the provisions of NRS 355.250 to 355.285, inclusive, and the regulations adopted pursuant to this section;

(b) Providing for appropriate leveraging of investments to ensure that investments consist of money transferred from the State Permanent School Fund pursuant to NRS 355.280 and money from private sources;

(c) Establishing a range or cap on servicing fees;

(d) Establishing limits on the amount or percentage of investment in a single venture capital project or by a fund manager; and

(e) Requiring the return of the corpus of investments after a defined investment period.

3. May adopt regulations which include, without limitation, criteria for determining eligibility for and use of private equity funding, but the corporation for public benefit must have sole authority for the approval of applications for and the management of private equity funding provided pursuant to NRS 355.250 to 355.285, inclusive.

4. May, by regulation, establish a Business Leadership Council. The members of the Business Leadership Council must serve without compensation and are subject to the provisions of chapter 281A of NRS.

5. Shall provide the corporation for public benefit with such assistance as is necessary to carry out the provisions of NRS 355.250 to 355.285, inclusive, and comply with the regulations adopted pursuant to this section.

6. Shall ensure that businesses receiving venture capital investments pursuant to NRS 355.250 to 355.285, inclusive, have a presence in this State as evidenced by:

(a) Being domiciled in this State;

(b) Having a headquarters in this State;

(c) Having a significant percentage of employees residing in this State; or

(d) Being in the process of expanding in this State or relocating to this State.

(Added to NRS by 2011, 2583)