Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 195 - RECORDS AND REPORTS › Section 441-195-0010 - Customer and Account Records by Broker-Dealers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every broker-dealer shall make and keep
			 current a record for each account with a natural person as a customer or owner,
			 which record shall state the customer's or account owner's name, address, tax
			 identification or social security number, telephone number, date of birth,
			 employment status (including occupation and whether the customer is an
			 associated person of a broker-dealer), annual income, net worth (excluding
			 value of primary residence), the account's investment objectives, and whether
			 the account includes the signatures of the associated person regularly handling
			 the account and a supervisor designated pursuant to OAR 441-205-0210(2). In the
			 case of a joint account, the account record must include personal information
			 for each joint owner who is a natural person; however, financial information
			 for the individual joint owners may be combined. For accounts in existence on
			 the effective date of this amended rule, this information must be obtained no
			 later than May 2, 2006.
(2) Any
			 item of information required by section (1) of this rule need not be contained
			 in the customer's record if, after reasonable inquiry, the customer declines,
			 neglects, or is unable to furnish or update such item of information and a
			 statement to that effect is placed in such record.
(3) Every broker-dealer shall make and keep
			 current a record indicating that:
(a) No
			 later than May 2, 2006 for customers existing as of May 2, 2003, and no later
			 than 30 days of the opening of an account for new customers since May 2, 2003,
			 and thereafter at intervals no greater than 36 months, each customer or account
			 owner was furnished with a copy of the account record or an alternate document
			 with all information required by section (1) of this rule. This document may be
			 mailed with the account statement, and may exclude any tax identification
			 number and date of birth. The broker-dealer shall include an explanation of any
			 terms regarding investment objectives, and shall include or accompany the
			 document with prominent statements that the customer or owner should mark any
			 corrections and return the account record or alternate document to the
			 broker-dealer, and that the customer or owner should notify the broker-dealer
			 of any future changes to information contained in the account record;
(b) For each account record updated to
			 reflect a customer or account owner change of name or address, the
			 broker-dealer sent a notification of that change to the customer's old address,
			 or to each joint owner, and the associated person, if any, responsible for that
			 account, no later than 30 days after the broker-dealer received notice of the
			 change;
(c) For each change in the
			 account's investment objectives the broker-dealer has furnished to each
			 customer or owner and the associated person, if any, responsible for that
			 account a copy of the updated customer account record or alternate document
			 with all information required to be furnished in subsection (a) of this section
			 no later than 30 days after the broker-dealer received notice of the change or
			 after the account was updated for any reason other than the broker-dealer
			 receiving notice of the change. The broker-dealer may elect to send this
			 notification with the next statement scheduled to be mailed to the customer or
			 owner;
(d) Each customer or account
			 owner was furnished with a copy of each written agreement entered into on or
			 after May 2, 2003 pertaining to that account and that, if requested by the
			 customer or account owner, the customer or account owner was furnished with a
			 fully executed copy of each agreement;
(e) Each customer of the broker-dealer has
			 been provided with a notice containing the address and telephone number of the
			 broker-dealer's department to which any account-related complaints may be
			 directed.