reglab/statecodes huggingface dataset:
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0010 - Definitions

Current through Register Vol. 63, No. 7, July 1, 2024
As used in these rules:
(1) "Associated person" means any partner,
			 officer, director, or branch manager of a broker-dealer, or investment adviser
			 (or any person occupying a similar status or performing similar functions), or
			 any person directly or indirectly controlling or controlled by such
			 broker-dealer, or investment adviser, including any employee of such
			 broker-dealer or investment adviser, except that for the purposes of OAR
			 441-195-0010, 441-195-0070, 441-205-0140, and 441-205-0210, the term
			 "associated person" shall not include persons whose functions are only clerical
			 or ministerial.
(2) "CRD" means the
			 Central Registration Depository of the Financial Industry Regulatory Authority,
			 a database maintained by the Financial Industry Regulatory Authority to
			 register broker-dealers and salespersons.
(3) "The completion of the transaction"
			 means:
(a) In the case of a customer who
			 purchases a security through or from a broker-dealer except as provided in
			 subsection (b) of this section, the time when such customer pays the
			 broker-dealer any part of the purchase price, or if payment is effected by a
			 bookkeeping entry, the time when such bookkeeping entry is made by the
			 broker-dealer for any part of the purchase price;
(b) In the case of a customer who purchases a
			 security through or from a broker-dealer and who makes payment therefor prior
			 to the time when payment is requested or notification is given that payment is
			 due, the time when such broker-dealer delivers the security to or into the
			 account of such customer;
(c) In
			 the case of a customer who sells a security through or to a broker-dealer
			 except as provided in subsection (d) of this section, if the security is not in
			 the custody of the broker-dealer at the time of sale, the time when the
			 security is delivered to the broker-dealer and, if the security is in the
			 custody of the broker-dealer at the time of sale, the time when the
			 broker-dealer transfers the security from the account of such customer;
			 and
(d) In the case of a customer
			 who sells a security through or to a broker-dealer and who delivers the
			 security to such broker-dealer prior to the time when delivery is requested or
			 notification is given that delivery is due, the time when such broker-dealer
			 makes payment to or into the account of such customer.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0015 - When Licensing Application Deemed Abandoned

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of this rule, the term
			 "application" includes all documents, information and fees prescribed for the
			 licensing of broker-dealers, state investment advisers, salespersons, or
			 investment adviser representatives under ORS
			 59.175 and OAR 441, division
			 175.
(2) An application shall be
			 deemed deficient when:
(a) Insufficient fees
			 have been paid and the director has notified the applicant that fees are
			 insufficient;
(b) Documents
			 required by the rules in OAR 441, division 175 have not been submitted by the
			 applicant; or
(c) Additional
			 information requested by the director as permitted by the rules in OAR 441,
			 division 175 has not been submitted to the director by the
			 applicant.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0020 - Exclusion from Definition of "Broker-Dealer"

Current through Register Vol. 63, No. 7, July 1, 2024
ORS 59.015 excludes from the
				definition of "broker-dealer" the following persons, provided the person is not
				otherwise licensed as a broker-dealer, investment adviser, or salesperson:
(1) Any person who effects sales of
			 securities that are exempt under subsection (14) of ORS
			 59.025 and OAR 441-025-0040.
(2) Any person who is a bona fide
			 officer, director or employee of an issuer whose securities are registered
			 under OAR 441-065-0035, while effecting sales of the securities without special
			 compensation.
(3) Any person, who
			 serves as a dealer manager for an exchange offer of securities which have been
			 registered under OAR 441-065-0035  and who does not perform any active
			 solicitation activities in this state.
(4) Any person who is a licensed Principal
			 Real Estate Broker or Real Estate Broker acting on behalf of that person's
			 Principal Real Estate broker, provided that all of the following conditions are
			 met:
(a) The person is actively licensed with
			 the Oregon Real Estate Commissioner;
(b) The person, with respect to securities
			 subject to the Oregon Securities Law, ORS Chapter 59, only effects transactions
			 in securities that are registered under 59.065, and:
(A) Involve interests in a general or limited
			 partnership, joint venture, cooperative, or unincorporated association, but not
			 a corporation, formed for the purpose of investment in specified real property,
			 including condominium securities; or
(B) Involve resale of those securities
			 described under paragraph (A) of this subsection.
(c) The person complies with the rules of
			 fair practice under OAR 441-175-0050; and
(d) The person does not engage exclusively in
			 the management of rental real estate as defined in ORS
			 696.010.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0030 - Exclusion from Definition of "Investment Adviser"

Current through Register Vol. 63, No. 7, July 1, 2024
ORS 59.015 excludes from the
				definition of "state investment adviser" the following persons, provided the
				person is not otherwise licensed as a broker-dealer, state investment adviser,
				mortgage broker, salesperson, or investment adviser representative:
(1) Any person who conducts no public
			 advertising or general solicitation in this state and whose only clients in
			 this state are "accredited investors" as that term is defined in OAR
			 441-035-0010.
(2) Any person who
			 is a bona fide officer, director or employee of an issuer whose securities are
			 registered under OAR 441-065-0035, while providing advice, analyses, reports or
			 other advisory services regarding the securities without special compensation.
(3) Any person who serves as a
			 dealer manager for an exchange offer of securities which has been registered
			 under OAR 441-065-0035  and who does not perform any active solicitation in this
			 state.
(4) Any person whose
			 advice, analyses or reports relate only to securities exempted by subsection
			 (14) of ORS 59.025 and OAR 441-025-0040.
(5) Any person who is a licensed
			 Principal Real Estate Broker or Real Estate Broker acting on behalf of the
			 Principal Real Estate broker if:
(a) The
			 person is actively licensed with the Oregon Real Estate Commissioner;
(b) The person, with respect to
			 securities activities, only renders advice, analyses, reports or other advisory
			 services relating to securities that are registered under ORS
			 59.065, and:
(A) Involve interests in a general or limited
			 partnership, joint venture, cooperative, or unincorporated association, but not
			 a corporation, formed for the purpose of investment in specified real property,
			 including condominium securities; or
(B) Involve the resale of those securities
			 described in paragraph (A) of this subsection.
(c) The person complies with the rules of
			 fair practice under OAR 441-175-0050; and
(d) The person does not engage exclusively in
			 the management of rental real estate as defined in ORS
			 696.010.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0040 - Exclusion from Definition of "Salesperson"

Current through Register Vol. 63, No. 7, July 1, 2024
ORS 59.015 excludes from the
				definition of "salesperson" the following persons, provided the person is not
				otherwise licensed as a broker-dealer, investment adviser, or
				salesperson:
(1) Subject to section
			 (5) of this rule, any person, not otherwise excluded as a "broker-dealer" under
			 ORS 59.015 or OAR 441-175-0020, who
			 represents an excluded person.
(2)
			 Subject to section (5) of this rule, any person, not otherwise excluded as an
			 "investment adviser" under ORS
			 59.015) or OAR 441-175-0030, who
			 represents an excluded person.
(3)
			 Any person who is a bona fide officer, director or employee of an issuer whose
			 securities are registered under OAR 441-065-0035, while effecting sales of the
			 securities without special compensation.
(4) Any person who serves as a dealer manager
			 for an exchange offer of securities which have been registered under OAR
			 441-065-0035  and who does not perform any active solicitation in this
			 state.
(5) Any person who is a real
			 estate broker, acting through or on behalf of a principal real estate broker
			 exempt under OAR 441-175-0020  or 441-175-0030, if :
(a) The person is actively licensed with the
			 Oregon Real Estate Commissioner;
(b) The person, with respect to securities
			 activities, only acts as a salesperson in connection with securities that are
			 registered under ORS 59.065, and:
(A) Involve interests in a general or limited
			 partnership, joint venture, cooperative, or unincorporated association, but not
			 a corporation, formed for the purpose of investment in specified real property,
			 including condominium securities; or
(B) Involve the resale of those securities
			 described in paragraph (A) of this subsection.
(c) The person complies with the rules of
			 fair practice in OAR 441-175-0050; and
(d) The person does not engage exclusively in
			 the management of rental real estate as defined in ORS
			 696.010.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0041 - Exclusion from Definition of "Investment Adviser Representative"

Current through Register Vol. 63, No. 7, July 1, 2024
ORS 59.015 excludes from the
				definition of "investment adviser representative" the following persons,
				provided that the person is not otherwise licensed as a broker-dealer, federal
				covered investment adviser, state investment adviser, salesperson or investment
				adviser representative:
(1) Any
			 person, not otherwise excluded as a "state investment adviser" under subsection
			 (20)(b) except (20)(b)(I) of ORS
			 59.015 or OAR 441-175-0030, who
			 represents an excluded person.
(2)
			 Any person who is compensated by a licensed broker-dealer, federal covered
			 investment adviser or state investment adviser on a per capita referral basis
			 without regard to present or future fee or commission income from any customer
			 of the licensed broker-dealer, federal covered investment adviser or state
			 investment adviser.
(3) The
			 director may, by order, as to any person or type of activity, withdraw or
			 condition the exclusions allowed under this rule if the action would be in the
			 public interest and would be in accordance with the purposes of the Oregon
			 Securities Law. No person shall be liable under the Oregon Securities Law by
			 reason of the withdrawal of the exclusions allowed under this rule if the
			 person sustains the burden of proof that the person did not know and, in the
			 exercise of reasonable care, could not have known of such withdrawal.
Stat. Auth.: ORS
				  59.015(8) &
				  59.285
Stats. Implemented: ORS
				  59.015(8)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0046 - Federal Covered Investment Advisor Representative

Current through Register Vol. 63, No. 7, July 1, 2024
For purposes of ORS
				59.015(8)(a)(B),
				the term "Investment Advisor Representative" who is employed by or associated
				with a federal covered investment advisor only includes an individual who has a
				"place of business," as that term is defined in rules or regulations
				promulgated under Section 203A of the Investment Advisors Act of 1940 by the
				U.S. Securities and Exchange Commission, in Oregon, and who either:
(1) Is an Investment Advisor Representative"
			 as that term is defined in rules or regulations promulgated under Section 203A
			 of the Investment Advisors Act of 1940 by the U.S. Securities and Exchange
			 Commission; or
(2)
(a) Is not a "supervised person" as that term
			 is defined in rules or regulations promulgated under the Investment Advisor Act
			 of 1940 by the U.S. Securities and Exchange Commission; and
(b) Solicits, offers or negotiates for the
			 sale of or sells investment advisory services on behalf of a federal covered
			 investment advisor.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0050 - Rules of Fair Practice for Real Estate Licensees

Current through Register Vol. 63, No. 7, July 1, 2024
Any real estate broker relying on exclusions in OAR
				441-175-0020, 441-175-0030  or 441-175-0040  must comply with the following rules
				of fair practice:
(1) All advertising
			 involving securities registered under ORS
			 59.065 and OAR chapter 441,
			 division 65 must be filed with the director before the advertising is
			 used.
(2) All customer funds and
			 securities must be segregated from those of the real estate broker, and:
(a) All customer funds must be deposited in a
			 client trust account which is free from all claims, attachment or levy by
			 creditors of the real estate broker; and
(b) All customer securities must be held in
			 trust in a secure depository and the securities must be free from all claims,
			 attachment or levy by creditors of the real estate broker.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0055 - Rules of Fair Practice for Mortgage Banker and Mortgage Broker Licensees

Current through Register Vol. 63, No. 7, July 1, 2024
Any mortgage banker or mortgage broker licensed under ORS
				59.840 to
				59.980 and relying upon
				exclusion from the definition of "broker-dealer" pursuant to
				59.015(1)(h) in
				connection with the offer and sale of registered offerings of securities
				involving real estate paper shall comply with the following rules of fair
				practice:
(1) Securities Registration:
			 All offerings shall be registered pursuant to the provisions of ORS
			 59.065 and OAR chapter 441,
			 division 065.
(2) Salesperson
			 Licensing. All natural persons involved in the offer and sale of securities
			 shall be licensed as issuer salespersons pursuant to the provisions of ORS
			 59.175 and OAR 441-175-0120. In
			 addition, the employing mortgage banker or mortgage broker must file material
			 amendments to the salesperson license application pursuant to the provisions of
			 441-175-0105.
(3) Advertising. All
			 advertising involving the offering must be filed with and accepted by the
			 director prior to its use.
(4)
			 Supervision: The responsibility for supervision of all persons engaged by a
			 licensee to effect securities transactions is that of the licensee. This
			 supervision includes reviewing and authorizing all securities activities of the
			 licensee's salespersons.
(5)
			 Investor Funds and Securities: All funds received in connection with an
			 offering must be segregated from those of the licensee, and:
(a) All investor funds must be deposited in a
			 client trust account which is free from all claims attachment or levy by
			 creditors of the licensee; and
(b)
			 All investor securities must be held in trust in a secure depository and the
			 securities must be free from all claims, attachment or levy by creditors of the
			 licensee.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0060 - Licensing Rule Implementing, 1997 Oregon Laws Chapter 772 and the National Markets Improvement Act of 1996

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A FINRA broker dealer is not required to
			 comply with the corporate surety bond, irrevocable letter of credit or net
			 capital requirements for licensing in this state as described in OAR
			 441-175-0080  or 441-175-0110.
(2)
(a) A federal covered investment adviser that
			 makes a notice filing under ORS
			 59.165(7) and
			 section (4) of this rule does not have to comply with OAR 441-175-0100  and
			 441-175-0110.
(b) A state
			 investment adviser who has a principal place of business in a state other than
			 this state and complies with that state's bonding or net capital requirements
			 is not required to comply with the corporate surety bond, irrevocable letter of
			 credit or net capital requirements for licensing in this state in OAR
			 441-175-0100  and 441-175-0110.
(c)
			 An out-of-state state investment adviser that is not exempt under the "de
			 minimis" exemption of ORS
			 59.015(20)(b)(J)
			 must license in this state and can only operate in this state through an
			 investment adviser representative licensed in this state.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0070 - General Licensing Rules for Broker-Dealers, Investment Advisers and Salespersons, Succession and Acquisition

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Incomplete applications will not be
			 processed.
(2) When all documents
			 and fees have been submitted and reviewed by the director, a license for the
			 broker-dealer or investment adviser, which may be conditioned or restricted
			 under OAR 441-225-0030, shall be issued unless the director determines that
			 licensing should be denied on one or more grounds set forth in ORS
			 59.205 to
			 59.225.
(3) Licensees conducting business under any
			 name other than the name in which their license is issued by the director shall
			 comply with OAR 441-175-0171.
(4)
			 Licenses of non-FINRA broker-dealers or state investment advisers expire one
			 year after the date of initial licensing, except licenses of state investment
			 advisers that license through IARD will expire on December 31 of each year. The
			 licensee may renew its license as provided in ORS
			 59.185 and OAR
			 441-175-0165.
(5) Licenses of FINRA
			 broker-dealers expire December 31 of each year. The licensee may renew its
			 license as provided in ORS
			 59.185 and OAR
			 441-175-0160.
(6) Any amendments to
			 an application or license shall be filed in accordance with the provisions of
			 OAR 441-175-0105.
(7)
(a) If any person not licensed in the State
			 of Oregon succeeds to the business and continues the business of a person
			 licensed in Oregon, a new application must be filed. However, the license of
			 the predecessor and predecessor salespersons or investment adviser
			 representatives shall remain effective as the license of the successors for a
			 period of 75 days after the succession, if a completed application is received
			 by the director within 30 days of the succession. The salespersons or
			 investment adviser representatives to the predecessor who were licensed in
			 Oregon at the time of the acquisition will be licensed to the successor when
			 the new license is issued. A new license will be issued reflecting the date of
			 succession and a new effective date. There will be no charge for the transfer
			 of salespersons' or investment adviser representatives' licenses from the
			 predecessor to the successor;
(b) A
			 Form BD or ADV filed by a person that is not licensed when such form is filed
			 and which succeeds to and continues the business of a person licensed in the
			 state of Oregon shall be deemed an application for licensing filed by that
			 predecessor and adopted by the successor, even though designated as an
			 amendment, if filed within 30 days of the succession and the succession is
			 based on a change in the predecessor's date or state of incorporation, form or
			 organization, or change in composition of a partnership and the amendment is
			 filed to reflect these changes.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0080 - Applications for Licensing of Broker-Dealers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant for licensing as a FINRA
			 broker-dealer must submit to the FINRA/CRD:
(a) A completed Form BD;
(b) A broker-dealer licensing fee as set in
			 OAR 441-175-0002;
(c) At least one
			 completed Form U-4 pursuant to OAR 441-175-0130. All licensed broker-dealers
			 must have at least one salesperson licensed continuously throughout the
			 licensing period of the broker-dealer; and
(d) A salesperson licensing fee for each
			 salesperson as set in OAR 441-175-0002.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0085 - Limited Licensing of Canadian Broker-Dealers and Salespersons

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A broker-dealer
			 that is resident in Canada and has no office or other physical presence in this
			 state may, provided the broker-dealer is licensed in accordance with this rule,
			 effect transactions in securities with or for, or induce or attempt to induce
			 the purchase or sale of any security by,
(a)
			 A person from Canada who is temporarily resident in this state, with whom the
			 Canadian broker-dealer had a bona fide broker-dealer-client relationship before
			 the person entered the United States; or
(b) A person from Canada who is resident in
			 this state, whose transactions are in a self-directed tax advantaged retirement
			 plan in Canada of which the person is the holder or
			 contributor.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0100 - Applications for Licensing of Investment Advisers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) An applicant for licensing as a state
			 investment adviser must apply through the IARD and the director.
(2) An applicant must submit to the IARD:
(a) A completed Form ADV, including Parts 1
			 and 2 of Form ADV;
(b) An
			 investment adviser licensing fee as required by OAR 441-175-0002;
(c) At least one completed Form U-4. All
			 licensed state investment advisers must have at least one representative
			 licensed continuously throughout the licensing period of the investment
			 adviser; and
(d) A licensing fee
			 for each investment adviser representative as required by OAR
			 441-175-0002.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0105 - Material Changes, Amendments and Notice of Civil and Criminal Actions

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A broker-dealer
			 or state investment adviser applicant or licensee must file an amendment to its
			 application and a broker-dealer, state or federal covered investment adviser,
			 must file an amendment to the application of their respective salespersons or
			 investment adviser representatives if there is a material change to any
			 information on the original application or previous amendments including:
(a) Bankruptcy;
(b) Civil or criminal actions described on
			 the application;
(c) Disciplinary
			 disclosure answers on the application;
(d) Change in or additional affiliated
			 business entity name;
(e) Change in
			 ownership other than as provided in OAR 441-175-0070(7);
(f) Change in form of organization;
(g) Change of address; or
(h) Change in scope of business.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0110 - Surety Bond; Letter of Credit

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every applicant for a license as an
			 Oregon based state investment adviser, must file with the director a surety
			 bond as specified in section (4) of this rule or a letter of credit as
			 specified in section (5) of this rule.
(2) Every person licensed as an Oregon based
			 state investment adviser must maintain a surety bond as specified in section
			 (4) of this rule or a letter of credit as specified in section (5) of this rule
			 during the period of licensing and for at least six years after the person
			 ceases to be licensed as an Oregon based state investment adviser.
(3) In no less than six years after a person
			 ceases to be required to maintain a surety bond or a letter of credit, the
			 person may apply to the director for release of the surety bond or letter of
			 credit. Unless the director determines that claims are pending against the
			 person for violation of the Oregon Securities Law, the director shall release
			 the surety bond or letter of credit.
(4) A surety bond shall be in a form and on
			 terms approved by the director in the sum of $10,000 from a corporation
			 authorized by the director to transact insurance in the State of
			 Oregon.
(5) A letter of credit
			 shall be in the form and on terms approved by the director in the sum of
			 $10,000 from a financial institution authorized to transact banking business in
			 the State of Oregon.
Stat. Auth.: ORS
				  59.175
Stats. Implemented: ORS
				  59.175(4) &
				  59.225
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0120 - Licensing of Salespersons or Representatives to Non-FINRA Broker-Dealers, State or Federal Covered Investment Advisers, Issuers and Owners of Securities

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For
			 purposes of ORS
			 59.175,
			 all salespersons or investment adviser representatives, except salespersons
			 desiring to work for a FINRA broker-dealer, must be licensed as provided in
			 this rule.
(2) A non-FINRA
			 broker-dealer, an issuer, or an owner of securities must submit to the director
			 a complete application to license a salesperson including:
(a) A completed Form U-4 or an alternate form
			 approved by the director;
(b) A
			 licensing fee for each salesperson as set in OAR 441-175-0002;
(c) Official notice of a passing score of the
			 appropriate examinations under section (5), if required for licensing under
			 this rule; and
(d) If employed by
			 more than one broker-dealer or state or federal covered investment adviser, an
			 undertaking required in section (10) of this rule.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0130 - Licensing of Salespersons to FINRA Broker-Dealers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) For purposes of ORS
			 59.175,
			 all FINRA salespersons will be eligible for automatic licensing as provided in
			 this rule if:
(a) The salesperson is licensed
			 by the FINRA to a broker-dealer who is a member in good standing of the
			 FINRA;
(b) The salesperson is
			 employed by a broker-dealer who is licensed in Oregon under ORS
			 59.175;
(c) An application to license the salesperson
			 has been submitted to the CRD by the employer as provided in this
			 rule;
(d) The salesperson has filed
			 with the director an undertaking as required in section (8) of this rule, if
			 applicable; and
(e) The salesperson
			 is not disqualified under OAR 441-175-0140.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0150 - Termination or Cancellation of Salesperson or Investment Adviser Representative License

Current through Register Vol. 63, No. 7, July 1, 2024
(1) A
			 salesperson's or investment adviser representative's license with a
			 broker-dealer, state or federal covered investment adviser, issuer or owner,
			 ("employer"), may be terminated at any time by either the salesperson or
			 investment adviser representative, or the employer.
(2) The employer shall provide the director
			 and the terminated person with written notice of the termination on a Form U-5
			 within 30 days of the termination, accurately describing the reason for the
			 termination under ORS
			 59.370(2). The
			 notice shall be filed as follows:
(a) If the
			 employer is a FINRA broker-dealer, the notice shall be filed with the
			 CRD;
(b) If the employer is a state
			 or federal covered investment adviser and the investment adviser
			 representative's application was filed through IARD, the notice shall be filed
			 with IARD;
(c) All other employers
			 shall file the notice with the director.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0160 - Renewal of FINRA Broker-Dealer and Salesperson Licenses

Current through Register Vol. 63, No. 7, July 1, 2024
(1) The licenses of
			 a FINRA broker-dealer and all affiliated salespersons expire on December 31,
			 unless otherwise renewed according to this rule.
(2) To renew a license, a FINRA broker-dealer
			 must submit the following items to the FINRA/CRD:
(a) A broker-dealer renewal fee as set in OAR
			 441-175-0002; and
(b) A salesperson
			 renewal fee as set in OAR 441-175-0002  for each salesperson to be
			 renewed.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0165 - Renewal of the Licenses of Non-FINRA Broker-Dealers or State Investment Advisers, and Their Salespersons or Investment Adviser Representatives

Current through Register Vol. 63, No. 7, July 1, 2024
(1)
(a) The licenses of a non-FINRA broker-dealer
			 or state investment adviser (employer), and the licenses of their salespersons
			 or investment adviser representatives, expire 12 months following the date of
			 original licensing or last renewal of the license of the employer unless
			 otherwise renewed according to this rule.
(b) Notwithstanding subsection (a), if a
			 state investment adviser or investment adviser representative applies through
			 the CRD/IARD that license expires on December 31 of each year unless renewed
			 through the CRD/IARD.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0171 - Use of Trade Name or Assumed Business Name

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each person holding a license or applying
			 for a license issued under ORS
			 59.005 to
			 59.370, who desires to operate
			 under a trade name or an assumed business name must submit the following to the
			 director for each name to be used:
(a) A
			 completed application, with an original signature, on a form approved by the
			 director; and
(b) A non-refundable
			 filing fee as set in OAR 441-175-0002.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0175 - Internet Communications

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Scope
			 of rule. This rule applies to dissemination by firms or individuals of
			 information about securities-related services or products on the Internet,
			 except for any firms or individuals located in Oregon. As used in this section,
			 the term "Internet" is to be construed liberally to include all proprietary or
			 common carrier electronic systems or similar media.
(2) Solely disseminating information on the
			 Internet concerning securities-related services or products offered by a firm
			 or individual shall not be deemed to be "transacting business" in this state
			 for purposes of ORS 59.165(1),
			 provided the Internet communication:
(a) Is
			 limited to general information on products or services;
(b) Prominently and conspicuously states that
			 the firm or individual may only transact business in this state if first
			 licensed or excluded from licensing requirements;
(c) Clearly states that follow-up,
			 individualized responses to persons in this state using any contact method by
			 such firm or individual that involve either the effecting or attempting to
			 effect transactions in securities, or the rendering of personalized investment
			 advice for compensation, will not be made absent compliance with Oregon
			 licensing requirements or a valid exclusion from licensing; and
(d) Contains mechanisms, including and
			 without limitation, technical firewalls or other implemented policies and
			 procedures, designed reasonably to ensure that prior to any subsequent, direct
			 communication with prospective customers or clients in this state, said firm or
			 individual has completed any applicable licensing or notice filing process in
			 this state, or qualifies for an exclusion from such
			 requirement.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0185 - Errors and Omissions Coverage under ORS 59.175

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Investment advisors and broker-dealers
			 subject to ORS
			 59.175 must submit proof of insurance to the division as a condition of licensure and
			 annual renewal.
(2) Proof of
			 insurance may be demonstrated by submitting to the division an attestation of
			 compliance on a form approved by the Director and a policy declaration page or
			 a certificate of liability coverage specifying errors and omissions coverage.
(a) An attestation must include:
(A) The name of the insurer;
(B) The policy number;
(C) Name of the insured licensee;
			 and
(D) Dates of the policy
			 period.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0190 - Definitions for Investment Adviser Continuing Education

Current through Register Vol. 63, No. 7, July 1, 2024
As used in OAR 441-175-0190, the following definitions apply
				unless context requires otherwise.
(1)
			 "Approved IAR Continuing Education Content" means the materials, written, oral,
			 or otherwise that have been approved by NASAA or its designee and which make up
			 the educational program provided to an investment adviser representative under
			 this rule.
(2) "Authorized
			 Provider" means a person that NASAA or its designee has authorized to provide
			 continuing education content to meet the requirements of OAR
			 441-175-0190.
(3) "Credit" means a
			 unit that has been designated by NASAA or its designee as at least 50 minutes
			 of educational instruction.
(4)
			 "FINRA" means the Financial Industry Regulatory Authority.
(5) "IAR Ethics and Professional
			 Responsibility Content" means approved IAR continuing education content that
			 addresses an investment adviser representative's ethical and regulatory
			 obligations.
(6) "IAR Products and
			 Practice Content" means approved IAR continuing education content that
			 addresses an investment adviser representative's continuing skills and
			 knowledge regarding financial products, investment features, and practices in
			 the investment advisory industry.
(7) "Investment Adviser Representative" or
			 "IAR" means an individual who meets the definition of "investment adviser
			 representative" in ORS
			 59.015 and an individual who
			 meets the definition of "investment adviser representative" under
			  17 CFR
			 275.203A3.
(8) "Home State" means the state in which the
			 IAR has its primary place of business.
(9) "NASAA" means the North American
			 Securities Administrators Association or a committee designated by its Board of
			 Directors.
(10) "Reporting Period"
			 means one twelve (12) month period as determined by NASAA. An investment
			 adviser representative's initial Reporting Period with this state commences the
			 first day of the first full Reporting Period after the individual is licensed
			 or required to be licensed with this state.
Statutory/Other Authority: ORS
				  59.285
Statutes/Other Implemented: ORS
				  59.285
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 175 - LICENSING OF BROKER-DEALERS, INVESTMENT ADVISERS, AND SALESPERSONS › Section 441-175-0195 - Investment Adviser Representative Continuing Education

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every investment adviser representative
			 licensed or required to be licensed under ORS
			 59.175 must complete the
			 following continuing education requirements each reporting period:
(a) An investment adviser representative must
			 complete six (6) credits of IAR regulatory and ethics content offered by an
			 authorized provider, with at least three (3) hours covering the topic of
			 ethics; and
(b) An investment
			 adviser representative must complete six (6) credits of IAR products and
			 practice content offered by an authorized provider.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 195 - RECORDS AND REPORTS › Section 441-195-0050 - Reports by Broker-Dealers and Investment Advisers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) General Rule. Every broker-dealer and
			 every investment adviser who takes any discretionary authority from any
			 investment advisory client to execute transactions or has custody of any
			 investment advisory client's securities or funds, shall file reports of
			 financial conditions containing the information required by a form to be
			 supplied or approved by the Director, as follows:
(a) The report shall be filed annually
			 reflecting the financial condition as of the end of the fiscal year;
(b) Whenever the Director so requires, an
			 interim report shall be filed as of the date and within the period specified by
			 the Director.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 195 - RECORDS AND REPORTS › Section 441-195-0060 - Notice of Complaint

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Each
			 broker-dealer and each investment adviser who has filed a complaint against any
			 of its partners, officers, directors, or associated persons registered in
			 Oregon, with any law enforcement agency, any other regulatory agency having
			 jurisdiction over the securities industry, or with any bonding company
			 regarding any loss arising from alleged acts of such person, shall send a copy
			 of such complaint to the Director within ten days following its filing with
			 such other agency or bonding company.
(2) A copy of any finding, censure, fine,
			 suspension, or expulsion made as a result of any such complaint shall be filed
			 with the Director within ten days following such action.
Stat. Auth.: ORS 59
Stats. Implemented: ORS
				  59.195, ORS
				  59.205 & ORS
				  59.235
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 195 - RECORDS AND REPORTS › Section 441-195-0070 - Discretionary Authority

Current through Register Vol. 63, No. 7, July 1, 2024
(1) No
			 broker-dealer, or any associated person, shall exercise any discretionary power
			 or authority for any customer unless such customer has given prior written
			 authorization to exercise such power or authority to a stated associated person
			 or persons.
(2) This rule shall not
			 apply to transactions in which the broker-dealer's discretion is limited to the
			 price at which or the time when an order given by a customer for the purchase
			 or sale of a definite amount of a specified security shall be
			 executed.
Stat. Auth.: ORS 59
Stats. Implemented: ORS
				  59.135 & ORS
				  59.205
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 205 - DENIAL, SUSPENSION, OR REVOCATION OF LICENSE › Section 441-205-0010 - Dishonest, Fraudulent, Unfair and Unethical Practices

Current through Register Vol. 63, No. 7, July 1, 2024
As used in section (2) of ORS
				59.205, the terms "dishonest,
				fraudulent, or illegal practices or conduct," and "unfair or unethical
				practices or conduct," separately or in any combination thereof, shall include,
				but not be limited to, those acts defined herein as "manipulative, deceptive,
				or fraudulent device or contrivance" or "fraudulent, deceptive or manipulative
				act or practice."
Stat. Auth.: ORS 59
Stats. Implemented: ORS
				  59.205(2)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 205 - DENIAL, SUSPENSION, OR REVOCATION OF LICENSE › Section 441-205-0020 - General Definition

Current through Register Vol. 63, No. 7, July 1, 2024
"Manipulative, Deceptive, or Fraudulent Device or Contrivance"
				and "Fraudulent, Deceptive, or Manipulative Act or Practice" are defined to
				include:
(1) Any act, practice, or
			 course of business which operates or would operate as a fraud or deceit upon
			 any person.
(2) The making of any
			 untrue statement of a material fact and any omission to state a material fact
			 necessary in order to make the statements made in the light of the
			 circumstances under which they are made not misleading.
(3) Any representation by a person that the
			 registration of any person with the Director or the failure of the Director to
			 deny or revoke such registration indicates in any way that the Director has
			 passed upon or approved the financial standing, business, or conduct of any
			 person or the merits of any security or any transaction or transactions
			 therein.
Stat. Auth.: ORS 59
Stats. Implemented: ORS
				  59.205(2)
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 205 - DENIAL, SUSPENSION, OR REVOCATION OF LICENSE › Section 441-205-0030 - Confirmation of Transaction

Current through Register Vol. 63, No. 7, July 1, 2024
The term "Manipulative, Deceptive, or Fraudulent Device or
				Contrivance" as used in these rules is defined to include:
(1) Any act of any broker-dealer designed to
			 effect with or for the account of a customer any transaction in, or to induce
			 the purchase or sale by such customer of any security (other than U.S. Tax
			 Savings Notes, U.S. Defense Savings Stamps, or U.S. Defense Savings Bonds,
			 Series E, F, and G), unless such broker-dealer, at or before the completion of
			 each such transaction, gives or sends to such customer at a bona fide address
			 written notification disclosing:
(a) Whether
			 he is acting as a broker-dealer for such customer, as a broker-dealer for his
			 own account, as a broker-dealer for some other person, or as a broker-dealer
			 for both such customers and some other persons; and
(b) In any case in which he is acting as a
			 broker-dealer for such customer or for both such customer and some other
			 person, either the name of the person from whom the security was purchased or
			 to whom it was sold for such customer and the date and time when such
			 transaction took place or the fact that such information will be furnished upon
			 the request of such customer and the source and amount of any commission or
			 other remuneration received or to be received by him in connection with the
			 transaction.
Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 205 - DENIAL, SUSPENSION, OR REVOCATION OF LICENSE › Section 441-205-0040 - Disclosure of Control

Current through Register Vol. 63, No. 7, July 1, 2024
The term "Manipulative, Deceptive, or Other Fraudulent Device
				or Contrivance," as used in these rules, is hereby defined to include any act
				of any broker-dealer controlled by, controlling, or under common control with,
				the issuer of any security, designed to effect with or for the account of a
				customer any transaction in, or to induce the purchase or sale by such customer
				of, such security, unless such broker-dealer, before entering into any contract
				with or for such customer for the purchase or sale of such security, discloses
				to such customer the existence of such control and unless such disclosure, if
				not made in writing, is supplemented by the giving or sending of written
				disclosure at or before the completion of the transaction.
Stat. Auth.: ORS 59
Stats. Implemented: ORS
				  59.205(2)