Oregon Administrative Rules › Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION › Division 195 - RECORDS AND REPORTS › Section 441-195-0040 - Books and Records to be Maintained by Investment Advisers

Current through Register Vol. 63, No. 7, July 1, 2024
(1) Every
			 investment adviser shall make and keep true, accurate, and current the
			 following books and records relating to his investment advisory business:
(a) A journal or journals, including cash
			 receipts and disbursements records, and any other records of original entry
			 forming the basis of entries in any ledger;
(b) General and auxiliary ledgers (or other
			 comparable records) reflecting asset, liability, reserve, capital, income and
			 expense accounts;
(c) A memorandum
			 of each order given by the investment adviser for the purchase or sale of any
			 security, of any instruction received by the investment adviser from a client
			 concerning the purchase, sale, receipt or delivery of a particular security and
			 of any modification or cancellation of any such order or instruction. Such
			 memoranda shall show the terms and conditions of the order, instruction,
			 modification or cancellation; shall identify the person connected with the
			 investment adviser who recommended the transaction to the client and the person
			 who placed such order; and shall show the account for which entered, the date
			 of entry and the bank or broker-dealer by or through whom executed where
			 appropriate. Orders entered pursuant to the exercise of discretionary power
			 shall be so designated;
(d) All
			 checkbooks, bank statements, canceled checks and cash reconciliations of the
			 investment adviser;
(e) All bills
			 or statements (or copies thereof) paid or unpaid, relating to the business of
			 the investment adviser as such;
(f)
			 All trial balances, financial statements and internal audit working papers
			 relating to the business of such investment adviser;
(g) Originals of all written communications
			 received and copies of all written communications sent by such investment
			 adviser relating to:
(A) Any recommendation
			 made or proposed to be made and any advice given or proposed to be
			 given;
(B) Any receipt,
			 disbursement or delivery of funds or securities; or
(C) The placing or execution of any order to
			 purchase or sell any security; provided, however, that the investment adviser
			 shall not be required to keep any unsolicited market letters and other similar
			 communications of general public distribution not prepared by or for the
			 investment adviser; and provided that, if the investment adviser sends any
			 notice, circular or other advertisement offering any report, analysis,
			 publication, or other investment advisory service to more than ten persons, the
			 investment adviser shall not be required to keep a record of the names and
			 addresses of the persons to whom it was sent, except that if such notice,
			 circular or advertisement is distributed to persons named on any list, the
			 investment adviser shall retain with the copy of such notice, circular or
			 advertisement a memorandum describing the list and the source
			 thereof;
(h) A list or
			 other record of all accounts in which the investment adviser is vested with any
			 discretionary power with respect to the funds, securities, or transactions of
			 any client;
(i) All powers of
			 attorney and other evidences of the granting of any discretionary authority by
			 any client to the investment adviser, or copies thereof;
(j) All written agreements (or copies
			 thereof) entered into by the investment adviser with any client or otherwise
			 relating to the business of such investment adviser as such;
(k) A copy of each notice, circular,
			 advertisement, newspaper article, investment letter, bulletin, or other
			 communication recommending the purchase or sale of a specific security which
			 the investment adviser circulates or distributes, directly or indirectly, to
			 ten or more persons (other than investment supervisory clients or persons
			 connected with such investment adviser), and if such notice, circular,
			 advertisement, newspaper articles, investment letter, bulletin, or other
			 communication does not state the reasons for such recommendation, a memorandum
			 of the investment adviser indicating the reasons therefor.