Oregon Administrative Rules|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. 60, No. 12, December 1, 2021 
(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.
 
(2) Incomplete applications will not be processed.
 
(3) To renew a license, a state or federal covered investment adviser which has previously licensed through IARD must submit the following items to the IARD, to the extent the IARD is capable of accepting those items, and otherwise to the director: 
(a) An employer renewal fee as set in OAR 441-175-0002;
 
(b) A renewal fee as set in OAR 441-175-0002 for each licensed investment adviser representative;
 
(c) Any amendments to Form ADV or Form U-4, under OAR 441-175-0105, which have not previously been submitted.
 
(4) To renew a license, a non-FINRA broker-dealer must submit the following items to the director: 
(a) A non-FINRA broker-dealer renewal form;
 
(b) An amended Form BD or ADV, under OAR 441-175-0105, if there have been material changes since the most recent filing of the appropriate form;
 
(c) The name of the person who is the supervisor of the employer's operations. When a new supervisor is appointed, the employer must file the change with the director;
 
(d) A salesperson renewal form for each salesperson to be renewed, signed by both the salesperson and the employer;
 
(e) An employer renewal fee as set in OAR 441-175-0002, except as provided in section (6) of this rule;
 
(f) A salesperson renewal fee as set in OAR 441-175-0002 for each salesperson to be renewed, except as provided in section (6) of this rule; and
 
(5) If the applicant for renewal is an Oregon based state investment adviser, the renewal applicant must submit the following financial information: 
(a) If the investment adviser has or will have custody of client funds or securities, or will require payment of advisory fees six months or more in advance and in excess of $500 per client, the latest annual balance sheet which must be audited by an "independent accountant," as defined by OAR 441-175-0010(13);
 
(b) For all other investment advisers, the latest annual balance sheet which may be audited, reviewed or compiled, prepared by an "independent accountant," as defined by OAR 441-175-0010(13); and
 
(c) If the latest annual balance sheet and statement of income or operations is not current within 90 days of renewal, an interim balance sheet must be submitted.
 
 
(6) Any federal or state investment adviser transitioning onto IARD shall pay a prorated renewal fee for the employer and any previously licensed investment adviser representative in the year of the transition calculated from the month the existing notice filing or license expires, as shown in the following table: [Table not included. See ED. NOTE.]
 
Or. Admin. R. 441-175-0165
FCS 1-1992, f. 1-31-92, cert. ef. 2-1-92; FCS 2-1994, f. & cert. ef. 1-7-94; FCS 8-1994, f. & cert. ef. 6-1-94; FCS 7-2000; f. & cert. ef. 6-2-00; FCS 9-2001, f. & cert. ef. 9-28-01; FCS 2-2003(Temp), f. & cert. ef. 11-26-03 thru 5-21-04; FCS 1-2004, f. & cert. ef. 5-19-04; FCS 8-2010, f. 6-22-10, cert. ef. 7-1-10; FCS 1-2012, f. & cert. ef. 7-9-12; FSR 1-2016, f. & cert. ef. 3-7-16
Table referenced are available from the agency.
Stat. Auth.: ORS 59.175(1), 59.205(2) & 59.285
 
Stats. Implemented: ORS 59.175(1), 59.185 & 59.205
This section was updated on 4/12/2016 by overlay.