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"

(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.