Current through Register Vol. 63, No. 9, September 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.
(3) An applicant must submit To the director:
(a) A surety bond or letter of credit under
OAR 441-175-0110 if the person is an
Oregon based state investment adviser applicant;
(b) The name of the designated compliance
person or persons on the Form ADV. A notice of change in the designated
compliance person must be filed with the director within 30 days following the
change;
(c) A copy of any proposed
client contracts if the applicant is an Oregon based state investment
adviser;
(d) A copy of a current
balance sheet; and
(e) Any form or
portion of any form which cannot be submitted through the
IARD.
(4) An Oregon based
investment adviser applicant who has custody or possession of a client's funds
or securities or requires payment of advisory fees six months or more in
advance and in excess of $500 per client must file with the director financial
statements as defined in OAR
441-011-0040 and prepared by an
"independent accountant" as defined in
441-175-0010(13)
as follows:
(a) If the applicant has been in
operation for more than two years, and the application is made less than 90
days after the end of the applicant's fiscal year, the applicant must provide
financial statement for the two most recent fiscal years, not including the
most recently completed fiscal year.
(b) If the applicant has been in operation
for less than two years, the applicant must provide financial statements for
the periods of operation.
(c) If
the year-end financial statements are dated more than 90 days from the date of
the completed application, the applicant must provide interim financial
statements that were completed within 90 days of the application.
(5) All applicants must comply
with the provisions of OAR
441-175-0070.
Forms referenced are available from the
agency.
Stat. Auth.: ORS
59.175&
59.285
Stats. Implemented: ORS
59.175
