Current through Register Vol. 63, No. 9, September 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.
(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.]
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
