Oregon Administrative Rules
Chapter 441 - DEPARTMENT OF CONSUMER AND BUSINESS SERVICES, FINANCE AND SECURITIES REGULATION
Division 65 - REGISTRATION OF SECURITIES
Section 441-065-0180 - Licensing of Salespersons

Universal Citation: OR Admin Rules 441-065-0180

Current through Register Vol. 63, No. 9, September 1, 2024

(1) General License Requirements. Only persons that are licensed as a broker-dealer or salesperson may sell securities that are registered as a SOAR or SCOR Offering, unless that person is excluded from the definition of broker-dealer or salesperson under ORS 59.015(1), ORS 59.15(18)(b), OAR 441-175-0020 or OAR 441-175-0040.

(2) Licensing Conditions for Issuer Salespersons. The following special licensing conditions are applicable to salespersons that are employees of the issuer (an "Issuer Salesperson."):

(a) An issuer may license up to five persons as Issuer Salespersons;

(b) Issuer Salespersons must be bona fide officers, directors or employees of the issuer;

(c) Issuer Salespersons are exempt from examination requirements and are not required to file a surety bond or an irrevocable letter of credit; and

(d) An issuer salesperson shall not be simultaneously licensed to two or more issuers.

(3) Licensing Procedures for Issuer Salespersons. As required by OAR 441-175-0120, an issuer shall submit to the Director a complete application to license each salesperson, including:

(a) A completed FINRA Form U-4 (salesperson application); and

(b) A salesperson licensing fee as set in OAR 441-175-0002.

Forms referenced are available from the agency.

Statutory/Other Authority: ORS 59.165 & 59.175

Statutes/Other Implemented: ORS 59.165 & 59.175

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