OAR 441-175-0020
Exclusion from Definition of “Broker-Dealer”

ORS 59.015 (Definitions for Oregon Securities Law) excludes from the definition of “broker-dealer” the following persons, provided the person is not otherwise licensed as a broker-dealer, investment adviser, or salesperson:

(1)

Any person who effects sales of securities that are exempt under subsection (14) of ORS 59.025 (Securities exempt from registration) and OAR 441-025-0040 (Charitable Securities).

(2)

Any person who is a bona fide officer, director or employee of an issuer whose securities are registered under OAR 441-065-0035 (Registration by Multijurisdictional Coordination), while effecting sales of the securities without special compensation.

(3)

Any person, who serves as a dealer manager for an exchange offer of securities which have been registered under OAR 441-065-0035 (Registration by Multijurisdictional Coordination) and who does not perform any active solicitation activities in this state.

(4)

Any person who is a licensed Principal Real Estate Broker or Real Estate Broker acting on behalf of that person’s Principal Real Estate broker, provided that all of the following conditions are met:

(a)

The person is actively licensed with the Oregon Real Estate Commissioner;

(b)

The person, with respect to securities subject to the Oregon Securities Law, ORS Chapter 59 (Securities Regulation), only effects transactions in securities that are registered under 59.065 (Registration procedures), and:

(A)

Involve interests in a general or limited partnership, joint venture, cooperative, or unincorporated association, but not a corporation, formed for the purpose of investment in specified real property, including condominium securities; or

(B)

Involve resale of those securities described under paragraph (A) of this subsection.

(c)

The person complies with the rules of fair practice under OAR 441-175-0050 (Rules of Fair Practice for Real Estate Licensees); and

(d)

The person does not engage exclusively in the management of rental real estate as defined in ORS 696.010 (Definitions).

(5)

The director may, by order, as to any person or type of security or sale, 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.

Source: Rule 441-175-0020 — Exclusion from Definition of “Broker-Dealer”, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-175-0020.

441–175–0002
Fees for Licensing or Notice Filing of Firms and Individuals 441–175–0010
Definitions 441–175–0015
When Licensing Application Deemed Abandoned 441–175–0020
Exclusion from Definition of “Broker-Dealer” 441–175–0030
Exclusion from Definition of “Investment Adviser” 441–175–0040
Exclusion from Definition of “Salesperson” 441–175–0041
Exclusion from Definition of “Investment Adviser Representative” 441–175–0046
Federal Covered Investment Advisor Representative 441–175–0050
Rules of Fair Practice for Real Estate Licensees 441–175–0055
Rules of Fair Practice for Mortgage Banker and Mortgage Broker Licensees 441–175–0060
Licensing Rule Implementing, 1997 Oregon Laws Chapter 772 and the National Markets Improvement Act of 1996 441–175–0070
General Licensing Rules for Broker-Dealers, Investment Advisers and Salespersons, Succession and Acquisition 441–175–0080
Applications for Licensing of Broker-Dealers 441–175–0085
Limited Licensing of Canadian Broker-Dealers and Salespersons 441–175–0100
Applications for Licensing of Investment Advisers 441–175–0105
Material Changes, Amendments and Notice of Civil and Criminal Actions 441–175–0110
Surety Bond 441–175–0120
Licensing of Salespersons or Representatives to Non-FINRA Broker-Dealers, State or Federal Covered Investment Advisers, Issuers and Owners of Securities 441–175–0130
Licensing of Salespersons to FINRA Broker-Dealers 441–175–0140
Disqualification from Automatic Licensing 441–175–0150
Termination or Cancellation of Salesperson or Investment Adviser Representative License 441–175–0160
Renewal of FINRA Broker-Dealer and Salesperson Licenses 441–175–0165
Renewal of the Licenses of Non-FINRA Broker-Dealers or State Investment Advisers, and Their Salespersons or Investment Adviser Representatives 441–175–0171
Use of Trade Name or Assumed Business Name 441–175–0175
Internet Communications 441–175–0185
Errors and Omissions Coverage under ORS 59.175
Last Updated

Jun. 8, 2021

Rule 441-175-0020’s source at or​.us