OAR 441-175-0030
Exclusion from Definition of “Investment Adviser”

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

(1)

Any person who conducts no public advertising or general solicitation in this state and whose only clients in this state are “accredited investors” as that term is defined in OAR 441-035-0010 (Accredited Investor).

(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 providing advice, analyses, reports or other advisory services regarding the securities without special compensation.

(3)

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

(4)

Any person whose advice, analyses or reports relate only to securities exempted by subsection (14) of ORS 59.025 (Securities exempt from registration) and OAR 441-025-0040 (Charitable Securities).

(5)

Any person who is a licensed Principal Real Estate Broker or Real Estate Broker acting on behalf of the Principal Real Estate broker if:

(a)

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

(b)

The person, with respect to securities activities, only renders advice, analyses, reports or other advisory services relating to securities that are registered under ORS 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 the resale of those securities described in 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).

(6)

Any person who acts as a purchaser representative under OAR 441-065-0060 (Creation of Classifications) through 441-065-0230 if the activity is merely an incidental part of the person’s usual activities or occupation.

(7)

Any person who is licensed as a mortgage banker or mortgage broker under the provisions of ORS 59.840 to 59.965 and whose performance of advisory services relate solely to securities involving real estate paper, whose performance of the advisory services is solely incidental to the person’s conduct of business as a mortgage banker or mortgage broker and who receives no special compensation for such services.

(8)

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 441-175-0030 — Exclusion from Definition of “Investment Adviser”, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-175-0030.

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 441-175-0030’s source at or​.us