General Licensing Rules for Broker-Dealers, Investment Advisers and Salespersons, Succession and Acquisition
(1)Incomplete applications will not be processed.
(2)When all documents and fees have been submitted and reviewed by the director, a license for the broker-dealer or investment adviser, which may be conditioned or restricted under OAR 441-225-0030 (License Conditions or Restrictions), shall be issued unless the director determines that licensing should be denied on one or more grounds set forth in ORS 59.205 (Grounds for denying, suspending, revoking or imposing condition or restriction on license) to 59.225 (Cancellation of license or application).
(3)Licensees conducting business under any name other than the name in which their license is issued by the director shall comply with OAR 441-175-0171 (Use of Trade Name or Assumed Business Name).
(4)Licenses of non-FINRA broker-dealers or state investment advisers expire one year after the date of initial licensing, except licenses of state investment advisers that license through IARD will expire on December 31 of each year. The licensee may renew its license as provided in ORS 59.185 (Expiration of license) and OAR 441-175-0165 (Renewal of the Licenses of Non-FINRA Broker-Dealers or State Investment Advisers, and Their Salespersons or Investment Adviser Representatives).
(5)Licenses of FINRA broker-dealers expire December 31 of each year. The licensee may renew its license as provided in ORS 59.185 (Expiration of license) and OAR 441-175-0160 (Renewal of FINRA Broker-Dealer and Salesperson Licenses).
(6)Any amendments to an application or license shall be filed in accordance with the provisions of OAR 441-175-0105 (Material Changes, Amendments and Notice of Civil and Criminal Actions).
(7)Intentionally left blank —Ed.
(a)If any person not licensed in the State of Oregon succeeds to the business and continues the business of a person licensed in Oregon, a new application must be filed. However, the license of the predecessor and predecessor salespersons or investment adviser representatives shall remain effective as the license of the successors for a period of 75 days after the succession, if a completed application is received by the director within 30 days of the succession. The salespersons or investment adviser representatives to the predecessor who were licensed in Oregon at the time of the acquisition will be licensed to the successor when the new license is issued. A new license will be issued reflecting the date of succession and a new effective date. There will be no charge for the transfer of salespersons’ or investment adviser representatives’ licenses from the predecessor to the successor;
(b)A Form BD or ADV filed by a person that is not licensed when such form is filed and which succeeds to and continues the business of a person licensed in the state of Oregon shall be deemed an application for licensing filed by that predecessor and adopted by the successor, even though designated as an amendment, if filed within 30 days of the succession and the succession is based on a change in the predecessor’s date or state of incorporation, form or organization, or change in composition of a partnership and the amendment is filed to reflect these changes.
(8)If a broker-dealer or state investment adviser who is licensed in the State of Oregon is acquired by another person licensed in the State of Oregon, there will be no additional licensing requirements. However, the acquiring party must submit an amended Form BD, or Form ADV pursuant to OAR 441-175-0105 (Material Changes, Amendments and Notice of Civil and Criminal Actions). There will be no charge for the transfer of salespersons’ or investment adviser representatives’ licenses from the predecessor to the successor.
Rule 441-175-0070 — General Licensing Rules for Broker-Dealers, Investment Advisers and Salespersons, Succession and Acquisition,