OAR 441-175-0100
Applications for Licensing of Investment Advisers
(1)
An applicant for licensing as a state investment adviser must apply through the IARD and the director.(2)
An applicant must submit to the IARD:(a)
A completed Form ADV, including Parts 1 and 2 of Form ADV;(b)
An investment adviser licensing fee as required by OAR 441-175-0002 (Fees for Licensing or Notice Filing of Firms and Individuals);(c)
At least one completed Form U-4. All licensed state investment advisers must have at least one representative licensed continuously throughout the licensing period of the investment adviser; and(d)
A licensing fee for each investment adviser representative as required by OAR 441-175-0002 (Fees for Licensing or Notice Filing of Firms and Individuals).(3)
An applicant must submit To the director:(a)
A surety bond or letter of credit under OAR 441-175-0110 (Surety Bond; Letter of Credit) if the person is an Oregon based state investment adviser applicant;(b)
The name of the designated compliance person or persons on the Form ADV. A notice of change in the designated compliance person must be filed with the director within 30 days following the change;(c)
A copy of any proposed client contracts if the applicant is an Oregon based state investment adviser;(d)
A copy of a current balance sheet; and(e)
Any form or portion of any form which cannot be submitted through the IARD.(4)
An Oregon based investment adviser applicant who has custody or possession of a client’s funds or securities or requires payment of advisory fees six months or more in advance and in excess of $500 per client must file with the director financial statements as defined in OAR 441-011-0040 (Financial Statements) and prepared by an “independent accountant” as defined in 441-175-0010 (Definitions)(13) as follows:(a)
If the applicant has been in operation for more than two years, and the application is made less than 90 days after the end of the applicant’s fiscal year, the applicant must provide financial statement for the two most recent fiscal years, not including the most recently completed fiscal year.(b)
If the applicant has been in operation for less than two years, the applicant must provide financial statements for the periods of operation.(c)
If the year-end financial statements are dated more than 90 days from the date of the completed application, the applicant must provide interim financial statements that were completed within 90 days of the application.(5)
All applicants must comply with the provisions of OAR 441-175-0070 (General Licensing Rules for Broker-Dealers, Investment Advisers and Salespersons, Succession and Acquisition).
Source:
Rule 441-175-0100 — Applications for Licensing of Investment Advisers, https://secure.sos.state.or.us/oard/view.action?ruleNumber=441-175-0100.