OAR 441-175-0150
Termination or Cancellation of Salesperson or Investment Adviser Representative License

(1)

A salesperson’s or investment adviser representative’s license with a broker-dealer, state or federal covered investment adviser, issuer or owner, (“employer”), may be terminated at any time by either the salesperson or investment adviser representative, or the employer.

(2)

The employer shall provide the director and the terminated person with written notice of the termination on a Form U-5 within 30 days of the termination, accurately describing the reason for the termination under ORS 59.370 (Limitation on liability for good faith act or omission)(2). The notice shall be filed as follows:

(a)

If the employer is a FINRA broker-dealer, the notice shall be filed with the CRD;

(b)

If the employer is a state or federal covered investment adviser and the investment adviser representative’s application was filed through IARD, the notice shall be filed with IARD;

(c)

All other employers shall file the notice with the director.

(3)

The salesperson or investment adviser representative may provide the director and the former employer with written notice of the termination in any form at any time.

(4)

The status of the license of a salesperson or investment adviser representative licensed under OAR chapter 441, division 175 is dependent upon the status of the employer. Therefore, without further action by the director:

(a)

The suspension of the license or notice of the employer suspends the license of the salesperson or investment adviser representative, however, the end of suspension of the license or notice of the employer automatically reinstates the license of the salesperson or investment adviser representative;

(b)

The revocation, cancellation, withdrawal or expiration of the license or notice of the employer cancels the license of the salesperson or investment adviser representative;

(c)

The suspension of the registration of securities suspends the license of the salesperson licensed to the issuer or owner of the securities; and

(d)

The revocation, cancellation, withdrawal or expiration of the registration of securities cancels the license of the salesperson licensed to the issuer or owner of the securities.

(5)

Under OAR 441-014-0060, the director may immediately suspend or refuse to renew a salesperson or investment adviser representative license, without prior opportunity for a hearing, upon a showing of a danger to the public health or safety; however, the affected party shall be entitled to a post-action hearing.

Source: Rule 441-175-0150 — Termination or Cancellation of Salesperson or Investment Adviser Representative License, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=441-175-0150.

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 441-175-0150’s source at or​.us