OAR 836-024-0145
Ownership of Securities Held in Trust

(1)

Beneficial ownership of a security for the purpose of ORS 732.430 (Filing statement of security ownership with director) includes any of the following:

(a)

Ownership of securities as a trustee when either the trustee or members of the immediate family of the trustee have a vested interest in the income or corpus of the trust;

(b)

Ownership of a vested beneficial interest in a trust; and

(c)

Ownership of securities as a settlor of a trust in which the settlor has the power to revoke the trust without obtaining the consent of all the beneficiaries.

(2)

Except as provided in section (4) of this rule, the following are exempt from the filing requirement in ORS 732.430 (Filing statement of security ownership with director):

(a)

A person who has beneficial ownership of securities solely as a settlor or beneficiary of a trust, when less than 20 percent in market value of the securities having a readily ascertainable market value held by the trust, determined as of the end of the preceding fiscal year of the trust, consists of equity securities for which reports would otherwise be required.

(b)

A person who has an obligation that would otherwise be imposed solely by reason of ownership as settlor or beneficiary of securities held in trust, when the ownership, acquisition or disposition of the securities by the trust is made without prior approval by the settlor or beneficiary.

(3)

An exemption under section (2) of this rule is not acquired or lost solely because of changes in the value of the trust assets during a fiscal year or during any time that there is no transaction by the trust in the securities otherwise subject to the reporting requirements of ORS 732.430 (Filing statement of security ownership with director).

(4)

If ten percent of a class of an equity security of an insurer is held in trust, the trust and its trustee are considered to be a person that must file reports required by ORS 732.430 (Filing statement of security ownership with director).

(5)

A trust is not required to file more than one report of holdings or of a transaction in securities held by a trust, regardless of the number of officers, directors or 10 percent stockholders that are trustees, settlors or beneficiaries of a trust, if the filed report discloses the name of all trustees, settlers and beneficiaries who are officers, directors or ten percent stockholders. A person having an interest only as a beneficiary of a trust is not required to file a report as long as the person relies in good faith upon an understanding that the trustee of the trust will file whatever reports might otherwise be required of the beneficiary.

(6)

As used in this rule, the “immediate family” of a trustee means:

(a)

A son or daughter of the trustee, or a descendant of either;

(b)

A stepson or stepdaughter of the trustee;

(c)

The father or mother of the trustee, or an ancestor of either;

(d)

A stepfather or stepmother of the trustee; or

(e)

A spouse of the trustee.

(7)

For the purpose of determining whether any of the relations described in section (6) of this rule exists, a legally adopted child of a person is considered to be a child of the person by blood.

(8)

For the purpose of determining under ORS 732.430 (Filing statement of security ownership with director) whether a person is the beneficial owner, directly or indirectly, of more than 10 percent of any class of any equity security, the interest of that person in the remainder of a trust shall be excluded from the computation.

(9)

A person is not required to file a report under ORS 732.430 (Filing statement of security ownership with director) with respect to the person’s indirect interest in portfolio securities held by either of the following, regardless of whether the person is otherwise subject to the requirement of filing reports under ORS 732.430 (Filing statement of security ownership with director):

(a)

A pension or retirement plan holding securities of an insurer whose employees generally are the beneficiaries of the plan.

(b)

A business trust with more than 25 beneficiaries.

(10)

This rule does not impose any duties or liabilities relating to the reporting of a transaction or holding prior to the effective date of the transaction or holding.

Source: Rule 836-024-0145 — Ownership of Securities Held in Trust, https://secure.­sos.­state.­or.­us/oard/view.­action?ruleNumber=836-024-0145.

836‑024‑0003
Statutory Authority 836‑024‑0004
Application of OAR 836-024-0003 to 836-024-0055 836‑024‑0006
Definitions 836‑024‑0008
Solicitations to which OAR 836-024-0003 to 836-024-0055 Apply 836‑024‑0026
Information to Be Furnished to Security Holders 836‑024‑0031
Requirements as to Proxy 836‑024‑0033
Presentation of Information in Proxy Statement 836‑024‑0036
Material Required to Be Filed 836‑024‑0038
Mailing Communications for Security Holders 836‑024‑0039
Proposals of Security Holders 836‑024‑0041
False or Misleading Statements 836‑024‑0046
Prohibition of Certain Solicitations 836‑024‑0051
Special Provisions Applicable to Election Contests 836‑024‑0053
Filings Required in an Election Contest 836‑024‑0054
Counter Solicitations Prior to Furnishing Required Written Proxy Statement 836‑024‑0055
Filing Requirements for Preliminary Solicitation Material 836‑024‑0100
Statutory authority 836‑024‑0105
Definitions 836‑024‑0110
Securities “Held of Record” for Purpose of ORS 732.425 836‑024‑0115
Filing of Statements 836‑024‑0120
Ownership of more than 10 percent of an equity security 836‑024‑0125
Disclaimer of Beneficial Ownership 836‑024‑0130
Exemptions from ORS 732.430 and 732.435 836‑024‑0135
Exemptions from ORS 732.420 to 732.455 of Securities Purchased or Sold by Odd-lot Dealers 836‑024‑0140
Certain Transactions Subject to ORS 732.430 836‑024‑0145
Ownership of Securities Held in Trust 836‑024‑0150
Exemption for Small Transactions 836‑024‑0155
Exemption from ORS 732.435 That Need not be Reported Under ORS 732.430 836‑024‑0160
Exemption from ORS 732.435 of Certain Transactions Effected in Connection with a Distribution 836‑024‑0165
Exemption from ORS 732.435 of Acquisitions of Shares of Stock and Stock Options under Certain Stock Bonus, Stock Option or Similar plans 836‑024‑0170
Exemption from ORS 732.435 of Certain Transactions in Which Securities are Received by Redeeming other Securities 836‑024‑0175
Exemption of long Term Profits Incident to Sales Within Six Months of the Exercise of an Option 836‑024‑0180
Exemption from ORS 732.435 of Certain Acquisitions and Dispositions of Securities Pursuant to Merger or Consolidation 836‑024‑0185
Exemption from ORS 732.435 of Transactions Involving the Deposit or Withdrawal of Equity Securities Under a Voting Trust or Deposit Agreement 836‑024‑0190
Exemption from ORS 732.435 of Certain Transactions Involving the Conversion of Equity Securities 836‑024‑0200
Exemption from ORS 732.435 of Certain Transactions Involving the Sale of Subscription Rights 836‑024‑0205
Exemption of Certain Securities from ORS 732.440 836‑024‑0210
Exemption from ORS 732.440 of Certain Transactions Effected in Connection with a Distribution 836‑024‑0215
Exemption from ORS 732.440 of Sales of Securities to be Acquired 836‑024‑0220
Arbitrage Transactions under ORS 732.450
Last Updated

Jun. 8, 2021

Rule 836-024-0145’s source at or​.us