(2) A broker-dealer or state investment adviser may not be licensed in this state unless the broker-dealer or state investment adviser has at least one salesperson licensed in this state.
(3) It is unlawful for a broker-dealer or issuer or owner of securities to employ a salesperson to act in this state unless the salesperson is licensed under the Oregon Securities Law to the broker-dealer or issuer or owner of securities. Only a natural person may be licensed as a salesperson.
(4) It is unlawful for:
(a) A state investment adviser to employ an investment adviser representative in this state unless the investment adviser representative is licensed under the Oregon Securities Law to the state investment adviser;
(b) A federal covered investment adviser to employ an investment adviser representative who has a place of business in this state to act in this state unless the investment adviser representative is licensed under the Oregon Securities Law to the federal covered investment adviser; or
(c) An individual, except as otherwise provided in subsection (8) of this section, to transact business in this state as an investment adviser representative unless the individual is licensed as an investment adviser representative. Only a natural person may be licensed as an investment adviser representative.
(5) A person may not be licensed as:
(a) A salesperson or investment adviser representative for more than one broker-dealer, federal covered investment adviser, state investment adviser or issuer or owner of securities at the same time, except as may be allowed by rule or order of the Director of the Department of Consumer and Business Services.
(b) A salesperson or investment adviser representative unless the person is employed by a broker-dealer, federal covered investment adviser, state investment adviser or issuer or owner of securities.
(6) It is unlawful for any person to transact business in this state as a state investment adviser unless the person:
(a) Is licensed as such under the Oregon Securities Law; or
(b) Is licensed as a broker-dealer without the imposition of a condition under ORS 59.215 (4).
(7) Except for federal covered investment advisers whose activities are described by ORS 59.015 (20)(b) and licensed broker-dealers transacting business as federal covered investment advisers in this state, it is unlawful for any federal covered investment adviser to conduct an advisory business in this state unless such person makes notice filings with the director of such documents filed with the Securities and Exchange Commission as the director may by rule or otherwise require and pays the fee, including the notice filing fee, described in ORS 59.175. The director may issue an order suspending the conduct of an investment advisory business in this state if the director finds that there is a failure to comply with any requirement under this section.
(8) Notwithstanding any other provision of this section, an individual performing the activities of an investment adviser representative and who would otherwise be required to be licensed as an investment adviser representative is not required to be separately licensed as an investment adviser representative if:
(a) The individual is licensed to a licensed broker-dealer, the broker-dealer is transacting business as a federal covered investment adviser or a state investment adviser under the provisions of subsection (6)(b) of this section and the person is performing investment adviser activities on behalf of the broker-dealer; or
(b) The individual is licensed to a licensed broker-dealer and the broker-dealer directly receives all compensation otherwise earned by the person in connection with the investment advisory activities being transacted in this state. The broker-dealer may or may not further distribute any or all compensation received to the licensed salesperson. [1967 c.537 §17; 1973 c.366 §5; 1985 c.349 §16; 1987 c.603 §10; 1989 c.197 §8; 1993 c.508 §30; 1995 c.622 §12; 1997 c.772 §15; 1999 c.53 §2; 2003 c.270 §4; 2003 c.785 §5]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 059 - Securities Regulation
Section 59.015 - Definitions for Oregon Securities Law.
Section 59.025 - Securities exempt from registration.
Section 59.035 - Transactions exempt from registration.
Section 59.045 - Authority of director to deny, withdraw or condition exemptions.
Section 59.049 - Federal covered securities exempt from registration; notice filings; fees; rules.
Section 59.055 - Conditions of offer and sale of securities.
Section 59.065 - Registration procedures; application; fees; rules.
Section 59.070 - Amended registration application; when required; fees.
Section 59.075 - Registration by director; expiration; renewal; fee; rules.
Section 59.085 - Conditions imposed on registration.
Section 59.105 - Denial, suspension or revocation of registration.
Section 59.135 - Fraud and deceit with respect to securities or securities business.
Section 59.145 - Effect of notice filing, registration or license.
Section 59.155 - Director is agent for service of process; manner of service; exceptions.
Section 59.165 - Licensing of broker-dealers, investment advisers and salespersons required; rules.
Section 59.185 - Expiration of license; rules for renewal; change in personnel.
Section 59.195 - Licensees to keep records; inspection; filing of financial reports.
Section 59.215 - Action against applicant or licensee for act or omission of associate; exceptions.
Section 59.245 - Investigations; publicity with respect to violations; cease and desist order.
Section 59.285 - Rules; financial statements.
Section 59.295 - Notice of orders; hearings on orders.
Section 59.305 - Judicial review of orders.
Section 59.315 - Oaths and subpoenas in proceedings before director.
Section 59.325 - Certified copies of documents; fee; effect of certification.
Section 59.335 - Application of certain sections.
Section 59.345 - When offer to sell or buy is made in this state.
Section 59.350 - Treatment of certain transactions.
Section 59.355 - Corporations subject to other laws.
Section 59.480 - Definitions for ORS 59.480 to 59.505.
Section 59.490 - Notifications to third parties.
Section 59.495 - Delay of disbursements; notifications.
Section 59.500 - Limitation on liability.
Section 59.505 - Provision of records to law enforcement and certain state agencies.
Section 59.535 - Definitions for ORS 59.535 to 59.585.
Section 59.570 - Protection of registering entity.
Section 59.575 - Nontestamentary transfer on death.
Section 59.580 - Terms, conditions and forms for registration.
Section 59.585 - Short title; rules of construction.
Section 59.710 - Definitions for ORS 59.710 to 59.830.
Section 59.800 - Pledge or sale by broker-dealer of customer’s securities.
Section 59.820 - Actions against corporation for second violation.
Section 59.991 - Criminal penalties for ORS 59.005 to 59.505 and 59.710 to 59.830; exceptions.
Section 59.995 - Civil penalties for ORS 59.005 to 59.505 and 59.710 to 59.830; exceptions.