(1) Is insolvent, either in the sense that the liabilities of the applicant or licensee exceed the assets of the applicant or licensee or that the applicant or licensee cannot meet the obligations of the applicant or licensee as they mature, or is in such financial condition that the applicant or licensee cannot continue in business with safety to the customers of the applicant or licensee.
(2) Has engaged in dishonest, fraudulent or illegal practices or conduct in any business or profession or unfair or unethical practices or conduct in connection with the purchase or sale of any security.
(3) Has willfully or repeatedly violated or failed to comply with any provision of the Oregon Securities Law, any condition or restriction imposed on a license or any rule or order of the director.
(4) Has been convicted of a misdemeanor an essential element of which is fraud or of a felony.
(5) Is not qualified to conduct a securities business on the basis of such factors as training, experience and knowledge of the securities business.
(6) Has filed an application for a license which as of the date the license was issued, or as of the date of an order conditioning, restricting, denying, suspending or revoking a license, was incomplete in any material respect or contained any statement which was, in light of the circumstances under which it was made, false or misleading with respect to any material fact.
(7) Has failed to account to persons interested for all money or property received.
(8) Has not delivered after a reasonable time, to persons entitled thereto, securities held or to be delivered.
(9) Is permanently or temporarily enjoined by a court of competent jurisdiction from engaging in or continuing any conduct or practice involving any aspect of the securities business.
(10) Is the subject of an order of the director conditioning, restricting, denying, suspending or revoking a license as a broker-dealer, state investment adviser, investment adviser representative or salesperson.
(11) Is the subject of an order of the director under:
(a) ORS chapter 645 involving a violation of any provision of the Oregon Commodity Code or any rule or order of the director adopted or entered under ORS chapter 645; or
(b) ORS 86A.095 to 86A.198 involving a violation of any provision of ORS 86A.095 to 86A.198 or any rule or order of the director adopted or entered under ORS 86A.095 to 86A.198.
(12) Is the subject of any of the following orders that are currently effective and were issued within the last five years:
(a) An order by the securities agency or administrator of another state or Canadian province or territory, or by the Securities and Exchange Commission, entered after notice and opportunity for hearing, denying, suspending or revoking the person’s registration or license as a broker-dealer, federal covered investment adviser, state investment adviser, investment adviser representative or salesperson, or the substantial equivalent of those terms as defined in the Oregon Securities Law;
(b) A suspension or expulsion from membership in or association with a member of a self-regulatory organization registered under the Securities Exchange Act of 1934, as amended, the Commodity Exchange Act or the Investment Advisers Act of 1940, as amended;
(c) A United States Postal Service fraud order;
(d) A cease and desist order entered after notice and opportunity for hearing by the director, the securities agency or administrator of another state or a Canadian province or territory, the Securities and Exchange Commission or the Commodity Futures Trading Commission; or
(e) An order by the Commodity Futures Trading Commission denying, suspending or revoking registration under the Commodity Exchange Act.
(13) Has failed, reasonably to supervise the salespersons or investment adviser representatives of the applicant or licensee.
(14) Has failed to comply with the requirements of ORS 59.195 to make and keep records prescribed by rule or order of the director, to produce such records required by the director or to file any financial reports or other information the director by rule or order may require. [1967 c.537 §20(1); 1969 c.137 §6; 1985 c.349 §21; 1987 c.603 §14; 1989 c.197 §12; 1993 c.508 §34; 1997 c.772 §19; 2001 c.32 §3; 2003 c.270 §7]
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.