Or. Admin. R. 441-065-0180

Current through Register Vol. 63, No. 8, August 1, 2024

Section 441-065-0180 - Licensing of Salespersons

(1) General License Requirements. Only persons that are licensed as a broker-dealer or salesperson may sell securities that are registered as a SOAR or SCOR Offering, unless that person is excluded from the definition of broker-dealer or salesperson under ORS 59.015(1), ORS 59.15(18)(b), OAR 441-175-0020 or OAR 441-175-0040.

(2) Licensing Conditions for Issuer Salespersons. The following special licensing conditions are applicable to salespersons that are employees of the issuer (an "Issuer Salesperson."):

(a) An issuer may license up to five persons as Issuer Salespersons;

(b) Issuer Salespersons must be bona fide officers, directors or employees of the issuer;

(c) Issuer Salespersons are exempt from examination requirements and are not required to file a surety bond or an irrevocable letter of credit; and

(d) An issuer salesperson shall not be simultaneously licensed to two or more issuers.

(3) Licensing Procedures for Issuer Salespersons. As required by OAR 441-175-0120, an issuer shall submit to the Director a complete application to license each salesperson, including:

(a) A completed FINRA Form U-4 (salesperson application); and

(b) A salesperson licensing fee as set in OAR 441-175-0002.

Or. Admin. R. 441-065-0180

CC 9-1982(Temp), f. 4-7-82, ef. 4-15-82; CC 11-1982, f. 8-11-82, ef. 10-10-82; FCS 11-1988(Temp), f. & cert. ef. 6-2-88; Renumbered from 815-036-0060; FCS 15-1988, f. & ef. 11-21-88; FCS 4-1992, f. & cert. ef. 10-1-92; FCS 2-1998, f. & cert. ef. 4-30-98; FCS 2-2003(Temp), f. & cert. ef. 11-26-03 thru 5-21-04; FCS 1-2004, f. & cert. ef. 5-19-04; FSR 5-2018, amend filed 04/26/2018, effective5/1/2018

Forms referenced are available from the agency.

Statutory/Other Authority: ORS 59.165 & 59.175

Statutes/Other Implemented: ORS 59.165 & 59.175