Or. Admin. Code § 441-175-0041

Current through Register Vol. 63, No. 11, November 1, 2024

Section 441-175-0041 - Exclusion from Definition of "Investment Adviser Representative"

ORS 59.015 excludes from the definition of "investment adviser representative" the following persons, provided that the person is not otherwise licensed as a broker-dealer, federal covered investment adviser, state investment adviser, salesperson or investment adviser representative:

(1) Any person, not otherwise excluded as a "state investment adviser" under subsection (20)(b) except (20)(b)(I) of ORS 59.015 or OAR 441-175-0030, who represents an excluded person.

(2) Any person who is compensated by a licensed broker-dealer, federal covered investment adviser or state investment adviser on a per capita referral basis without regard to present or future fee or commission income from any customer of the licensed broker-dealer, federal covered investment adviser or state investment adviser.

(3) The director may, by order, as to any person or type of activity, withdraw or condition the exclusions allowed under this rule if the action would be in the public interest and would be in accordance with the purposes of the Oregon Securities Law. No person shall be liable under the Oregon Securities Law by reason of the withdrawal of the exclusions allowed under this rule if the person sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of such withdrawal.

Or. Admin. Code § 441-175-0041

FCS 12-2001, f. 12-27-01, cert. ef. 1-1-02; FSR 1-2016, f. & cert. ef. 3/7/2016

Stat. Auth.: ORS 59.015(8) & 59.285

Stats. Implemented: ORS 59.015(8)