Or. Admin. Code § 441-175-0105

Current through Register Vol. 64, No. 1, January 1, 2025

Section 441-175-0105 - Material Changes, Amendments and Notice of Civil and Criminal Actions

(1) A broker-dealer or state investment adviser applicant or licensee must file an amendment to its application and a broker-dealer, state or federal covered investment adviser, must file an amendment to the application of their respective salespersons or investment adviser representatives if there is a material change to any information on the original application or previous amendments including:

(a) Bankruptcy;

(b) Civil or criminal actions described on the application;

(c) Disciplinary disclosure answers on the application;

(d) Change in or additional affiliated business entity name;

(e) Change in ownership other than as provided in OAR 441-175-0070(7);

(f) Change in form of organization;

(g) Change of address; or

(h) Change in scope of business.

(2) Amendments must be filed within 30 days of the occurrence of the material change. If a completed amendment cannot be filed within 30 days, the applicant or licensee shall file with the director within the 30 day limit a written notice containing available information, the reasons a complete amendment cannot be timely filed and a specific date on which the completed amendment will be filed.

(3) Amendments to the application shall be made on:

(a) A Form BD for broker-dealers;

(b) A Form ADV for state investment advisers; and

(c) A Form U-4 for salespersons or investment adviser representatives.

(4) Amendments to the application shall be filed with:

(a) The CRD for broker-dealers who are or will be members of the FINRA and their salespersons; except for changes in designated supervisor, which shall be filed with the director;

(b) The IARD for any investment advisers or investment adviser representatives who have previously filed applications through IARD; or

(c) The director for all other persons.

(5) Filing amendments to a salesperson or investment adviser representative application shall be the responsibility of both the salesperson or investment adviser representative and the employing broker-dealer, or state or federal covered investment adviser.

(6) There is no fee required in connection with an amendment filed pursuant to this rule.

Or. Admin. Code § 441-175-0105

FCS 1-1992, f. 1-31-92, cert. ef. 2-1-92; FCS 2-1994, f. & cert. ef. 1-7-94; FCS 7-2000; f. & cert. ef. 6-2-00; FCS 9-2001, f. & cert. ef. 9-28-01; FCS 1-2012, f. & cert. ef. 7-9-12

Forms referenced are available from the agency.

Stat. Auth.: ORS 59.175, 59.185 & 59.285

Stats. Implemented: ORS 59.175 & 59.185