Or. Admin. R. 441-175-0195

Current through Register Vol. 63, No. 9, September 1, 2024

Section 441-175-0195 - Investment Adviser Representative Continuing Education

(1) Every investment adviser representative licensed or required to be licensed under ORS 59.175 must complete the following continuing education requirements each reporting period:

(a) An investment adviser representative must complete six (6) credits of IAR regulatory and ethics content offered by an authorized provider, with at least three (3) hours covering the topic of ethics; and

(b) An investment adviser representative must complete six (6) credits of IAR products and practice content offered by an authorized provider.

(2) An investment adviser representative who is also registered as an agent of a FINRA member broker-dealer and who complies with FINRA's continuing education requirements is considered to be in compliance with subsection (1)(b) for each applicable reporting period so long as FINRA continuing education content meets all of the following baseline criteria as determined by NASAA:

(a) The continuing education content focuses on compliance, regulatory, ethical, and sales practices standards;

(b) The continuing education content is derived from state and federal investment advisory statutes, rules and regulations, securities industry rules and regulations, and accepted standards and practices in the financial services industry; and

(c) The continuing education content requires that its participants demonstrate proficiency in the subject matter of the educational materials.

(3) Credits for continuing education completed by an investment adviser representative who was awarded and currently holds a credential that qualifies for an examination waiver under OAR 441-175-0120(6) comply with subsections (1)(a) and (1)(b) of this rule provided:

(a) The investment adviser representative completes the credits of continuing education as a condition of maintaining the credential for the relevant reporting period;

(b) The credits of continuing education completed during the relevant reporting period by the investment adviser representative are mandatory to maintain the credential; and

(c) The continuing education content provided by the credentialing organization during the relevant reporting period is approved IAR continuing education content.

(4) Every investment adviser representative is responsible for ensuring that the authorized provider reports the investment adviser representative's completion of the applicable IAR continuing education requirements.

(5) An investment adviser representative who completes continuing education credits in excess of the amount required for the reporting period may not carry forward excess credits to a subsequent reporting period.

(6) An investment adviser representative who fails to comply with this rule by the end of a reporting period will renew as "CE Inactive" at the close of the calendar year in this state until the investment adviser representative completes and reports all required IAR continuing education credits for all reporting periods as required by this rule. An investment adviser who is CE inactive at the close of the calendar year following the "CE Inactive" renewal is not eligible for investment adviser representative registration or renewal of an investment adviser representative registration.

(7) The director may waive any requirements of this rule upon finding undue hardship.

(8) An investment adviser representative licensed or required to be licensed in this state who is registered or licensed as an investment adviser representative in the IAR's home state is considered to be in compliance with this rule provided:

(a) The continuing education requirements in the IAR's home state are at least as stringent as the NASAA Model Rule on investment adviser representative education; and

(b) The investment adviser representative is in compliance with the IAR continuing education requirements of their home state state.

(9) An investment adviser representative who was previously licensed in Oregon and became unlicensed must complete IAR continuing education for all reporting periods that occurred between the time that the investment adviser representative became unlicensed and when the person became licensed in this state again unless the investment adviser representative takes and passes the examination or receives an examination waiver under OAR 441-175-0120(6) in connection with the subsequent application for licensure.

Or. Admin. R. 441-175-0195

FSR 4-2022, adopt filed 12/22/2022, effective 1/1/2023

Statutory/Other Authority: ORS 59.285

Statutes/Other Implemented: ORS 59.285