Broker/dealer initial licensing requirements (FINRA)
A broker-dealer firm which is a member of the FINRA (or is in the process of
requesting such membership) must license in Oregon through the CRD system. The Oregon licensing
statute (ORS 59.165) requires that each firm must license the firm and at least one individual
to act on behalf of the firm in Oregon. The firm must have at least one individual licensed at
all times the firm is licensed in Oregon.
Through the CRD system, do the following:
- Amend Form BD to request Oregon as a licensed jurisdiction
- At the same time the amended Form BD is being submitted through the CRD,
amend Form U-4 to request Oregon as a licensed jurisdiction for each individual who will transact
business in Oregon
- Be sure the firm's CRD account has sufficient funds to
cover the initial licensing fees of $250 for the firm and $60 for each individual
being licensed
The firm and salesperson(s) may do business in Oregon only when the CRD status
shows "approved." If the salesperson has only a limited license, or the firm is only
doing limited business such as mutual funds and variable products, the "approved" status
on the CRD screen may be followed by an indication of these limitations.
NOTE: If any individual is already licensed in Oregon
to another broker-dealer firm or investment adviser firm, this subsequent license for the salesperson
will not be approved unless all employers sign and file a dual undertaking form 2131.pdf
(form available in the forms area of this Web site). All
signatures must be original.
Licenses of firms and individuals licensed through the CRD system expire each
year on Dec. 31 regardless of when the license was approved.
