Licensing with paper forms

Any state regulated investment adviser that has not previously licensed through the Investment Adviser Registration Depository (IARD) may elect to file an application on paper. At this time Oregon is not mandating that Oregon-based investment adviser firms file through the IARD. However, other jurisdictions in which a firm is licensed may require filing through the IARD. In such a case, that firm should use the IARD licensing procedure described elsewhere on this Web site, and not use the paper procedure described below.

Initial application

Investment adviser applicants located outside of Oregon must submit the following information, documents, and fees to the Director at Division of Finance and corporate Securities, 350 Winter St. NE, Rm. 410, Salem, OR 97301-3881:

• Form ADV (both Parts 1 and 2)
• Form U-4 and proof of passing exams or designation for each investment adviser representative (IAR) who will conduct activities in Oregon. The firm must have at least one IAR licensed to the firm for the entire time the firm is licensed in Oregon.
• Fees of $200 for the firm and $50 for each IAR being licensed (make checks payable to Department of Consumer and Business Services)
• A statement identifying the supervisor of the firm's activities in Oregon (in the cover letter)

Investment adviser applicants located in Oregon must submit the above four items plus:

• A copy of each proposed client contract
• A surety bond in the amount of $10,000, payable to the State of Oregon
• Financial statements as outlined in OAR 441-175-0100

Renewal application

Any firm which has licensed directly with the Director on paper forms will have a license expiration date of one calendar year from the date of the initial license. Approximately 60 days prior to the expiration date, a renewal package will be mailed to the firm at the most recent business address shown on Form ADV or any amended Form ADV filed since the initial or any renewal license. The licensee is strongly urged to submit the renewal package no less than 30 days prior to expiration of the license. In the event any necessary pieces of the renewal package are not received, DFCS staff will attempt to contact the firm to request the missing information. However, no extension of the expiration date is permitted in order to submit missing information, signatures, or fees.

To renew a license, any firm located outside of Oregon must submit the following to the Director:

• Any amendments to Form ADV not filed during the preceding year
• The firm renewal form 2306.pdf (form will be sent in the renewal packet)
• The IAR renewal form 2118.pdf (make a photocopy for each IAR to be renewed) the front side of which is completed by the firm, and the reverse side completed and signed by the IAR (form will be sent in the renewal packet)
• Fees of $200 for the firm and $50 for each IAR being renewed (no fee is due for any IAR not being renewed). Make checks payable to Department of Consumer and Business Services.
• For firms with the main office in Oregon, the renewal application is incomplete unless the firm also submits financial statements as specified in OAR 441-175-0165(6).