Representatives

Oregon does not recognize the "independent contractor" status for persons working in the investment adviser industry. Every individual must be licensed to, and supervised by, the employing firm.

Prior to applying for a license as an investment adviser representative (IAR) an individual must demonstrate competency, either through passing scores on acceptable examinations or the holding of a designation listed in OAR 441-175-0120. Acceptable exams are:

• Old" Series 65 prior to 1/1/2000 and Series 7
• "New" Series 66 after 1/1/2000 and Series 7
• "New" Series 65 after 1/1/2000

Acceptable designations (which must be current) are:

• Chartered Financial Analyst (CFA)
• Certified Financial Planner (CFP)
• Chartered Financial Consultant (ChFC)
• Chartered Investment Counselor (CIC)
• Personal Financial Specialist (PFS)

There is a more detailed description of these designations elsewhere on this Web site.

An application for licensing consists of Form U-4, proof of acceptable exams or designation, and a license fee of $50. If the firm is a "paper" filer, the application package must be submitted to the Director at DFCS, 350 Winter St. NE, Rm. 410, Salem, OR 97301-3881. For any IA firm which has filed through the Investment Adviser Registration Depository (IARD), but only if that system is capable of accepting Form U-4, the application must be electronically submitted, and the licensing fee of $50 will be submitted to Oregon through the IARD system. Until the IARD is capable of accepting Form U-4, all applications and fees must be submitted on paper.