Securities industry

Investment adviser licensing and exams

​In general, investment advisers and firms operating in Oregon must have a license.

You must submit, through your employing investment adviser firm, a manually signed U-4, proof of passing appropriate exams or exemption from the exam requirement (see OAR 441-175-120(4)(6), and a fee. All individuals must be connected to an investment adviser firm (which may be a firm that they own and control).

Investment adviser firms 

A firm managing less than $100 million in assets and located in Oregon must obtain a license. To apply, the firm must:

  • Complete and submit Form ADV.
  • Pay a fee ($200 annually).
  • Provide a surety bond in the amount of $10,000.
  • Submit a copy of any proposed contract with clients, and financial statements required by Oregon Administrative Rule 441-175-0100. The firm must also have at least one investment adviser licensed under the Oregon securities laws. See Oregon Revised Statutes 59.165​.

Out-of-state firms

State-regulated firms with a home office outside of Oregon are required to:

  • Submit a completed Form ADV and a fee. 
  • State in a letter whether it is licensed in its home state and whether it complies with its regulator's net capital or bonding regulations. 
  • Employ at least one investment adviser representative (IAR) that is licensed under the Oregon securities laws (starting at Oregon)

Firms regulated by the Securities and Ex​change Commission

Investment firms managing more than $100 million in assets are regulated through the Securities and Exchange Commission (SEC), but must file notice through the Investment Advisor Registration Depository (IARD) and amend its Form ADV adding Oregon as a notice filing jurisdiction. The IARD will withdraw Oregon’s  notice filing fee from the firm’s account.

Generally, federally covered investment advisers, both firms and individuals, with an office located in Oregon or with more than five noninstitutional clients in Oregon, must file notice in Oregon.

De minimus exemption

There is currently a de minimis exemption for any investment adviser firm with an office and license in another state, no place of business in Oregon, and fewer than six Oregon clients. Accredited investors and institutional clients are omitted when counting the Oregon clients. 

Changes to licensing applications

Oregon investment firms and individuals, including those federally regulated, must report material changes to their applications within 30 days of the change. To report a change, file an amended application form (ADV or U-4, as appropriate) and submit it through CRD or IARD, if the original application was submitted through either of those systems. The nonexclusive list of what is a material change can be found in OAR 441-175-0105​.​

Required exams

The division currently accepts the following combinations of passed exams for investment adviser representatives (IAR):

  • Series 65 prior to 1/1/00, and Series 7, or
  • Series 66 after 1/1/00, and Series 7, or 
  • Series 65 after 1/1/00

The division exempts an individual from the exam requirement if the person shows either of the following:

  • Proof of licensing as an IAR in any jurisdiction within the two years immediately before the filing of an application in Oregon
  • Holding a current professional designation of Chartered Financial Analyst (CFA), Certified Financial Planner (CFP), Chartered Financial Consultant (ChFC), Chartered Investment Counselor (CIC), or Personal Financial Specialist (PFS)​​
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Laws and rules​

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