Broker-dealer licensing and exams
A broker-dealer firm, already a member of the Financial Industry Regulatory Authority (FINRA), wanting to do business in Oregon must apply through the Central Registration Depository (CRD) system by filing an amended Form BD showing Oregon is being added as a licensed jurisdiction.
You must also provide at least one person who will be licensed to transact business in Oregon. Any broker-dealer that is not a member of FINRA must send all of the described documents, fees, and information directly to the division.
The fees for broker-dealer licenses are:
- Brokerage firm: $250 annually
- Representative: $60 initial with $55 renewal
De minimus exemption
There is no de minimus exemption for broker-dealers. A broker-dealer and its associated person would be subject to penalties for doing business before becoming licensed or exempted from licensing in Oregon.
Individuals associated with a FINRA broker-dealer must file a Form U-4 through the CRD system that shows Oregon as a licensed jurisdiction. The fee will be withdrawn from the broker-dealer's CRD account. Individuals associated with a non-FINRA broker-dealer must send a manually-signed Form U-4 directly to the division along with the fees.
Filing financial statements
Oregon does not require broker-dealers to file financial statements. If any financial information is needed for review, we can get it from FINRA using the authority the firm gave to us through the BD Consent Form.
Oregon requires proof of passing scores on two examinations:
- Series 63 or 66 ("blue sky" exam)
- Product exam: Series 7 for a general securities license.
If exam scores are not shown on a CRD record for the individual, a copy of the document showing passing scores must be submitted to the division.
For a limited license, see Oregon Administrative Rule 441-175-0130(4)
To get Information about the federal securities law requirements, contact:
Securities and Exchange Commission Pacific Regional Office
444 South Flower St., Suite 900
Los Angeles, CA 90071