All Oregon State Investment Advisers and Investment Adviser Representatives,
The Oregon Division of Financial Regulation (DFR) proposes to issue a bulletin stating that state investment advisers may not charge a fee solely for availability.
Purpose
The purpose of this bulletin is to provide guidance to Oregon State Investment Advisers (Advisers) and their Investment Adviser Representatives (Representatives) regarding what constitutes an “unreasonable advisory fee” under Oregon Administrative Rule (OAR) 441-205-0145. Specifically, the Oregon Division of Financial Regulation considers fees charged solely to guarantee an Adviser or their Representative’s availability, but which are unrelated to any rendered advisory services, to be unreasonable.
Document:
Proposed bulletin
Public comment requested
Public comment will be accepted for 30 days. Please submit public comment to DFR.Bulletin@dcbs.oregon.gov.
Last day for public comment: Wednesday, October 20, 2025. Comments must be received by 5 p.m.