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Broker/dealer initial licensing requirements (FINRA)

A broker-dealer firm which is a member of the FINRA (or is in the process of requesting such membership) must license in Oregon through the CRD system. The Oregon licensing statute (ORS 59.165) requires that each firm must license the firm and at least one individual to act on behalf of the firm in Oregon. The firm must have at least one individual licensed at all times the firm is licensed in Oregon.

Through the CRD system, do the following:

  1. Amend Form BD to request Oregon as a licensed jurisdiction

  2. At the same time the amended Form BD is being submitted through the CRD, amend Form U-4 to request Oregon as a licensed jurisdiction for each individual who will transact business in Oregon

  3. Be sure the firm's CRD account has sufficient funds to cover the initial licensing fees of $250 for the firm and $60 for each individual being licensed

The firm and salesperson(s) may do business in Oregon only when the CRD status shows "approved." If the salesperson has only a limited license, or the firm is only doing limited business such as mutual funds and variable products, the "approved" status on the CRD screen may be followed by an indication of these limitations.

NOTE: If any individual is already licensed in Oregon to another broker-dealer firm or investment adviser firm, this subsequent license for the salesperson will not be approved unless all employers sign and file a dual undertaking form 2131.pdf (form available in the forms area of this Web site). All signatures must be original.

Licenses of firms and individuals licensed through the CRD system expire each year on Dec. 31 regardless of when the license was approved.