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Available exemptions

A de minimis exemption from licensing or notice filing is available to any investment adviser firm with an office and license in another state, no place of business located in Oregon, and which has five or fewer clients with an Oregon address. No filing or fee is required to use this exemption. The notice filing or license application process must be completed prior to conducting business with the sixth or subsequent client.

A broker-dealer exemption is available. The firm conducting the investment advisory activities must be the same firm as the broker-dealer firm (e.g. must use or be able to use the same CRD number) and the broker-dealer firm must be licensed in Oregon with no restrictions on its activities. All investment adviser activities and fees must be run through the books and records of the broker-dealer.

NOTE: as the firm has only a broker-dealer license, all individuals in the firm conducting activities in Oregon may be licensed only as salespersons for the broker-dealer firm.