Licensing or notice filing through IARD

The Investment Adviser Registration Depository (IARD) is a national licensing and information database. All investment advisers regulated by the Securities and Exchange Commission have already completed the transition onto the IARD system. State regulated investment advisers may transition onto this system either voluntarily at this time or must do so when their home state regulators mandate such filing. At this time, Oregon is not mandating filing through IARD.

Transition filing

Any firm which chooses to file through IARD, and which is currently licensed in Oregon must first "transition" onto IARD. Information on how to set up an IARD account is available on the IARD Web site. When you set up this account, you will receive instructions on the transition process.

WARNING: if the transition process is not completed through the Submit Transition Registrations function, the system will automatically charge initial licensing fees for each state the firm lists on Form ADV. There are no Oregon licensing fees for the transition process. Also, the renewal fees for the firm and the representatives in the transition year will be prorated pursuant to the fee schedule in OAR 441-175-0165(7).

NOTE: A "notice filing" is available only to federal covered investment advisers. All state regulated investment advisers must use the "registration" process.

Initial filing

A firm which is already on the IARD system, and which is not currently notice filed or licensed in Oregon should simply amend its Form ADV on IARD to add Oregon as a new jurisdiction. The initial licensing/notice filing fee of $200 will be forwarded to Oregon out of the firm's IARD account. A federal covered investment adviser notice filing is effective upon receipt of the notice filing fee, but a state regulated investment adviser registration is effective only when the entire licensing process is completed.

A state regulated investment adviser with its main office outside of Oregon, in addition to filing Form ADV, Part 1 on IARD (which is the only part now available through IARD), must also submit on paper the following to the Director at Division of Finance and Corporate Securities, 350 Winter St. NE, Rm. 410, Salem, OR 97301-3881:

• Form ADV, Part 2 (the old Form ADV Part 2 is acceptable)
• Form U-4 and proof of passing exams or designation for each investment adviser representative who will conduct activities in Oregon (be sure the investment adviser firm name is listed as employer in question 4)
• $50 fee for each Form U-4 (make check payable to Department of Consumer and Business Services)
• A letter identifying the supervisor of the firm's activities in Oregon

A state regulated investment adviser with its main office in Oregon must submit the above four items plus:

• A copy of each proposed client contract
• A surety bond in the amount of $10,000
• Financial statements as outlined in OAR 441-175-0100

Renewal filing

Any firm which has filed through IARD will have a Dec. 31 notice filing/registration expiration date. Unless the firm has previously given notice that it does not intend to renew, payment of the notice filing/registration renewal fee is accomplished automatically through the IARD system.

For federal covered investment advisers, payment of the fee and annual updates of Form ADV on the IARD completes the renewal notice filing for the firm.

For state regulated investment advisers, to complete the renewal process, the following must be submitted to the Director:

• Any amendments to Form ADV, Part 2 not previously submitted
• Investment adviser representative renewal application 2118.pdf for each representative to be renewed
• Renewal fees of $50 for each representative (make check payable to Department of Consumer and Business Services)

Additionally for state regulated investment advisers based in Oregon, the renewal application is incomplete unless the firm also submits financial statements as specified in OAR 441-175-0165(6).