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
are required to transition onto this system. Oregon no longer accepts paper filings.
All firms currently licensed in Oregon must transition
onto IARD by their 2011 renewal date. 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
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
must submit the following to the State through the IARD system.:
- Form ADVs, Part 1 and Part 2 (the new narrative version)
- 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
A state regulated investment adviser with its main office in Oregon must submit
the above three 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
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
For federal-regulated investment advisers and state-regulated investment advisers,
payment of the fee and annual updates of Form ADV on the IARD completed the renewal notice filing
for the firm.
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