1. (1) General License Requirements. Only persons that are licensed as a broker-dealer or salesperson may sell securities that are registered as a SOAR or SCOR Offering, unless that person is excluded from the definition of broker-dealer or salesperson under ORS 59.015(1), ORS 59.15(18)(b), OAR 441-175-0020 or OAR 441-175-0040.

2. (2) Licensing Conditions for Issuer Salespersons. The following special licensing conditions are applicable to salespersons that are employees of the issuer (an “Issuer Salesperson.”):

   1. (a) An issuer may license up to five persons as Issuer Salespersons;
   2. (b) Issuer Salespersons must be bona fide officers, directors or employees of the issuer;
   3. (c) Issuer Salespersons are exempt from examination requirements and are not required to file a surety bond or an irrevocable letter of credit; and
   4. (d) An issuer salesperson shall not be simultaneously licensed to two or more issuers.

3. (3) Licensing Procedures for Issuer Salespersons. As required by OAR 441-175-0120, an issuer shall submit to the Director a complete application to license each salesperson, including:

   1. (a) A completed FINRA Form U-4 (salesperson application); and
   2. (b) A salesperson licensing fee as set in OAR 441-175-0002.

Statutory/Other Authority

ORS 59.165 & 59.175

Statutes/Other Implemented

ORS 59.165 & 59.175

History

FSR 5-2018, amend filed 04/26/2018, effective 05/01/2018
FCS 1-2004, f. & cert. ef. 5-19-04
FCS 2-2003(Temp), f. & cert. ef. 11-26-03 thru 5-21-04
FCS 2-1998, f. & cert. ef. 4-30-98
FCS 4-1992, f. & cert. ef. 10-1-92
FCS 15-1988, f. & ef. 11-21-88, Renumbered from 815-036-0060
FCS 11-1988(Temp), f. & cert. ef. 6-2-88, Renumbered from 815-036-0060
CC 11-1982, f. 8-11-82, ef. 10-10-82
CC 9-1982(Temp), f. 4-7-82, ef. 4-15-82