OAR 441-175-0105: Material Changes, Amendments and Notice of Civil and Criminal Actions

(1) A broker-dealer or state investment adviser applicant or licensee must file an amendment to its application and a broker-dealer, state or federal covered investment adviser, must file an amendment to the application of their respective salespersons or investment adviser representatives if there is a material change to any information on the original application or previous amendments including: (a) Bankruptcy; (b) Civil or criminal actions described on the application; (c) Disciplinary disclosure answers on the application; (d) Change in or additional affiliated business entity name; (e) Change in ownership other than as provided in OAR 441-175-0070(7); (f) Change in form of organization; (g) Change of address; or (h) Change in scope of business. (2) Amendments must be filed within 30 days of the occurrence of the material change. If a completed amendment cannot be filed within 30 days, the applicant or licensee shall file with the director within the 30 day limit a written notice containing available information, the reasons a complete amendment cannot be timely filed and a specific date on which the completed amendment will be filed. (3) Amendments to the application shall be made on: (a) A Form BD for broker-dealers; (b) A Form ADV for state investment advisers; and (c) A Form U-4 for salespersons or investment adviser representatives. (4) Amendments to the application shall be filed with: (a) The CRD for broker-dealers who are or will be members of the FINRA and their salespersons; except for changes in designated supervisor, which shall be filed with the director; (b) The IARD for any investment advisers or investment adviser representatives who have previously filed applications through IARD; or (c) The director for all other persons. (5) Filing amendments to a salesperson or investment adviser representative application shall be the responsibility of both the salesperson or investment adviser representative and the employing broker-dealer, or state or federal covered investment adviser. (6) There is no fee required in connection with an amendment filed pursuant to this rule. [ED. NOTE: Forms referenced are available from the agency.]