Action against applicant or licensee for act or omission of associate
- • exceptions
The Director of the Department of Consumer and Business Services may enter an order against the applicant or licensee under ORS 59.205 (Grounds for denying, suspending, revoking or imposing condition or restriction on license) if any partner, officer or director of a broker-dealer or state investment adviser, any person occupying a similar status or performing similar functions, or any person directly or indirectly controlling the broker-dealer or state investment adviser has been guilty of any act or omission which would be cause for conditioning, restricting, denying, suspending or revoking the license of an individual broker-dealer, state investment adviser or salesperson, except as follows:
(1) This section shall not apply to any issuer of a federal covered security, a federal covered investment adviser or to ORS 59.205 (Grounds for denying, suspending, revoking or imposing condition or restriction on license) (1).
(2) The director may not enter an order against a broker-dealer or state investment adviser on the basis of the lack of qualification under ORS 59.205 (Grounds for denying, suspending, revoking or imposing condition or restriction on license) (5) of any person other than:
(a) The broker-dealer or state investment adviser if the broker-dealer or state investment adviser is an individual; or
(b) A salesperson of the broker-dealer or investment adviser representative of the state investment adviser.
(3) The director may not enter an order solely on the basis of lack of experience if the applicant or licensee is qualified by training or knowledge or both.
(4) If the director finds that an applicant for an initial license or a license renewal as a broker-dealer is not qualified as a state investment adviser, the director may condition the applicant’s license as a broker-dealer upon its not transacting business in this state as a state investment adviser. [1967 c.537 §20(2); 1985 c.349 §22; 1987 c.603 §15; 1989 c.197 §13; 1993 c.508 §35; 1997 c.772 §20; 2001 c.32 §4]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent. Currency Information