Or. Admin. Code § 441-175-0040

Current through Register Vol. 63, No. 10, October 1, 2024

Section 441-175-0040 - Exclusion from Definition of "Salesperson"

ORS 59.015 excludes from the definition of "salesperson" the following persons, provided the person is not otherwise licensed as a broker-dealer, investment adviser, or salesperson:

(1) Subject to section (5) of this rule, any person, not otherwise excluded as a "broker-dealer" under ORS 59.015 or OAR 441-175-0020, who represents an excluded person.

(2) Subject to section (5) of this rule, any person, not otherwise excluded as an "investment adviser" under ORS 59.015) or OAR 441-175-0030, who represents an excluded person.

(3) Any person who is a bona fide officer, director or employee of an issuer whose securities are registered under OAR 441-065-0035, while effecting sales of the securities without special compensation.

(4) Any person who serves as a dealer manager for an exchange offer of securities which have been registered under OAR 441-065-0035 and who does not perform any active solicitation in this state.

(5) Any person who is a real estate broker, acting through or on behalf of a principal real estate broker exempt under OAR 441-175-0020 or 441-175-0030, if :

(a) The person is actively licensed with the Oregon Real Estate Commissioner;

(b) The person, with respect to securities activities, only acts as a salesperson in connection with securities that are registered under ORS 59.065, and:

(A) Involve interests in a general or limited partnership, joint venture, cooperative, or unincorporated association, but not a corporation, formed for the purpose of investment in specified real property, including condominium securities; or

(B) Involve the resale of those securities described in paragraph (A) of this subsection.

(c) The person complies with the rules of fair practice in OAR 441-175-0050; and

(d) The person does not engage exclusively in the management of rental real estate as defined in ORS 696.010.

(6) Any person who acts as a purchaser representative under OAR 441-065-0060 through 441-065-0240 if the activity is merely an incidental part of the person's usual activities or occupation.

(7) Any person who is compensated by a licensed broker-dealer, or investment adviser on a per capita referral basis without regard to present or future fee or commission income from any customer of the licensed broker-dealer, or investment adviser.

(8) The director may, by order, as to any person or type of security or sale, withdraw or condition the exclusions allowed under this rule if the action would be in the public interest and would be in accordance with the purposes of the Oregon Securities Law. No person shall be liable under the Oregon Securities Law by reason of the withdrawal of the exclusions allowed under this rule if the person sustains the burden of proof that the person did not know and, in the exercise of reasonable care, could not have known of such withdrawal.

Or. Admin. Code § 441-175-0040

CC 13, f. 9-19-73, ef. 10-5-73; Renumbered from 815-030-0015.12; CC 8-1981, f. 10-27-81, ef. 12-1-81; CC 1-1983, f. & ef. 1-19-83; Renumbered from 815-030-0015; FCS 4-1991, f. & cert. ef. 8-23-91; FCS 1-1992, f. 1-31-92, cert. ef. 2-1-92; FCS 2-1994, f. & cert. ef. 1-7-94; FCS 4-2007, f. 10-11-07, cert. ef. 1-1-08; FSR 1-2016, f. & cert. ef. 3/7/2016

Stat. Auth.: ORS 59.285

Stats. Implemented: ORS 59.175 &59.720