Oregon Securities Licensing (2026): Exams & Registration
Navigate Oregon's securities licensing requirements for broker-dealers, investment advisers, and agents. Understand application steps, fees, and state-specific regulations.
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Oregon's securities licensing is managed by the Division of Financial Regulation (DFR). Broker-dealers, investment advisers, salespersons, and investment adviser representatives must register with the state, unless an exemption applies. Applications are processed through FINRA's CRD or IARD systems.
Quick Answer: Oregon Securities Licensing Overview
Oregon's securities industry is regulated by the Oregon Division of Financial Regulation (DFR), part of the Department of Consumer and Business Services (DCBS). Generally, broker-dealers, salespersons, investment advisers, and investment adviser representatives need state registration. This process uses FINRA's CRD or IARD systems, unless a specific exemption is available. Oregon Revised Statutes (ORS) Chapter 59 and Oregon Administrative Rules (OAR) Chapter 441 outline the requirements, fees, and exemptions. Because securities regulations change, always check the DFR's official website or contact them directly for the most up-to-date information relevant to your situation.
Who Needs a Securities License or Registration in Oregon?
The definitions that require registration are found in ORS 59.005. Understanding these definitions is critical, as incorrect classification can result in substantial regulatory penalties. The DFR offers detailed guidance on who fits into each category.
Broker-Dealers
According to ORS 59.005, a broker-dealer is any person in the business of buying or selling securities for others or for their own account. This definition includes both buying and selling activities. If your
Sources & Verification (5)
- Investment Advisers Act of 1940 (15 U.S.C. §80b-1 et seq.) — federal IA registration framework; firms under $100M AUM generally state-registered (NSMIA §203A).
- Securities Exchange Act of 1934 (15 U.S.C. §78a et seq.) — broker-dealer regulation, anti-fraud, and SEC supervisory authority.
- National Securities Markets Improvement Act of 1996 (NSMIA, Pub. L. 104-290) — preempts state registration of federal covered advisers and securities; states retain anti-fraud.
- Uniform Securities Act (NASAA model) — adopted with variations by most states; governs IAR registration, blue sky filings, and exemptions.
- FINRA Series 65 / 63 / 66 / 7 — uniform state and federal exams administered via Prometric; pass scores and content outlines published by NASAA/FINRA.
Last verified: June 7, 2026
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How we verify: 9 source adapters (FAA, DSIRE, IRS, OpenStates, etc.) → AI draft → AI editor → AI polish → spot human review.
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- Series 65 Exam Prep — Investment Adviser LawThe most common path to becoming a Registered Investment Adviser Rep in any state. Covers Uniform Securities Act, fiduciary duty, and fraud prevention.
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- Series 7 Exam Prep — General Securities RepFINRA's broker-dealer rep license. Required by every state before selling general securities. Recently revised for the post-2018 split format.
- Investment Adviser Compliance Manual — Form ADV & CustodyHow to navigate the SEC/state Form ADV split, custody rule, and code of ethics. The reference RIA firms hand new compliance hires.