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Oregon State Archives

The Oregon Administrative Rules contain OARs filed through April 15, 2013
 
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DEPARTMENT OF CONSUMER AND BUSINESS SERVICES,
DIVISION OF FINANCE AND CORPORATE SECURITIES

 

DIVISION 25

SECURITIES EXEMPT FROM REGISTRATION

441-025-0005

Self-Executing Registration Exemptions

(1) The securities listed in ORS 59.025 are exempt from registration or notice filing requirements. Sales of securities listed in 59.025 may only be effected through licensed persons, unless a person is otherwise exempted by statute or rule. No filing or fee is required to utilize any registration exemption in 59.025.

(2) Persons relying on exemptions from registration have the burden of proof, pursuant to ORS 59.275, in establishing the availability of an exemption.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.025, ORS 59.195 & ORS 59.275
Hist.: FCS 7-2000; f. & cert. ef. 6-2-00

441-025-0010

Exchange Exemption

The following exchanges are recognized by the Director for the purpose of the exemption from registration in section (4) of ORS 59.025:

(1) Chicago Board Options Exchange.

(2) Philadelphia Stock Exchange, Inc. only to the extent of securities of issuers who qualify under Tier 1 listing and maintenance requirements of the Exchange

Stat. Auth.: ORS 59.025(4) & ORS 59.285
Stats. Implemented: ORS 59.025(4)
Hist.: CC 32, f. & ef. 9-1-76; Renumbered from 815-030-0021; FCS 10-1994, f. & cert. ef. 10-3-94; FCS 7-2000; f. & cert. ef. 6-2-00

441-025-0020

Manual Exemption

Securities maintaining the following ratings by publishers of securities manuals are approved for the purpose of the exemption from registration in subsection (5) of ORS 59.025:

(1) Ratings of BBB or better for debt securities, and ratings of F-3 or better for commercial paper by Fitch Investors Service, Inc.

(2) Ratings of Baa or better for debt securities and ratings of P-3 or better for commercial paper by Moody's Investors Service.

(3) Ratings of BBB or better for debt securities and ratings of A-3 or better for commercial paper by Standard and Poor's Corporation.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.025(5)
Hist.: CC 13, f. 9-19-73, ef. 10-1-73; Renumbered from 815-030-0025.5; CC 1-1978, f. & ef. 1-4-78; Renumbered from 815-030-0020; FCS 4-1990, f. & cert. ef. 8-21-90; FCS 7-2000; f. & cert. ef. 6-2-00; FCS 9-2001, f. & cert. ef. 9-28-01

441-025-0030

Employee Benefit Plans

The terms of an employee benefit plan are fair, just, and equitable for the purposes of ORS 59.025(12)(b) if it is a plan of an employee-owned enterprise.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.025(12)
Hist.: FSC 3-1987(Temp), f. 9-24-87, ef. 9-28-87; FCS 5-1988, f. 3-22-88, cert. ef. 3-25-88; Renumbered from 815-030-0021.1; FCS 7-2000; f. & cert. ef. 6-2-00

441-025-0040

Charitable Securities

(1) A person may offer and sell Charitable Remainder Annuity Trusts, Charitable Remainder Unitrusts, and Pooled Income Funds and be exempt from the provisions of ORS 59.055 if:

(a) The person is exempt from federal taxation under the provisions of Section 501(c)(3) of the Internal Revenue Code; and

(b) The Charitable Remainder Trusts and the Pooled Income Funds qualify under the requirements of Section 664 or Section 642 of the Internal Revenue Code and all other applicable provisions and regulations thereof.

(2) The Director may by rule or order deny, condition, or withdraw this exemption if, in the Director's opinion, the availability of this exemption to a person would work a fraud or imposition upon the purchaser.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.025(13)
Hist.: CC 25, f. & ef. 12-5-75; Renumbered from 815-030-0040; FCS 4-1990, f. & cert. ef. 8-21-90

441-025-0050

Additional Exempt Employee Benefit Plans

Pursuant to ORS 59.025(14), securities issued in connection with an employee benefit plan are exempt from registration if the plan:

(1) Is subject to or voluntarily complies with Title I of the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. ¦¦ 1001-1191c;

(2) Meets the requirements of Section 403(b) of the Internal Revenue Code, 26 U.S.C. ¦ 403(b); or

(3) Does not permit employee contributions.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.025(15)
Hist.: CC 3, f. 10-2-69, ef. 10-25-69; Renumbered from 815-010-0010; CC 2-1978, f. 6-5-78, ef. 6-10-78; Renumbered from 815-030-0025; FCS 3-1987(Temp), f. 9-24-87, ef. 9-28-87; FCS 5-1988, f. 3-22-88, cert. ef. 2-25-88; FCS 4-1990, f. & cert. ef. 8-21-90; FCS 7-2000; f. & cert. ef. 6-2-00; FCS 1-2012, f. & cert. ef. 7-9-12

441-025-0060

Memberships in a Non-profit Cooperative

Pursuant to authority in ORS 59.025(14), the director exempts any certificate evidencing membership issued by a non-profit cooperative that meets all of the following criteria:

(1) The issuing cooperative is formed pursuant to ORS 62.800 to 62.815;

(2) The issuing cooperative owns or leases land in Oregon on which manufactured dwellings are or will be located;

(3) Only a natural person who owns and occupies a manufactured dwelling that is located on land owned or leased by the issuing cooperative may be issued a membership certificate;

(4) The issuing cooperative issues not more than one membership certificate for any space lease in the cooperative, regardless of the number of occupants in the manufactured dwelling located on the space.

(5) The issuing cooperative sets the price of membership at a reasonable level, not to exceed $1,000; and

(6) Each membership certificate includes a condition that requires the certificate must be returned to the cooperative in exchange for no more than the price originally paid by the purchasing individual upon termination of the individual’s membership in the cooperative.

Stat. Auth.: ORS 59.285
Stats. Implemented: ORS 59.025(14)
Hist.: FCS 1-2009, f. & cert. ef. 2-3-09

The official copy of an Oregon Administrative Rule is contained in the Administrative Order filed at the Archives Division, 800 Summer St. NE, Salem, Oregon 97310. Any discrepancies with the published version are satisfied in favor of the Administrative Order. The Oregon Administrative Rules and the Oregon Bulletin are copyrighted by the Oregon Secretary of State. Terms and Conditions of Use