Or. Rev. Stat. § 59.015(20)(b)(F): A state investment adviser does not include any "person, advising others, that has no place of business in this state and during the preceding 12-month period has had fewer than six clients…who are residents of this state…."
In State Regulations:
Generally no exemption, based on examiner's comments. Examiner encouraged hedge funds to request no-action letter.
Comments on this regulation:
Exemption based on definition of investment adviser and definition of client, one fund = one client. See Or. Rev. Stat. § 59.015(20) for investment adviser definition and exemptions.
State Regulations Website:
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