Source: http://securities.state.ok.us/Firms-profs/InvestmentAdviser/DocsReqStateReg.asp
Timestamp: 2018-02-22 07:02:49
Document Index: 353417740

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Documents Required for State Registration
� �A Plain English Handbook: How to Create Clear SEC Disclosure Documents�
� Rules Implementing Amendments to the Investment Advisers Act of 1940
Investment advisers applying for initial registration pursuant to Section 1-406 of the Securities Act:
shall file with the IARD:
a completed Form ADV (Parts 1 and 2), and
the filing fee specified in Section 1-612 of the Securities Act;
shall file with the Department:
audited financial statements as required by 660:11-7-44 unless exempt therefrom;
a copy of the investment advisory contract* to be executed by Oklahoma clients; and
any additional documentation, supplemental forms and information as the Administrator may deem necessary; and
if a natural person, must have passed the applicable examinations specified in 660:11-7-13.
As amended, Form ADV Part 2 consists of two sub-parts: Part 2A (the �Brochure�) and Part 2B (the Brochure Supplement). [Note: The previously used section was officially designated as Part II.] The amended rules and forms became effective October 12, 2010.
Within 60 days of filing such amendments, the adviser must deliver to its existing clients a brochure and brochure supplement that meets the requirements of the amended Form ADV [see FORM ADV PART 2B below re brochure supplements].
Part 2A, the Brochure, contains information about the adviser, including, among other things, its business, fees, types of clients, strategies, risks, conflicts of interest with its clients and a disciplinary history of the adviser and its officers, directors, employees and affiliates and must include or be accompanied by a �summary of material changes�.
Part 2A of Form ADV consists of a series of items that contain disclosure requirements for your firm�s brochure and any required supplements. The items require narrative responses and you must respond to each item. You must include the heading for each item provided by Part 2A immediately preceding your response to that item and provide responses in the same order as the items appear in Part 2A. If an item does not apply to your business, you must indicate that the item is not applicable.
Take particular note of Item 19, which lists the additional requirements for state registered advisers.
The summary of material changes is Item 2 on Part 2A of the ADV and states that if you are amending the Brochure for your annual update and it contains material changes from your last annual update, identify and discuss those changes on the cover page of the Brochure or on the page immediately following the cover page, or as a separate document accompanying the Brochure. You must state clearly that you are discussing only material changes since the last annual update of your Brochure, and you must provide the date of the last annual update of your Brochure.
The items in Part 2A of Form ADV are designed to promote effective communication between you and your clients. The Brochure and Brochure Supplements should be written in plain English, taking into consideration your clients� level of financial sophistication.
Form ADV Instructions for Part 2
The SEC Office of Investor Education and Advocacy offers A Plain English Handbook. The handbook can be found at: www.sec.gov/pdf/handbook.pdf.
Part 2B, the Brochure Supplement, contains biographical information about the adviser�s supervised persons who manage client portfolios. Among other things, the Brochure Supplement will contain information about the education background, business experience, and disciplinary history, if any, of the supervised persons who provide advisory services to the client.
At the time of your application for registration in Oklahoma, you should submit a copy of the brochure supplement for each supervised person doing business in that state. Advisers who are currently registered should submit such supplements as soon as possible although the deadline is 60 days after the filing of the brochure. For good cause shown the Administrator may grant an extension of time but in no event will the extension exceed the deadline imposed by the SEC on federally-registered advisers with the same fiscal year. Currently, the SEC has granted a four-month extension.
As with the Brochure, an investment adviser will be required to amend a Brochure Supplement promptly if it becomes materially inaccurate, but will not be required to update the Brochure Supplement on an annual basis.
Any references to the Investment Advisers Act of 1940 as your governing authority or the SEC as your regulator should be removed from the contract. All agreements/contracts need to state in the applicable section that the agreement with Oklahoma clients will be governed by the laws of the State of Oklahoma or the agreements must remain silent on jurisdiction and/or venue.
New Form ADV Cross Reference Guide - Part 1 to Part 2
Part 1 - Item Header Part 1A Part 1B SCH D Part 2A - Brochure Part 2B - Brochure Supplement Contract* Adviser Practice Discrepancy? Comments
Identifying Information Item 1 → a
Forms of Organization Item 3 → Item 4A Item 6
Solicitors Item 5B(6) → Item 14 a
Client Information Item 5C & D → Item 7
Compensation Arrangements Item 5E → Item 5A - D, Item 6, Item 10D, Item 19C Item 3, Item 4, Item 5 & Item 7 a
AUM Item 5F → Item 4E
Advisory Activities Item 5G → Item 4B & C
Financial Planning Item5H → Item 2H Item 4B and C
Wrap Fee Programs Item 5I → a Item 4D
Limited Investment Advice Item 5J → Item 4B a
Other Business Activities Item 6A → Item 2G Item 10A - C, Item 19B Item 4
Ohter Primary Business Item 6B → a
Financial Industry Affiliations Item 7A → a Item 5E, Item 10, Item 12, Item 19E Item 12A(1)
Private Fund Reporting Item 7B → a Item 4B, Item 5A, Item 10C
Participation or Interest in Client Transactions Item 8 A & B → Item 11
Investment or Brokerage Discretion Item 8C → Item 4E, Item 16, Item 18B a
Participation or Interest in Client Transactions - BDs Item 8E & F → Item 12A(2) & (3)
Participation or Interest in Client Transactions - Soft Dollars Item 8G → Item 12A(1)
Participation or Interest in Client Transaction - Solicitors Iten 8H & I → Item 10D, Item 14
Custody Item 9 → Item 2I a Item 5B, Item 15, Item 18B
Control Persons Item 10 → a Item 4, Item 19A
Disclosure Information Item 11 → Item 2D-F Item 9, Item 19D Item 3, Item 7
* The advisory contract may contain information reflected on ADV Part 1, Part 2 and schedule D.
The preceding summary has been prepared for your convenience to provide assistance in meeting the requirements for investment advisers under the Oklahoma Uniform Securities Act of 2004 (Act) and the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (Rules). Please note, however, that all provisions of the Act and Rules are applicable and control over this summary if there is any variance therein.