reglab/statecodes huggingface dataset:
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-20 - Cross-border licensing exemption

Current through Vol. 41, No. 20, July 1, 2024
By authority delegated to the Administrator in Section
					 1-401.B.1.h of the Securities Act, a Canadian broker-dealer meeting all of the
					 following conditions is determined to be exempt from the registration
					 requirement in Section 1-401.A of the Securities Act:
(1) The broker-dealer is domiciled in Canada,
				  does not have an office or other physical presence in the United States, and is
				  not an office or branch of a broker-dealer domiciled in the United
				  States.
(2) The broker-dealer is
				  registered with or a member of a Canadian self-regulatory organization, stock
				  exchange, or the Bureau des Services Financiers and maintains that registration
				  or membership in good standing.
(3)
				  The broker-dealer and its agents effect transactions in securities with or for,
				  or induce or attempt to induce the purchase or sale of any security by:
(A) an individual from Canada that
				  temporarily resides or is temporarily present in this state and with whom the
				  broker-dealer had a bona fide broker-dealer-customer relationship before the
				  individual entered the United States; or
(B) an individual present in this state whose
				  transactions relate to a self-directed, tax advantaged Canadian retirement plan
				  of which the individual is the holder or contributor.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-21 - Supplemental disclosures

Current through Vol. 41, No. 20, July 1, 2024
Every broker-dealer and agent registered under the
					 Securities Act must keep their application current at all times by promptly
					 filing amendments supplementing their application after learning of the facts
					 and circumstances giving rise to the amendments as required by Section 1-406.B
					 of the Securities Act.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-22 - Private offering issuer agent exemption

Current through Vol. 41, No. 20, July 1, 2024
By authority delegated to the Administrator in Section
					 1-402.B.9 of the Securities Act, an individual meeting all of the following
					 conditions is determined to be exempt from the registration requirement of
					 Section 1-402 of the Securities Act:
(1) The subject offering is conducted in a
				  manner to be exempt pursuant to Section 1-202.14 of the Securities
				  Act.
(2) The individual represents
				  the issuer in functioning as an agent in the subject offering.
(3) The individual is not compensated in
				  connection with the agent's participation by the payment of commissions or
				  other remuneration based, directly or indirectly, on transactions in those
				  securities.
(4) Such individual has
				  not within the past five (5) years been subject to the following in connection
				  with a violation of a state or federal securities law or regulation: an order
				  denying, suspending or revoking registration or a cease and desist order of the
				  Administrator; any similar order, judgment, or decree by another state
				  securities agency, the SEC, or any self-regulatory securities organization; or
				  an order of any court of competent jurisdiction temporarily, preliminarily or
				  permanently enjoining such person.
(5) The exemption is only available with
				  respect to transactions in the subject offering. However, the individual is not
				  prohibited from qualifying for this exemption with respect to any other
				  offering so long as all requirements are satisfied.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-23 - Coordinated limited offering issuer agent exemption

Current through Vol. 41, No. 20, July 1, 2024
By authority delegated to the Administrator in Section
					 1-402.B.9 of the Securities Act, an individual meeting all of the following
					 conditions is determined to be exempt from the registration requirement of
					 Section 1-402 of the Securities Act:
(1) The subject offering is conducted in a
				  manner to be exempt pursuant to
				  660:11-11-43.
(2) The individual represents the issuer in
				  functioning as an agent in the subject offering.
(3) The individual is not compensated in
				  connection with the agent's participation by the payment of commissions or
				  other remuneration based, directly or indirectly, on transactions in those
				  securities.
(4) Such individual has
				  not within the past five (5) years been subject to the following in connection
				  with a violation of a state or federal securities law or regulation: an order
				  denying, suspending or revoking registration or a cease and desist order of the
				  Administrator; any similar order, judgment, or decree by another state
				  securities agency, the SEC, or any self-regulatory securities organization; or
				  an order of any court of competent jurisdiction temporarily, preliminarily or
				  permanently enjoining such person.
(5) The exemption is only available with
				  respect to transactions in the subject offering. However, the individual is not
				  prohibited from qualifying for this exemption with respect to any other
				  offering so long as all requirements are satisfied.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-24 - Oklahoma Accredited Investor issuer agent exemption

Current through Vol. 41, No. 20, July 1, 2024
By authority delegated to the Administrator in Section
					 1-402.B.9 of the Securities Act, an individual meeting all of the following
					 conditions is determined to be exempt from the registration requirements of
					 Section 1-402 of the Securities Act:
(1) The subject offering is conducted in a
				  manner to be exempt pursuant to
				  660:11-11-52.
(2) The individual represents the issuer in
				  functioning as an agent in the subject offering.
(3) The individual is not compensated in
				  connection with the agent's participation by the payment of commissions or
				  other remuneration based, directly or indirectly, on transactions in those
				  securities.
(4) Such individual has
				  not within the past five (5) years been subject to the following in connection
				  with a violation of a state or federal securities law or regulation: an order
				  denying, suspending or revoking registration or a cease and desist order of the
				  Administrator; any similar order, judgment, or decree by another state
				  securities agency, the SEC, or any self-regulatory securities organization; or
				  an order of any court of competent jurisdiction temporarily, preliminarily or
				  permanently enjoining such person.
(5) The exemption is only available with
				  respect to transactions in the subject offering. However, the individual is not
				  prohibited from qualifying for this exemption with respect to any other
				  offering so long as all requirements are satisfied.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-25 - Registration relief for military service members and their spouses

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
For purposes
				  of this Section:
(1)
"Military Service
				  Member"
means any member of the Armed Forces or Reserves of the United
				  States, National Guard of any state, the Military Reserves of any state, or the
				  Naval Militias of any state.
(2)
"Military Spouse"
means an individual who is the current spouse of
				  a Military Service Member who is on active duty in this state or claims
				  residency in this state for the six months prior to assignment to active duty
				  or during the period of active duty
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 3 - LICENSING PROCEDURES › Section 660:11-5-26 - Merger and acquisition broker exemption

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
For purposes of
				  this Section:
(1)
"Control"
means the power, directly or indirectly, to direct the management or policies
				  of a company, whether through ownership of securities, by contract, or
				  otherwise. There is a presumption of control for any person who:
(A) is a director, general partner, member,
				  or manager of a limited liability company, or officer exercising executive
				  responsibility (or has similar status or functions);
(B) has the right to vote 20 percent or more
				  of a class of voting securities or the power to sell or direct the sale of 20
				  percent or more of a class of voting securities; or
(C) in the case of a partnership or limited
				  liability company, has the right to receive upon dissolution, or has
				  contributed, 20 percent or more of the capital; or
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 5 - REPORTING REQUIREMENTS › Section 660:11-5-31 - Post-registration reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Filing requirement.
Pursuant to Section 1-410.B of the Securities
				  Act, all broker-dealers registered under Section 1-406 of the Securities Act
				  who are not FINRAmembers must make post-registration filings with the
				  Department. The Department will not accept incomplete or piecemeal filings.
				  Failure to file a complete report when due may result in the suspension or
				  revocation of registration.
(b)
Report content.
Such registered broker-dealers shall make one (1)
				  post-registration filing each fiscal year. Said filing shall contain audited
				  financial statements as of the broker-dealer's fiscal year end and the report
				  filing fee specified in Section 1-612 of the Securities Act.
(c)
Report filing dates.
Post-registration filings become due on the last day of the fiscal period to
				  which they apply; however, a grace period is provided before a filing becomes
				  delinquent. The filing must be made by the last day of the fourth month
				  following the close of the registrant's fiscal year.
Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg
						2071, eff 8-1-13
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-5-41 - Books and records requirements for broker-dealers

Current through Vol. 41, No. 20, July 1, 2024
17
					 CFR §
											240.17a-3 (2013) and
					 17
					 CFR §
											240.17a-4 (2014), books and
					 records rules established by the SEC under the 1934 Act, are hereby
					 incorporated by reference as if fully set forth into this
					 Chapter.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-5-42.1 - Standards of ethical practices-issuer agents

Current through Vol. 41, No. 20, July 1, 2024
(a)
Purpose.
This rule is
				  intended to set forth the standards of ethical practices for issuer agents. Any
				  noncompliance with the standards of ethical practices specified in this section
				  will constitute unethical practices in the securities business; however, the
				  following is not intended to be a comprehensive listing of all specific events
				  or conditions that may constitute such unethical practices. The standards shall
				  be interpreted in such manner as will aid in effectuating the policy and
				  provisions of the Securities Act, and so as to require that all practices of
				  issuer agents, in connection with their activities in this state shall be just,
				  reasonable and not unfairly discriminatory.
(b)
Standards.
(1) An issuer agent, in the conduct of his
				  business, shall observe high standards of commercial honor and just and
				  equitable principles of trade. Issuer agents shall not violate any federal
				  securities statute or rule or any rule of a national securities exchange or
				  national securities association of which he is a member with respect to any
				  customer, transaction or business effected in this state.
(2) In recommending to a customer the
				  purchase, sale or exchange of any security, an issuer agent shall have
				  reasonable grounds for believing that the recommendation is suitable for such
				  customer upon the basis of the facts, if any, disclosed by such customer as to
				  his other security holdings and as to his financial situation and needs. Prior
				  to making a recommendation to a customer an issuer agent shall also make
				  reasonable efforts to obtain information concerning the customer's financial
				  background, tax status, and investment objectives, and such other information
				  used or considered to be reasonable and necessary by such registered agent in
				  making such recommendation.
(3) No
				  issuer agent shall guarantee a customer against loss in any securities
				  transaction effected by the issuer agent with such customer.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-5-43 - Examination of broker-dealers

Current through Vol. 41, No. 20, July 1, 2024
(a)
Periodic examinations.
The business and records of each
				  broker-dealer registered under the Securities Act may be periodically examined
				  by the Administrator and/or person(s) designated by him at such times and in
				  such scope as the Administrator determines prudent and necessary for the
				  protection of the public. A report of each such examination shall be
				  prepared.
(b)
Department
				  access.
Each broker-dealer scheduled for examination shall provide the
				  personnel of the Department access to business books, documents, and other
				  records. Each broker-dealer shall provide personnel with office space and
				  facilities to conduct on-site examinations, and assistance in the physical
				  inspection of assets and confirmation of liabilities. Failure of any applicant
				  or registrant to provide such access shall constitute a violation of this
				  section and shall be a basis for denial, suspension or revocation of the
				  registration or application for registration.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-5-44 - RESERVED

Current through Vol. 41, No. 20, July 1, 2024
Reserved at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 5 - Broker-Dealers and Agents › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-5-45 - Financial statements for non-FINRA broker-dealers

Current through Vol. 41, No. 20, July 1, 2024
(a)
Required financial
				  statements.
Applications for registration for non-FINRA member
				  broker-dealers shall contain audited financial statements for the applicant as
				  of the end of its last fiscal year. Applicants that have commenced operating,
				  but have been in operation for less than twelve (12) months shall submit an
				  unaudited statement of financial condition as of a date within ninety (90) days
				  of the date of the filing of the application and an unaudited statement of
				  income for the period beginning from the date of inception through the date as
				  of which the statement of financial condition is prepared.
(b)
Net capital computation.
Financial statements submitted by or on behalf of a broker-dealer shall include
				  a statement of net capital for the broker-dealer and a schedule presenting a
				  computation of net capital as of each statement of financial condition date.
				  The computation of net capital shall be calculated according to the formula
				  established by the SEC in 17 CFR 240.15c3-1.
(c)
Waiver.
The Administrator in
				  the Administrator's discretion may waive any of the requirements of this
				  section on a case-by-case basis when such action is determined to be consistent
				  with the purposes fairly intended by the policy and provisions of the
				  Securities Act. Requests for waivers shall be in writing setting forth the
				  reasons therefor.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 1 - GENERAL PROVISIONS › Section 660:11-7-1 - Purpose

Current through Vol. 41, No. 20, July 1, 2024
The rules in this subchapter are adopted to provide
					 procedures for complying with the provisions of the Securities Act relating to
					 the registration of investment advisers and investment adviser representatives
					 and the submission of notice filings by SEC covered investment advisers, and to
					 establish post-registration requirements and standards of ethical practices for
					 investment advisers and investment adviser representatives.
Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg
						2075, eff 8-1-13
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-11 - Initial registration

Current through Vol. 41, No. 20, July 1, 2024
(a)
Investment
				  adviser.
Investment advisers applying for initial registration pursuant
				  to Section 1-406 of the Securities Act:
(1)
				  shall file with the IARD:
(A) fully completed
				  Parts I and II of Form ADV;
(B) a
				  Form BR for each office located within the state of Oklahoma, and if the
				  investment adviser's principal office is located in Oklahoma, all offices
				  located elsewhere; and
(C) the
				  filing fee specified in Section 1-612 of the Securities Act;
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-12 - Renewal

Current through Vol. 41, No. 20, July 1, 2024
(a)
Investment adviser.
An
				  investment adviser registered under the Act shall renew its registration by
				  submitting to the IARD the renewal fee specified in Section 1-612 of the
				  Securities Act.
(b)
Investment adviser representative.
Investment adviser
				  representatives registered under the Act shall renew their registrations by
				  submitting to the CRD the renewal fee specified in Section 1-612 of the
				  Securities Act.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-13 - Examination requirements for investment adviser representatives

Current through Vol. 41, No. 20, July 1, 2024
(a)
Examination requirement.
Proof of compliance with the written examination requirements of this Section is prerequisite to a complete filing for registration under the Securities Act.
(b)
Examinations.
Every natural person seeking registration as an investment adviser or investment adviser representative shall, unless covered by subsection (c) or (e) or otherwise waived by the Administrator, have passed:
(1) the Series 65/Uniform Investment Adviser Law Examination (Series 65) within two years of the date of application; or
(2) the Series 66/Uniform Combined State Law Examination (Series 66) and the FINRA Series 7/General Securities Representative Examination within two years of the date of application, and
(3) the Securities Industry Essential Examination within four years of the date of application.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-14 - Investment adviser representative termination

Current through Vol. 41, No. 20, July 1, 2024
(a)
Filing requirement.
Termination notice pursuant to the requirements of Section 1-408.A of the
				  Securities Act shall be promptly given by filing within thirty (30) days of
				  termination, a completed Uniform Termination notice for Securities Industry
				  Registration, Form U5. The Form U5 for an investment adviser shall be filed
				  with IARD.
(b)
Responsibility
				  for filing.
A completed Form U5 signed by the investment adviser will be
				  accepted as fulfilling the statutory requirements of both parties. Upon
				  verification that the Form U5 has not been filed by the investment adviser, the
				  investment adviser representative shall notify the Department in writing of the
				  termination.
(c)
Amendments.
If the information contained in a Form U5 becomes
				  inaccurate or incomplete, the investment adviser shall promptly file a
				  correcting amendment after learning of the facts and circumstance giving rise
				  to the amendment.
(d)
Effect
				  of failure to file.
In the event of termination, the filing of a future
				  application for registration shall not be considered complete until compliance
				  with the termination notice requirements of Section 1-408.A of the Securities
				  Act.
Reserved at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-15 - Piecemeal filings

Current through Vol. 41, No. 20, July 1, 2024
An application for initial registration or renewal of
					 registration as an investment adviser or investment adviser representative
					 shall not be deemed to have been filed until all of the documentation required
					 by
					 660:11-7-11
					 or
					 660:11-7-12 is submitted,
					 or is otherwise made available, to the Department and payment of the proper
					 fees is made. Such documentation shall be in completed form.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-16 - Solicitor exemption

Current through Vol. 41, No. 20, July 1, 2024
By authority delegated to the Administrator in Section
					 1-404.B.2 of the Securities Act, an individual whose only activity on behalf of
					 an investment adviser is to solicit clients for same is exempt from the
					 requirement to register as an investment adviser representative of such
					 investment adviser if the individual is separately registered as an investment
					 adviser representative of another investment adviser or is individually
					 registered as an investment adviser.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-17 - Registration exemption for investment advisers to qualifying private funds

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
For purposes of
				  this regulation, the following definitions shall apply:
(1)
"Private fund"
means an
				  issuer that would be an investment company, as defined in section 3 of the 1940
				  Act, but for section 3(c)(1) or 3(c)(7) of the 1940 Act, as provided in Section
				  202(a)(29) of the Advisers Act.
(2)
"Private fund adviser"
means an investment adviser who provides
				  advice solely to one or more qualifying private funds and has assets under
				  management in the United States of less than $150,000,000.
(3)
"Qualifying private fund"
means a private fund that meets the definition of a qualifying private fund in
				  SEC Rule 203(m)-1, 17 C.F.R. 275.203(m)-1. The term may include an issuer that
				  may be treated as a private fund for purposes of the exemption provided by SEC
				  Rule 203(m)-1, 17 C.F.R. 275.203(m)-1.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-18 - Oil and gas professional exclusion

Current through Vol. 41, No. 20, July 1, 2024
By authority delegated to the Administrator in Section
					 1-102.17.f of the Securities Act, the following persons shall be excluded from
					 the definition of "investment adviser" only when giving advice, analyses,
					 interpretations or reports that relate to interests in oil, gas, or other
					 mineral leases: a professional geologist, professional engineer or professional
					 geo-physicist and professional petroleum landman who is engaged in the business
					 of exploring for and/or producing oil and gas or other valuable minerals as an
					 ongoing business.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-19 - Registration relief for military service members and their spouses

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
For purposes of
				  this Section:
(1)
"Military Service
				  Member"
means any member of the Armed Forces or Reserves of the United
				  States, National Guard of any state, the Military Reserves of any state, or the
				  Naval Militias of any state.
(2)
"Military Spouse"
means an individual who is the current spouse of
				  a Military Service Member who is on active duty in this state or claims
				  residency in this state for the six months prior to assignment to active duty
				  or during the period of active duty.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-20 - Supplemental disclosures

Current through Vol. 41, No. 20, July 1, 2024
Every investment adviser and investment adviser
					 representative registered under the Securities Act must keep their application
					 current at all times by promptly filing amendments supplementing their
					 application after learning of the facts or circumstances giving rise to the
					 amendment as required by Section 1-406.B of the Securities Act.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 3 - LICENSING PROCEDURES › Section 660:11-7-21 - Errors and omissions coverage

Current through Vol. 41, No. 20, July 1, 2024
(a) Every investment
				  adviser who is required to maintain an errors and omissions insurance policy
				  under
				  660:11-7-11
				  must submit proof of an errors and omissions insurance policy to the Department
				  as a condition of registration.
(b)
				  Every investment adviser registered under Section 1-406 of the Securities Act
				  must submit proof of an errors and omissions insurance policy annually as set
				  forth in
				  660:11-7-31.
(c) For purposes of compliance with
				  660:11-7-11
				  and
				  660:11-7-31,
				  proof of insurance may be demonstrated by submitting to the Department an
				  attestation of compliance on a form available on the Department's website and a
				  policy declaration page or a certificate of liability coverage specifying
				  errors and omissions coverage.
(1) For
				  purposes of compliance with this Section,
				  660:11-7-11,
				  and
				  660:11-7-31,
				  a policy may not contain exclusions for investment management and advisory
				  services performed in this state on behalf of the investment adviser or for
				  persons performing investment management and advisory services in this state on
				  behalf of the investment adviser unless the investment adviser and its
				  representatives refrain from performing the excluded investment management and
				  advisory services and disclose the limitations in the investment adviser's Form
				  ADV Part 2A.
(2) The requirements
				  for this insurance may be fulfilled by a policy provided through membership in
				  a professional association so long as the requirements are otherwise met, or at
				  the discretion of the Administrator.
(3) The requirements for this insurance may
				  be fulfilled by the policies of one or more insurance carriers which policies
				  together meet such requirements.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 5 - REPORTING REQUIREMENTS › Section 660:11-7-31 - Post-registration reporting requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Form ADV
				  amendments.
Every investment adviser registered under Section 1-406 of
				  the Securities Act must amend its Form ADV each year by filing an annual
				  updating amendment within 90 days of the end of its fiscal year. In addition,
				  every investment adviser registered under Section 1-406 of the Securities Act
				  must amend its Form ADV by promptly filing additional amendments
				  (other-than-annual amendments) if required by the written instructions to Form
				  ADV.
(b)
Proof of errors and
				  omissions coverage.
Every investment adviser registered under Section
				  1-406 of the Securities Act must submit proof of an errors and omissions
				  insurance policy meeting the requirements of
				  660:11-7-11(a)(2)(D)
				  to the Department each year within 90 days of the end of its fiscal year. The
				  proof must be submitted in compliance with 660:11-7-21.
(c)
Financial reports.
(1)
Filing requirement.
Pursuant
				  to Section 1-410.B of the Securities Act, every investment adviser registered
				  under Section 1-406 of the Securities Act who has custody, as that term is
				  defined in
				  660:11-7-48,
				  of clients' funds or securities or requires prepayment of advisory fees six (6)
				  months or more in advance and in excess of $1,200.00 per client shall file a
				  post-registration financial report with the Department each fiscal
				  year.
(2)
Report
				  content.
Financial reports shall contain the financial or operating
				  report filing fee specified in Section 1-612 of the Securities Act and an
				  audited statement of financial condition as of the investment adviser's fiscal
				  year end.
(3)
Report filing
				  dates.
Financial reports become due on the last day of the fiscal year
				  to which they apply; however, a grace period is provided before a filing
				  becomes delinquent. The filing must be made within 90 days of the end of the
				  registrant's fiscal year.
(4)
Amendment.
If the information contained in a financial report is
				  or becomes inaccurate or incomplete in a material respect, the investment
				  adviser shall promptly file a correcting amendment.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-7-43 - Disclosure requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Disclosure delivery requirement.
In furtherance of compliance with
				  the standards of ethical practices specified in
				  660:11-7-42,
				  every investment adviser, registered or required to be registered under the
				  Securities Act shall, in accordance with the provisions of this Section,
				  furnish each advisory client and prospective advisory client with:
(1) a brochure that may be a copy of Part 2A
				  of its Form ADV or a written document containing the information required by
				  Part 2A of Form ADV;
(2) a copy of
				  its Part 2B brochure supplement for each individual
(A) providing investment advice and having
				  direct contact with clients in this state; or
(B) exercising discretion over assets of
				  clients in this state, even if no direct contact is involved;
(3) a copy of any Part 2A Appendix
				  1 wrap fee brochure if the investment adviser sponsors or participates in wrap
				  fee accounts;
(4) a summary of
				  material changes, if any, which may be included in Form ADV Part 2 or given as
				  a separate document; and
(5) such
				  other information as the Administrator may require.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-7-44 - Financial statements for investment advisers

Current through Vol. 41, No. 20, July 1, 2024
(a)
Audited statements.
Applications for registration as investment advisers shall contain audited financial statements for the applicant as of the end of its last fiscal year. Applicants that have been in operation for less than twelve (12) months shall submit an unaudited statement of financial condition as of a date within ninety (90) days of the date of the filing of the application and an unaudited statement of income for the period beginning from the date of inception through the date as of which the statement of financial condition is prepared.
(b)
Unaudited interim financial statements.
If the audited financial statements required in the preceding (a) are not current to within ninety (90) days of the date of filing, additional unaudited financial statements shall be submitted covering the period from the beginning of the current fiscal year through a month ending within the 90-day time frame.
(c)
Sole proprietors.
Investment advisers who are individuals or sole proprietorships, in lieu of audited financial statements, may provide financial statements that have been prepared in accordance with generally accepted accounting principles and which have been reviewed and reported upon by independent accountants in accordance with the standards for the review of financial statements promulgated by the American Institute of Certified Public Accountants.
(d)
Exemption.
The financial statement requirements specified in this section shall not apply to an investment adviser unless the investment adviser has custody or possession of clients' funds or securities or requires prepayment of advisory fees six (6) months or more in advance and in excess of $1,200.00 per client.
(e)
Waiver.
The Administrator in his discretion may waive any of the requirements of this section on a case-by-case basis when such action is determined to be consistent with the purposes fairly intended by the policy and provisions of the Securities Act. Requests for waivers shall be in writing setting forth the reasons therefor.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-7-45 - Examination of investment advisers

Current through Vol. 41, No. 20, July 1, 2024
(a)
Periodic examinations.
The business and records of each investment
				  adviser registered under the Securities Act may be periodically examined by the
				  Administrator and/or person(s) designated by him at such times and in such
				  scope as the Administrator determines prudent and necessary for the protection
				  of the public. A report of each such examination shall be prepared.
(b)
Department access.
Each
				  investment adviser scheduled for examination shall provide the personnel of the
				  Department access to business books, documents, and other records. Each
				  investment adviser shall provide personnel with office space and facilities to
				  conduct on-site examinations, and assistance in the physical inspection of
				  assets and confirmation of liabilities. Failure of any applicant or registrant
				  to provide such access shall constitute a violation of this section and shall
				  be a basis for denial, suspension or revocation of the registration or
				  application for registration.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-7-47 - Payments for client solicitations

Current through Vol. 41, No. 20, July 1, 2024
(a)
Prohibition.
An investment adviser required to be registered pursuant to Section 1-403 of the Securities Act shall not compensate, directly or indirectly, a solicitor with respect to solicitation activities unless:
(1) the investment adviser is registered under the Securities Act;
(2) the solicitor is registered as an investment adviser representative of this or another investment adviser registered under the Securities Act or separately registered as an investment adviser under the Securities Act;
(3) such compensation is paid pursuant to a written agreement to which the investment adviser is a party; and
(4) the only compensation paid for a referral of investment advisory clients to a solicitor other than one registered as an investment adviser representative of this investment adviser is paid to an investment adviser registered under the Securities Act or a federal covered investment adviser who has filed a notice under Section 1-405 of the Securities Act.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-7-48 - Custody requirements for investment advisers

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
For purposes
				  of this Section:
(1)
"Control"
means the power, directly or indirectly, to direct the management or policies
				  of a person whether through ownership of securities, by contract, or otherwise.
				  Control includes:
(A) Each of the investment
				  adviser's officers, partners, or directors exercising executive responsibility
				  (or persons having similar status or functions) is presumed to control the
				  investment adviser;
(B) A person is
				  presumed to control a corporation if the person:
(i) directly or indirectly has the right to
				  vote twenty-five (25) percent or more of a class of the corporation's voting
				  securities; or
(ii) has the power
				  to sell or direct the sale of twenty-five (25) percent or more of a class of
				  the corporation's voting securities;
(C) A person is presumed to control a
				  partnership if the person has the right to receive upon dissolution, or has
				  contributed, twenty-five (25) percent or more of the capital of the
				  partnership;
(D) A person is
				  presumed to control a limited liability company if the person:
(i) directly or indirectly has the right to
				  vote twenty-five (25) percent or more of a class of the interests of the
				  limited liability company;
(ii)
				  has the right to receive upon dissolution, or has contributed, twenty-five (25)
				  percent or more of the capital of the limited liability company;
(iii) is an elected manager of the limited
				  liability company; or
(E) A person is presumed to control a trust
				  if the person is a trustee or managing agent of the trust.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 7 - RECORD KEEPING AND ETHICAL STANDARDS › Section 660:11-7-49 - Investment adviser representative continuing education requirements

Current through Vol. 41, No. 20, July 1, 2024
(a)
Definitions.
For purposes of
				  this Section, the following terms mean:
(1)
"Approved IAR Continuing Education Content"
means the materials,
				  written, oral, or otherwise that have been approved by NASAA or its designee
				  and which make up the educational program provided to an investment adviser
				  representative under this Section.
(2)
"Authorized provider"
means
				  a person that NASAA or its designee has authorized to provide continuing
				  education content required by this Section.
(3)
"Credit"
means a unit that
				  has been designated by NASAA or its designee as at least 50 minutes of
				  educational instruction.
(4)
"Home state"
means the state in which the investment adviser
				  representative has its principal office and place of business.
(5)
"IAR Ethics and Professional
				  Responsibility Content"
means Approved IAR Continuing Education Content
				  that addresses an investment adviser representative's ethical and regulatory
				  obligations.
(6)
"IAR
				  Products and Practice Content"
means Approved IAR Continuing Education
				  Content that addresses an investment adviser representative's continuing skills
				  and knowledge regarding financial products, investment features, and practices
				  in the investment advisory industry.
(7)
"Investment adviser
				  representative"
means an individual who meets the definition of
				  "investment adviser representative" under the Securities Act and an individual
				  who meets the definition of "investment adviser representative" under
				  17
				  CFR 275.203A-3.
(8)
"Reporting period"
means the
				  calendar year. An investment adviser representative's initial reporting period
				  commences the first day of the first full reporting period after the individual
				  is registered or required to be registered under the Securities
				  Act.
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 7 - Investment Advisers and Investment Adviser Representatives › Part 9 - SEC COVERED INVESTMENT ADVISERS › Section 660:11-7-51 - SEC covered investment adviser notice filing

Current through Vol. 41, No. 20, July 1, 2024
(a)
Initial filing.
A federal
				  covered investment adviser making its initial notice filing in the state of
				  Oklahoma pursuant to Section 1-405 of the Securities Act:
(1) shall file with the IARD:
(A) a new or amended Form ADV designating
				  Oklahoma on Item 2.B of Part 1A; and
(B) the investment adviser notice filing fee
				  set forth in Section 1-612 of the Securities Act; and
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 9 - Registration of Securities › Part 1 - GENERAL PROVISIONS › Section 660:11-9-1 - RESERVED

Current through Vol. 41, No. 20, July 1, 2024
Reserved at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 9 - Registration of Securities › Part 1 - GENERAL PROVISIONS › Section 660:11-9-2 - Amendments

Current through Vol. 41, No. 20, July 1, 2024
The Administrator may by order amend the provisions of this
					 subchapter to conform references to the Securities Act or to rules promulgated
					 thereunder to numerical redesignations occasioned by legislative or rulemaking
					 activities.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 9 - Registration of Securities › Part 3 - REGISTRATION PROCEDURES › Section 660:11-9-11 - Filing by coordination

Current through Vol. 41, No. 20, July 1, 2024
An offering of securities for which an application for
					 registration is not filed with and received by the Department prior to SEC
					 effectiveness shall not be deemed to be in connection with the same offering of
					 securities and therefore shall not be eligible for registration in the state of
					 Oklahoma pursuant to Section 1-303 of the Securities Act.
Added at 21 Ok Reg
					 2532, eff 7-1-04
Oklahoma Administrative Code › Title 660 - Department of Securities › Chapter 11 - Oklahoma Uniform Securities Act of 2004 › Subchapter 9 - Registration of Securities › Part 3 - REGISTRATION PROCEDURES › Section 660:11-9-12 - Content of registration statement

Current through Vol. 41, No. 20, July 1, 2024
In addition to the other requirements set forth in the
					 Securities Act and the rules and regulations promulgated thereunder, a
					 registration statement filed under the provisions of Sections 1-303 and 1-304
					 of the Securities Act shall contain the information that would be required in a
					 registration statement filed with the SEC under Section 5 of the 1933 Act, as
					 amended. Except for offerings attempting to register by use of the Form U-7,
					 the registration statement shall be on the form that the issuer would be
					 entitled to use if filing under the 1933 Act and in accordance with the
					 specified instructions of said form.
Added at 21 Ok Reg
					 2532, eff 7-1-04