TITLE 660. DEPARTMENT OF SECURITIES
CHAPTER 11. OKLAHOMA UNIFORM SECURITIES ACT OF 2004
 
RULEMAKING ACTION:
  Notice of proposed PERMANENT rulemaking
PROPOSED RULES:
  Subchapter 5. Broker-dealers and agents
Part 3. Licensing procedures
660:11-5-16. Qualification examination requirements [AMENDED]
660:11-5-21. Supplemental disclosures [NEW]
660:11-5-22. Private offering issuer agent exemption [NEW]
660:11-5-23. Coordinated limited offering issuer agent exemption [AMENDED]
660:11-5-24. Oklahoma Accredited Investor issuer agent exemption [NEW]
660:11-5-25. Registration relief for military service members and their spouses [NEW]
Part 7. Record Keeping and Ethical Standards
660:11-5-41. Books and records requirements for broker-dealers
Subchapter 7. Investment Advisers and Investment Adviser Representatives
Part 1. General provisions
660:11-7-2. Definitions [AMENDED]
Part 3. Licensing Procedures
660:11-7-11. Initial registration [AMENDED]
660:11-7-13. Qualification examination requirements [AMENDED]
660:11-7-18. Oil and gas professional exclusion [NEW]
660:11-7-19. Registration relief for military service members and their spouses [NEW]
660:11-7-20 Supplemental disclosures [NEW]
Part 5. Reporting Requirements
660: 11-7-31. Post-registration reporting requirements [AMENDED]
Part 7. Recordkeeping and Ethical Standards
660:11-7-41. Record keeping requirements [AMENDED]
660:11-7-42. Standards of ethical practices [AMENDED]
660:11-7-43. Disclosure requirements [AMENDED]
660:11-7-48. Custody requirements for investment advisers [AMENDED]
Subchapter 11. Exemptions from Securities Registration
Part 5. Exempt Transactions
660:11-11-40. Manual exemption [AMENDED]
660:11-11-43. Coordinated limited offering exemption [AMENDED]
SUMMARY:
 

The proposed rule amendments provide needed exemptions from issuer agent and investment adviser registration, conform requirements for similar registrant categories, provide assistance for military persons and their spouses pursuant to SB1863, conform broker-dealer regulations to a model rule and to federal law, conform investment adviser regulations relating to custody and disclosure to model rules, correct statutory cites, clarify changing regulatory procedure, designate an additional securities manual for exemption purposes, and clarify exemption notice filing requirements in light of changes in federal law.

The Administrator finds that the subject rules and rule amendments are necessary or appropriate in the public interest or for the protection of investors and are consistent with the purposes intended by this act.

AUTHORITY:
 

Administrator, Oklahoma Department of Securities; 71 O.S. 1-605, 1-608

COMMENT PERIOD:
 

Persons wishing to present their views in writing may do so before 5:00 p.m., March 19, 2018, at the Oklahoma Department of Securities, City Place, 204 North Robinson, Suite 400, Oklahoma City, OK 73102-7001.

PUBLIC HEARING:
 

A public hearing will be held at 10:00 a.m. on Wednesday, March 21, 2018, to provide an opportunity for persons to orally present their views. Each person will be allowed a maximum of 10 minutes to speak and must sign in at the door by 9:30 a.m. in the conference room at the Oklahoma Department of Securities, City Place, 204 North Robinson, Suite 400, Oklahoma City, OK 73102-7001.

REQUEST FOR COMMENTS FROM BUSINESS ENTITIES:
 

Business entities should evaluate the effect of the proposed rule and amendments upon their business operations. The Department requests that business entities that would be affected by the proposed rule and/or amendments provide the Department, within the comment period, in dollar amounts, if possible, any increase in the level of direct costs, indirect costs, or other costs expected to be incurred due to compliance with the proposed rule and/or amendments. Business entities may submit this information in writing to Faye Morton, at the above addresses, before the close of the comment period on March 19, 2018.

COPIES OF PROPOSED RULES:
 

The public may access copies of the proposed rules on the Department’s website at www.securities.ok.gov or obtain copies for review between 8:00 a.m. and 5:00 p.m., Monday through Friday, at the offices of the Oklahoma Department of Securities, City Place, 204 North Robinson, Suite 400, Oklahoma City, OK 73102-7001, telephone (405) 280-7700.

RULE IMPACT STATEMENT:
 

A rule impact statement will be available as of March 2, 2018, at the Oklahoma Department of Securities (address, telephone number and website as listed above).

CONTACT PERSON:
 

Faye Morton, General Counsel, Oklahoma Department of Securities, (405) 280-7727