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2023 NOTICES OF RULE MAKING INTENT - HOME
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 1. General Provisions
660:11-5-2. Definitions [AMENDED]
Part 3. Licensing Procedures
660:11-5-15. Categories of registration [REVOKED]
660:11-5-16. Examination requirements for agents and principals of non-FINRA member broker-dealers [AMENDED]
Part 7. Record Keeping and Ethical Standards
660:11-5-42. Standards of ethical practices for Dishonest and unethical practices of broker-dealers and their agents [AMENDED
Subchapter 7. Investment Advisers and Investment Adviser Representatives
Part 3. Licensing Procedures
660:11-7-13. Examination requirements for investment adviser representatives [AMENDED]
Part 7. Record Keeping and Ethical Standards
660:11-7-41. Record keeping requirements [AMENDED]
660:11-7-42. Standards of ethical practicesDishonest and unethical practices of investment advisers and investment adviser representatives [AMENDED]
660:11-7-44. Financial statements for investment advisers [AMENDED]
660:11-7-47. Payments for client solicitations [AMENDED]

SUMMARY:
 

The proposed rule amendments and revocation clarify definitions and conform them to federal law for uniformity, remove a rule made unnecessary by amendments to another rule, clarify examination requirements for agents and investment adviser representatives and conform them to changes in federal law, conform broker-dealer and investment adviser regulations relating to dishonest and unethical practices to model rules and federal law, clarify that investment advisers must maintain and produce at the Department's request documentation supporting their financial statements, clarify that changes in federal law relating to advertising are in part, but not wholly, applicable to state-registered investment advisers and investment adviser representatives, correct statutory cites and terminology, and clarify existing law and changing regulatory procedures.

The Administrator finds that the subject rules and amendments are necessary or appropriate in the public interest or for the protection of investors and are consistent with the purposes intended by the Oklahoma Uniform Securities Act of 2004.

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 4:30 p.m., March 20, 2023, at the Oklahoma Department of Securities, City Place, 204 North Robinson Avenue, Suite 400, Oklahoma City, OK 73102-7001.
PUBLIC HEARING:
  A public hearing will be held at 1:30 p.m. on Thursday, March 23, 2023, to provide an opportunity for persons to orally present their views. The hearing will be held in the conference room at the Oklahoma Department of Securities, City Place, 204 North Robinson Avenue, Suite 400, Oklahoma City, OK 73102-7001, and virtually. Information to access the hearing virtually will be posted on the Department's website, www.securities.ok.gov, at least three days prior to the hearing, or you may contact the Department at 405-280-7700 for the access information. Should you wish to speak during the hearing, please either sign in at the door or log in virtually by 1:15 p.m. and announce your name when requested. Each person will be allowed a maximum of 10 minutes to speak.
REQUEST FOR COMMENTS FROM BUSINESS ENTITIES:
  Business entities should evaluate the effect of the proposed rule amendments and revocation upon their business operations. The Department requests that business entities that would be affected by the proposed rule amendments and revocation 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 rules and amendments. Business entities may submit this information in writing to Gerri Kavanaugh, at the above address, before the close of the comment period on March 20, 2023.
COPIES OF PROPOSED RULES:
  The public may access copies of the proposed rule amendments and revocation on the Department’s website at www.securities.ok.gov or obtain copies for review between 8:30 a.m. and 4:30 p.m., Monday through Friday, at the offices of the Oklahoma Department of Securities, City Place, 204 North Robinson Avenue, Suite 400, Oklahoma City, OK 73102-7001, or by calling (405) 280-7700.
RULE IMPACT STATEMENT:
  A rule impact statement will be available as of March 2, 2023, at the Oklahoma Department of Securities (address, telephone number, times, and website as listed above).
CONTACT PERSON:
  Gerri Kavanaugh, General Counsel, Oklahoma Department of Securities, (405) 280-7721