| 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
|
|
