The proposed new rule and rule amendments clarify
registration and termination notice requirements for
broker-dealers; require broker-dealers to register
persons acting as supervisors; clarify the terms to
qualify for the exemption of registration for Canadian
broker-dealers and agents and the requirement to amend
any filings that materially change; promote uniformity
by conforming the merger and acquisition broker
exemption to federal law and a NASAA model rule; clarify
the registration requirements of a sole proprietor
investment adviser and provide for a fee waiver; amend
acceptable designations that may qualify an investment
adviser representative in lieu of examinations; promote
uniformity by conforming the registration exemption for
investment advisers to qualifying private funds to
federal law and a NASAA model rule; clarify that
investment advisers who are exempt from the requirement
to send an annual privacy notice to their clients are
not required to under Oklahoma law; clarify how
registration and exemption filings will be deemed
abandoned; describe time of payment for the statutorily
authorized fee for late Regulation D filings; remove
prohibitions against the use of testimonials,
third-party ratings, and past performance advertising in
investment adviser sales literature; correct and
standardize statutory cites and terminology, and clarify
existing law and changing regulatory procedures.
The Administrator finds that the subject new rule 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 the
Oklahoma Uniform Securities Act of 2004.
AUTHORITY:
Administrator, Oklahoma Department of Securities; 71 O.S.
§§1-605 and 1-608
COMMENT PERIOD:
Persons wishing to present their views in writing may do so before 4:30
p.m., January 16, 2024, 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,
January 23, 2025, 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, 204 North Robinson Avenue, Suite 400,
Oklahoma City, OK, 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 sign in at the
door or log in virtually by 1:15 p.m. and post your
name, phone number, email address, and name of the
person you are representing, if any, in the chat box.
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 upon their business operations.
The Department requests that business entities that may
be affected by the proposed rule 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
amendments. Business entities may submit this
information in writing to Gerri Kavanaugh, at the above
address, before the close of the comment period on
January 16, 2025.
COPIES OF PROPOSED RULES:
The public may access copies of the proposed new rule
and rule amendments 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 December
31, 2024, from 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
