Investment Adviser Compliance Exam Materials

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A. Contract is in writing.

B. Discloses, in substance,

  1. the services to be provided,
  2. the term of the contract,
  3. the advisory fee,
  4. the formula for computing the fee,
  5. the amount of prepaid fee to be returned in the event of contract termination or nonperformance,
  6. whether the contract grants discretionary power to the investment adviser or investment adviser representatives and
  7. contract must specify that no assignment of such contract shall be made by the investment adviser without consent of the other party to the contract,
  8. contract cannot contain any provision that limits or purports to limit any of the following:
    1. the liability of the investment adviser for conduct or omission arising from the advisory relationship that does not conform to the Securities Act, applicable federal statutes, or common law fiduciary standard of care;
    2. remedies available to the client at law or equity or the jurisdiction where any action shall be filed or heard; or
    3. applicability of the laws of Oklahoma with respect to the construction or interpretation of the provisions of the investment advisory contract.

The preceding information has been prepared for your convenience to provide assistance in meeting the requirements for investment advisers under the Oklahoma Uniform Securities Act of 2004 (Act) and the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (Rules). Please note, however, that all provisions of the Act and Rules are applicable and control over this information if there is any variance therein.

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