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E&O Policies and Cyber security P&Ps Required Nov 1, 2020

 

Effective November 1, 2020, all investment advisers applying for registration under the Oklahoma Uniform Securities Act of 2004 and all investment advisers registered under the Act are required to maintain an errors and omissions insurance policy in compliance with 660:11-7-21 of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (effective November 1, 2020). Initial applicants must submit proof of the required errors and omissions policy as part of their application (see 660:11-7-11 of the Rules). Registered investment advisers must submit proof that they maintain the required policy to the Department within 90 days of the end of their fiscal year (see 660:11-7-31 of the Rules). To submit proof, please fill out the electronic attestation of compliance form that will be located on the Firms and Professionals page of the Department's website at securities.ok.gov/Firms-profs/.

Further, all registered investment advisers are required to establish, implement, update, and enforce written physical security and cybersecurity policies and procedures in compliance with 660:11-7-46 of the Rules. These policies shall be kept true, accurate, and current in accordance with the recordkeeping requirements in 660:11-7-41(a)(24) of the Rules.

A full copy of the changes to the Rules is available on the Department's website at securities.ok.gov in the Order Nunc Pro Tunc in the 2020 Rulemaking box.