ok-1334: Department of Securities — Oklahoma Uniform Securities Act of 2004

Summary

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 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.

The agency’s own summary, as published.