ok-2495: Department of Securities — Oklahoma Uniform Securities Act of 2004

Summary

The proposed rule amendments clarify that investment advisers must file a copy of their errors and omissions policies with the Department within 30 days of expiration of their policies instead of within 30 days of renewal of their policies; promote uniformity with federal law by not requiring investment advisers who are deemed to have custody solely due to fee deduction to file audited financial statements and allowing them to mark "no" on the Form ADV to the questions concerning custody; promote uniformity by allowing broker-dealers and investment advisers to extend the time period for temporary holds on the accounts of vulnerable adults by 30 days if necessary in conformity with FINRA Rule 2165; clarify that purchasers located inside or outside the state of Oklahoma are included in computing the number of purchasers under certain exemptions; correct and standardize statutory cites and terminology; and correct grammatical and formatting errors. The Administrator finds that the 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.