Okla. Admin. Code § 660:11-7-11

Current through Vol. 42, No. 7, December 16, 2024

Section 660:11-7-11 - Initial registration

(a)Investment adviser. Investment advisers applying for initial registration pursuant to Section 1-406 of the Securities Act:

(1) shall file with the IARD:

(A) fully completed Parts I and II of Form ADV;

(B) a Form BR for each office located within the state of Oklahoma, and if the investment adviser's principal office is located in Oklahoma, all offices located elsewhere; and

(C) the filing fee specified in Section 1-612 of the Securities Act;

(2) shall file with the Department:

(A) financial statements as required by 660:11-7-44 unless exempt therefrom;

(B) a copy of each form of investment advisory contract to be executed by Oklahoma clients and if the principal office of the investment adviser is located in Oklahoma, a copy of each form of investment advisory contract to be executed by any other clients;

(C) prior to the effective date of registration, proof that the applicant maintains an errors and omissions insurance policy in the amount of at least $1 million per claim from an insurer authorized to transact insurance in the state of Oklahoma or from any other insurer approved by the Administrator according to standards established by 660:11-7-21; and

(D) any additional documentation, supplemental forms, and information as the Administrator may deem necessary;

(3) if a natural person, must have passed the applicable examinations specified in 660:11-7-13; and

(4) if not a natural person, must have a natural person who has filed a Form U4 to apply for registration as an investment adviser representative of the investment adviser and has completed the necessary registration and examination requirements. The investment adviser shall not commence operations in this state until it has an investment adviser representative registered under the Securities Act.

(b)Investment adviser representative. Investment adviser representatives applying for initial registration under the Securities Act:

(1) shall file with the CRD:

(A) a completed or updated Form U-4;

(B) the filing fee specified in Section 1-612 of the Securities Act;

(C) proof of applicant's approved status of registration or licensure in a jurisdiction in which he has an office of employment where such registration is required; and

(D) any additional documentation, supplemental forms, and information as the Administrator may deem necessary;

(2) must have passed the applicable examinations specified in 660:11-7-13.

Okla. Admin. Code § 660:11-7-11

Added at 21 Ok Reg 2532, eff 7-1-04; Amended at 30 Ok Reg 2075, eff 8-1-13

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 11/1/2018

Amended by Oklahoma Register, Volume 37, Issue 24, September 1, 2020, eff. 11/1/2020

Amended by Oklahoma Register, Volume 39, Issue 24, September 1, 2022, eff. 9/15/2022

Amended by Oklahoma Register, Volume 41, Issue 22, August 1, 2024, eff. 8/15/2024