Registration of Investment Advisers
 

To register as an investment adviser in Oklahoma, the applicant must file through the Investment Adviser Registration Depository (IARD). The IARD is an electronic filing system for investment advisers sponsored by the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA), with the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization, serving as the developer and operator of the system. The IARD system collects and maintains the registration and disclosure information for investment advisers and their associated persons.

Investment Adviser firms intending to do business in Oklahoma will need to register through the IARD unless otherwise excepted or exempted. Click on the Firm Gateway link to sign in if you have an existing account. If you do not have an existing account, go to How to Access IARD which explains the entitlement process and provides access to forms. The registration process is enumerated at www.iard.com/FilingOnline.asp.

NOTE: Solicitors must be registered as investment adviser representatives of the investment adviser for whom they solicit unless excepted or exempted.

NOTICE: A Form ADV Helpline is staffed by the Division of Investment Management's Office of Investment Adviser Regulation. Call or email to receive information regarding adviser registration and how to interpret and complete Form ADV. This is a voicemail line so that SEC staff can research a response to your question and then call you back. 202-551-6999 or IARDlive@sec.gov 

Instructions for State Registered Investment Advisers

    1. The Form ADV, must be submitted via the IARD. 

    2. $300.00 filing fee must be submitted via the IARD; and

    3. a copy of the investment adviser contract or agreement to be used for Oklahoma clients must be submitted directly to the Department.

If the investment adviser maintains custody or possession of clients' funds or securities or requires prepayment of advisory fees six months or more in advance and in excess of $500.00 per client, the investment adviser shall file audited financial statements as of the end of the investment adviser's most recent fiscal year. If audit period ended greater than ninety (90) days before the date of application, supplemental statements are needed as required by 660:11-7-44 of the Rules of the Oklahoma Securities Commission and the Administrator of the Department of Securities (Rules). Audited financial statements should include statement of financial condition, statement of operations, and statement of changes of owners’ equity as well as all related footnotes and supporting schedules prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Disclosures:

    1. Investment advisers that must be registered in Oklahoma unless exempt must provide prospective investment advisory clients with Form ADV Part 2 as required in 660:11-7-43 of the Rules.

    2. Investment advisers that must be registered in Oklahoma and that compensate persons for soliciting investment advisory services are required to have a written agreement covering such activities and to make written disclosure of this relationship, both as set forth in 660:11-7-47 of the Rules. Their solicitors must present the relationship disclosure to prospective clients in addition to the Brochure referenced above.

Instructions for SEC Registered Investment Advisers

The required documentation to be filed with the Department for an SEC Investment Adviser intending to transact business in this state as an investment adviser is specified below (Notice Filing). An SEC Investment Adviser is a person who is registered under Section 203 of the Investment Advisers Act of 1940 ( 1940 Act) or who is not registered under the 1940 Act because he is excepted from the definition of investment adviser under Section 202(a)(11) of the 1940 Act.

    1. The Form ADV Part 1 must be submitted via the IARD with the "Oklahoma" Box checked.

    2. an annual fee of $300.00, paid to the IARD for registration in Oklahoma, as set forth in Section 1-612.A.5 of the Oklahoma Uniform Securities Act of 2004; and

The Notice Filing is effective from its date of filing and expires on December 31 of each year. "Date of filing" means the date all of the required documentation has been submitted to the Administrator and payment of the proper fees is made. The Notice Filing may be renewed annually, via the IARD, as of January 1st as the Administrator prescribes by rule.

Renewal Information for Investment Advisers

To renew registration or notice filing of the Investment Adviser, submit a renewal fee of $300 for an investment adviser to the IARD by the mid-December cutoff date.