| RULEMAKING ACTION: |
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Notice of proposed PERMANENT rulemaking
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| PROPOSED RULES: |
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Subchapter 1. General Provisions
660:11-1-3. Definitions [AMENDED]
Subchapter 5. Broker-Dealers and Agents
Part 1. General Provisions
660:11-5-2. Definitions [AMENDED]
Part 3. Licensing Procedures
660:11-5-14. Agent termination [AMENDED]
660:11-5-21. Supplemental disclosures [AMENDED]
660:11-5-26. Merger and acquisition broker exemption [NEW]
Part 7. Record Keeping and Ethical Standards
660:11-5-42. Standards of ethical practice for broker-dealers and their agents [AMENDED]
Subchapter 7. Investment Advisers and Investment Adviser Representatives
Part 1. General Provisions
660:11-7-2. Definitions [AMENDED]
Part 3. Licensing Procedures
660:11-7-11. Initial registration [AMENDED]
660:11-7-14. Investment adviser representative termination [NEW]
660:11-7-20. Supplemental disclosures [AMENDED]
660:11-7-21. Errors and omissions coverage [NEW]
Part 5. Reporting Requirements
660: 11-7-31. Post-registration reporting requirements [AMENDED]
Part 7. Record Keeping and Ethical Standards
660:11-7-41. Record keeping requirements [AMENDED]
660:11-7-42. Standards of ethical practices [AMENDED]
660:11-7-46. Information security and privacy [NEW]
Subchapter 9. Registration of Securities
Part 5. Guidelines and Policies Applicable to Offerings of Registered Securities
660:11-9-31. Prospectus delivery requirement [AMENDED]
660:11-9-33. Special requirements for promotional or development stage companies [AMENDED]
660:11-9-36. Promoters' and organizers' equity contributions [AMENDED]
Subchapter 11. Exemptions from Securities Registration
Part 1. General Provisions
660:11-11-1. Definitions [AMENDED]
Part 5. Exempt Transactions
660:11-11-40. Manual Exemption [AMENDED]
660:11-11-52. Oklahoma Accredited Investor Exemption [AMENDED]
660:11-11-53. Exemption for offers but not sales [AMENDED]
Subchapter 15. Miscellaneous Provisions
660:11-15-2 Protection from Financial Exploitation [NEW]
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| SUMMARY: |
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The proposed rule amendments conform the rules with the Administrative Procedures Act of Oklahoma, clarify and streamline procedures for administrative hearings,
adjust the hours for inspection of agency documents, correct statutory cites, and correct grammatical errors.
The Administrator finds that the subject rules 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 Oklahoma Business Opportunity Sales Act, and the Oklahoma Subdivided Land Sales Code.
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| AUTHORITY: |
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Administrator, Oklahoma Department of Securities; 71 O.S. §§1-605, 1-608
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| COMMENT PERIOD: |
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Persons wishing to present their views in writing may do so before 5:00 p.m., March 19, 2020, at the Oklahoma Department of Securities, City Place,
204 North Robinson Avenue, Suite 400, Oklahoma City, OK 73102-7001.
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| PUBLIC HEARING: |
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A public hearing will be held at 10:00 a.m. on Friday, March 27, 2020, to provide an opportunity for persons to orally present their views. Each person will be
allowed a maximum of 10 minutes to speak and must sign in at the door by 9:30 a.m. in the conference room at the Oklahoma Department of Securities, City Place,
204 North Robinson Avenue, Suite 400, Oklahoma City, OK 73102-7001.
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| REQUEST FOR COMMENTS FROM BUSINESS ENTITIES: |
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Business entities should evaluate the effect of the proposed rule and amendments upon their business operations. The Department requests that business entities
that would be affected by the proposed rule and/or amendments provide the Department, within the comment period, in dollar amounts, if possible, any increase in the
level of direct costs, indirect costs, or other costs expected to be incurred due to compliance with the proposed rule and/or amendments. Business entities may submit
this information in writing to Faye Morton, at the above address, before the close of the comment period on March 19, 2020.
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| COPIES OF PROPOSED RULES: |
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The public may access copies of the proposed rules on the Department’s website at www.securities.ok.gov
or obtain copies for review between 8:00 a.m. and 5:00 p.m., Monday through Friday, at the offices of the Oklahoma Department of Securities, City Place,
204 North Robinson, Suite 400, Oklahoma City, OK 73102-7001, telephone (405) 280-7700.
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| RULE IMPACT STATEMENT: |
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A rule impact statement will be available as of March 4, 2020, at the Oklahoma Department of Securities (address, telephone number and website as listed above).
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| CONTACT PERSON: |
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Faye Morton, General Counsel, Oklahoma Department of Securities, (405) 280-7727
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