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§ 1-613. Availability of data for supervision of personnel--Sharing of data--Confidentiality

Oklahoma Statutes AnnotatedTitle 71. Securities

Oklahoma Statutes Annotated
Title 71. Securities (Refs & Annos)
Chapter 1. Oklahoma Uniform Securities Act of 2004 (Refs & Annos)
Article 6. Administration and Judicial Review
71 Okl.St.Ann. § 1-613
§ 1-613. Availability of data for supervision of personnel--Sharing of data--Confidentiality
Currentness
A. A supervisory agency shall make available to a requesting agency any data obtained or generated by, and in the possession of, the supervisory agency and that the requesting agency deems necessary for review in connection with the supervision of any person over which the requesting agency has direct supervisory authority. However, the requested data must relate to the person, or an affiliate of the person, over which the requesting agency has direct supervisory authority. An agency has direct supervisory authority over a person if such authority is specifically provided by statute, or the agency granted the person's charter, license, or registration, or otherwise granted permission for the person to conduct its business in this state.
B. When a requesting agency and a federal regulatory agency or self-regulatory association have concurrent jurisdiction over a person, a requesting agency may share with such agency or association data received from a supervisory agency. However, the federal regulatory agency or self-regulatory association must return such shared data to the requesting agency unless the federal regulatory agency or self-regulatory association has obtained approval from the supervisory agency to retain the data. The term “federal regulatory agency” shall not include law enforcement agencies.
C. 1. Notwithstanding any other statute, rule, or policy governing or relating to records of the requesting agency, all data received by a requesting agency from a supervisory agency shall be and remain confidential and not open to public inspection, subpoena, or any other form of disclosure while in the possession of the requesting agency. Any request for inspection, subpoena, or other form of disclosure shall be directed at the supervisory agency from which the data originated and disclosure thereof shall be subject to the laws, rules, and policies governing or relating to records of the supervisory agency.
2. The provisions of data by a supervisory agency to a requesting agency under this section shall not constitute a waiver of, or otherwise affect, any privilege or claim of confidentiality that a supervisory agency may claim with respect to such data under any federal laws or laws of this state.
D. A supervisory agency is not required to share original documents with a requesting agency. A requesting agency shall reimburse the supervisory agency for costs associated with providing copies of data to the requesting agency.
E. Nothing in the Oklahoma Financial Privacy Act1 shall prohibit the sharing of data as described in this section. Additionally, neither a supervisory agency nor requesting agency shall be required to follow any procedure described in the Oklahoma Financial Privacy Act when sharing data as described in this section.
F. As used in this section:
1. “Affiliate” shall mean any person that controls, is controlled by, or is under common control with another person. A person shall be deemed to have “control” over any person if the person:
a. directly or indirectly or acting through one or more other persons owns, controls, or has power to vote ten percent (10%) or more of any class of voting securities of the other person, or
b. the person controls in any manner the election, appointment, or designation of a majority of the directors, trustees, or other managing officers of the person;
2. “Data” shall mean copies of any documents, reports, examination reports, letters, correspondence, orders, stipulations, memorandums of understanding, agreements, or any other records not open for public inspection generated by a supervisory agency or obtained by a supervisory agency from the person it supervises, whether in paper or electronic format. However, “data” shall not include records that a requesting agency receives from a supervisory agency pursuant to this section;
3. “Requesting agency” means, as applicable, the Oklahoma State Banking Department, the Oklahoma Insurance Department, or the Oklahoma Department of Securities, that requests from a supervisory agency data relating to a person over which the requesting agency does not have direct supervisory authority;
4. “Supervision” shall mean any examination, assessment, order, stipulation, agreement, report, memorandum of understanding, or other regulatory matter or process that a requesting agency is authorized to perform in relation to a person; and
5. “Supervisory agency” shall mean, as applicable, the Oklahoma State Banking Department, the Oklahoma Insurance Department, or the Oklahoma Department of Securities, that maintains data relating to a person over which the agency has direct supervisory authority.

Credits

Laws 2003, c. 347, § 51, eff. July 1, 2004.
<The Oklahoma Uniform Securities Act of 2004, incorporated in this title as §§ 1-101 to 1-701, was enacted by Laws 2003, c. 347, effective July 1, 2004. See transitional provisions in § 1-701 of this title.>
<The Oklahoma Securities Act, consisting of §§ 1 et seq., 201 et seq., 301 et seq., 401 et seq., and 501; and §§ 701 to 703, of Title 71, was repealed by Laws 2003, c. 347, § 53, effective July 1, 2004.>
<For disposition of the subject matter of the repealed sections to the Oklahoma Securities Act of 2004, see the Disposition Table, post.>

Footnotes

1
Title 6, § 2201 et seq.
71 Okl. St. Ann. § 1-613, OK ST T. 71 § 1-613
Current with emergency effective legislation through Chapter 125 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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