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§ 1-405. Federal covered investment adviser notice filing

Oklahoma Statutes AnnotatedTitle 71. SecuritiesEffective: November 1, 2022

Oklahoma Statutes Annotated
Title 71. Securities (Refs & Annos)
Chapter 1. Oklahoma Uniform Securities Act of 2004 (Refs & Annos)
Article 4. Broker-Dealers, Agents, Investment Advisers, Investment Adviser Representatives, and Federal Covered Investment Advisers
Effective: November 1, 2022
71 Okl.St.Ann. § 1-405
§ 1-405. Federal covered investment adviser notice filing
Currentness
A. Except with respect to a federal covered investment adviser described in subsection B of this section, it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection C of this section.
B. The following federal covered investment advisers are not required to comply with subsection C of this section:
1. A federal covered investment adviser without a place of business in this state if its only clients in this state are:
a. federal covered investment advisers, investment advisers registered under this act,1 and broker-dealers registered under this act,
b. institutional investors,
c. bona fide preexisting clients whose principal places of residence are not in this state, or
d. other clients specified by rule adopted or order issued under this act;
2. A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five clients that are residents in this state in addition to those specified under paragraph 1 of this subsection; and
3. Any other person excluded by rule adopted or order issued under this act.
C. A person acting as a federal covered investment adviser, not excluded under subsection B of this section, shall file a notice containing a consent to service of process complying with Section 1-611 of this title, such records as have been filed with the Securities and Exchange Commission under the Investment Advisers Act of 1940 required by rule or order under this act, and the fee specified in Section 1-612 of this title.
D. The notice under subsection C of this section becomes effective upon its filing and expires at midnight on December 31 each year.

Credits

Laws 2003, c. 347, § 22, eff. July 1, 2004; Laws 2022, c. 77, § 23, eff. Nov. 1, 2022.
<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 71, § 1-101 et seq.
71 Okl. St. Ann. § 1-405, OK ST T. 71 § 1-405
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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