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

   1. (1) shall file with the IARD:

      1. (A) fully completed Parts 1 and 2 of Form ADV;
      2. (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
      3. (C) the filing fee specified in Section 1-612 of the Securities Act;

   2. (2) shall file with the Department:

      1. (A) financial statements as required by 660:11-7-44 unless exempt therefrom;
      2. (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;
      3. (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
      4. (D) any additional documentation, supplemental forms, and information as the Administrator may deem necessary;
   3. (3) if a natural person, must have filed a Form U4 to apply for registration as an investment adviser representative under the Securities Act and have completed the necessary registration and examination requirements. The filing fee specified in Section 1-612 of the Securities Act for investment adviser representative registration will be waived for a natural person who is registered as an investment adviser. The investment adviser shall not commence operations in this state until the natural person's registration as an investment adviser representative has been approved; and
   4. (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.

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

   1. (1) shall file with the CRD:

      1. (A) a completed or updated Form U4;
      2. (B) the filing fee specified in Section 1-612 of the Securities Act;
      3. (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
      4. (D) any additional documentation, supplemental forms, and information as the Administrator may deem necessary;
   2. (2) must have passed the applicable examinations specified in 660:11-7-13.
3. (c) Notice of termination of incomplete applications.
4. (1) Investment advisers. The Administrator may send notice to an applicant for investment adviser registration with respect to any incomplete application in which the applicant has taken no action for the 60 days immediately prior to the sending of such notice. The notice will advise such applicant that the incomplete application will be terminated 30 days from the date of sending such notice unless on or before the termination date the applicant responds in writing to the Administrator showing good cause why the application should remain in a pending status. If the applicant does not request in writing that or show good cause why in the Administrator's discretion the applications should remain in a pending status, the Administrator may terminate the pending application.
5. (2) Investment adviser representatives. The Administrator may send notice to the associated firm of an applicant for investment adviser representative registration with respect to any incomplete application in which the applicant has taken no action for the 60 days immediately prior to the sending of such notice. The notice will advise such applicant that the incomplete application will be terminated 30 days from the date of sending such notice unless on or before the termination date the applicant responds in writing to the Administrator showing good cause why the application should remain in a pending status. If the applicant does not request in writing that or show good cause why in the Administrator's discretion the application should remain in a pending status, the Administrator may terminate the pending application.

Added at 21 Ok Reg 2532, eff 7-1-04

Amended at 30 Ok Reg 2066, eff 8-1-13

Amended at 35 Ok Reg 2009, eff 11-1-18

Amended at 37 Ok Reg 2194, eff 11-1-20

Amended at 39 Ok Reg 2208, eff 9-15-22

Amended at 41 Ok Reg, Number 22, effective 8-15-24

Amended at 42 Ok Reg, Number 20, effective 8-15-25