1. (a) Definitions. For purposes of this Section:

   1. (1) "MSRB" means the Municipal Securities Rulemaking Board, a self-regulatory organization created by Section 15B of the 1934 Act [15 U.S.C. §78o-4] to regulate municipal securities brokers, municipal securities dealers, municipal advisors, and persons associated with a municipal advisor and their activities subject to SEC oversight.

   2. (2) "Municipal advisor"

      1. (A) means a person (who is not a municipal entity or an employee of a municipal entity) that

         1. (i) provides advice to or on behalf of a municipal entity or obligated person with respect to municipal financial products or the issuance of municipal securities as defined in 660:11-5-2, including advice with respect to the structure, timing, terms, and other similar matters concerning such financial products or issues; or
         2. (ii) undertakes a solicitation of a municipal entity;
      2. (B) includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and swap advisors.
   3. (3) "Municipal advisor representative" means any natural person associated with a municipal advisor who engages in municipal advisory activities on a municipal advisor's behalf.
   4. (4) "Municipal financial product" means municipal derivatives, guaranteed investment contracts, and investment strategies.

2. (b) Municipal advisor exemption. By authority delegated to the Administrator in Section 1-403(B)(4) of the Securities Act, a municipal advisor who meets the following requirements shall be exempt from the investment adviser registration requirement in Section 1-403(A) of the Securities Act:

   1. (1) the municipal advisor is registered with the SEC as required in Section 15B(a)(1)(B) of the 1934 Act [15 U.S.C. §78o-4(a)(1)(B)] by completing and filing Form MA [17 C.F.R. §249.1300] with the SEC in accordance with the instruction in the Form, along with any and all amendments as required by Rule 15Ba1-5 under the 1934 Act [17 C.F.R. §15Ba1-5]; and
   2. (2) the municipal advisor is registered with the MSRB as required by MSRB Rule A-12.

3. (c) Municipal advisor representative exemption. By authority delegated to the Administrator in Section 1-404(B)(2) of the Securities Act, a municipal advisor representative who meets the following requirements shall be exempt from the investment adviser registration requirement in Section 1-404(A) of the Securities Act:

   1. (1) the municipal advisor representative has qualified in accordance with the rules of the MSRB; and
   2. (2) the municipal advisor has completed and filed a current Form MA-I [17 C.F.R. §249.1300] with the SEC in accordance with the instructions in the Form, along with any and all amendments as required by Rule 15Ba1-5 under the 1934 Act [17 C.F.R. §15Ba1-5], for each individual representative employed or associated with the firm and engaged in municipal advisory activities on the firm's behalf.

Added at 38 Ok Reg 2503, eff 11-1-21

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