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Investment Adviser Firms or Professionals
Registration Requirements | |||
Background In Oklahoma, all investment advisers with $100 million or less under management will be required to register with the state unless meeting the terms of an Oklahoma statutory exclusion from the definition or an exemption from registration or fitting within one of the following categories:
The required documentation to be filed with the Oklahoma Department of Securities (Department) and the Investment Adviser Registration Depository (IARD) for initial registration as an investment adviser and investment adviser representative is specified below. I. State Registered Investment Advisers A. Investment Adviser Firm:
If the investment adviser maintains custody or possession of clients' funds or securities or requires prepayment of advisory fees six months or more in advance and in excess of $500.00 per client, the investment adviser shall file audited financial statements as of the end of the investment adviser's most recent fiscal year updated as of a date within ninety (90) days of the date of application. Financial statements include a balance sheet, statement of income, statement of retained earnings, and changes in financial position as well as all related footnotes and supporting schedules prepared in accordance with Generally Accepted Accounting Principles (GAAP). |
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B. Investment Adviser Representatives:
C. Disclosures:
II. SEC Registered Investment Advisers The required documentation to be filed with the Department for an SEC Registered Adviser intending to transact business in this state as an investment adviser is specified below (Notice Filing). An SEC Registered Adviser is a person who is registered under Section 203 of the Investment Advisers Act of 1940 ( A. Investment Adviser Firm Notice Filing:
The Notice Filing is effective from its date of filing and expires on December 31 of each year. "Date of filing" means the date all of the required documentation has been submitted to the Administrator and payment of the proper fees is made. The Notice Filing may be renewed annually as of January 1st as the Administrator prescribes by rule. B. Investment Adviser Representatives: The Investment Advisers Supervision Coordination Act preserves the state's authority to register or otherwise qualify an SEC Registered Adviser's investment adviser representatives who have a place of business located within this state. Based on the Investment Advisers Supervision Coordination Act and rules adopted by the SEC, this authority is limited to supervised persons2 who have a place of business located within this state and more than 10% of whose clients are natural persons. This authority does not encompass supervised persons who do not, on a regular basis, solicit, meet with, or otherwise communicate with clients of the investment adviser, or who provide only impersonal investment advice. To file with the Department as an investment adviser representative of an SEC Registered Adviser, the following must be submitted:
III. Renewal Information for Investment Advisers
IV. Post-registration reporting requirements (a) Form ADV Amendments. Every investment adviser registered under Section 1-406 of the Securities Act must amend its Form ADV each year by filing an annual updating amendment within 90 days of the end of its fiscal year. In addition, every investment adviser registered under Section 1-406 of the Securities Act must amend its Form ADV by promptly filing additional amendments (other-than-annual amendments) if required by the written instructions to Form ADV. “Promptly” shall mean not later than 30 days after learning of the facts or circumstances giving rise to the amendment. | |||
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