Oklahoma § 71-201 - Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004

§ 71-201. Repealed by Laws 2003, c. 347, § 53, eff. July 1, 2004

NOTE: Prior to repeal, this section was amended to read as follows:

(a) (1) It is unlawful for any person to transact business in

this state as a broker-dealer or agent unless the person is so

registered under this act or unless the person is exempt from

registration as provided in paragraph (2) or (3) of this subsection.

(2) A person shall be exempt from registration as a brokerdealer if the person has no place of business in this state and:

(A) effects transactions in this state exclusively with or

through:

Oklahoma Statutes - Title 71. Securities

(i)

the issuers of the securities involved in the

transactions,

(ii) other broker-dealers, or

(iii) financial or institutional investors, whether

acting for themselves or as trustees;

(B) is licensed under the securities act of a state in

which that person maintains a place of business and

offers and sells securities in this state to a person

who is an existing customer of the broker-dealer and

whose principal place of residence is not in this

state; or

(C) during any period of twelve (12) consecutive months,

does not direct more than fifteen offers and sales in

this state to persons other than those specified in

division (iii) of subparagraph (A) of paragraph (2) of

this subsection, whether or not the offeror or any of

the offerees is then present in this state, so long as

that person is licensed under the laws of a state in

which he or she maintains a place of business.

(3) An individual shall be exempt from registration as an agent

if the individual:

(A) is representing a broker-dealer exempt under paragraph

(2) of this subsection;

(B) is representing an issuer in effecting transactions in

a security exempted by paragraph (1), (2), (3), (4),

(5), (7), (8), or (9) of Section 401(a) of this title;

(C) is representing an issuer in effecting transactions

exempted by paragraphs (1) through (18), (21) or (22)

of Section 401(b) of this title or transactions in

securities that are federal covered securities under

Section 18(b)(4)(D) of the Securities Act of 1933,

except when:

(i) a commission is to be paid to such individual, or

(ii) such individual is or has been within the past

five (5) years subject to the following in

connection with a violation of a state or federal

securities law or regulation: an order denying,

suspending or revoking registration or a cease

and desist order of the Administrator; any

similar order, judgment, or decree by another

state securities agency, the United States

Securities and Exchange Commission, or any selfregulatory securities organization; or an order

of any court of competent jurisdiction

temporarily, preliminarily or permanently

enjoining such person;

Oklahoma Statutes - Title 71. Securities

(D)

is representing an issuer in effecting transactions

with existing employees, partners, members or

directors of the issuer, or a subsidiary or affiliate

of the issuer as those terms may be defined by rule or

order, if no commission or other remuneration is paid

or given, directly or indirectly, for soliciting any

person in this state; or

(E) is representing a broker-dealer in effecting in this

state only those transactions described in Section

15(h) of the Securities Exchange Act of 1934 and

satisfies the conditions set forth in Section 15(h) of

the Securities Exchange Act of 1934.

(b) It is unlawful for any broker-dealer or issuer to employ an

agent unless the agent is registered or is exempt from registration.

The registration of an agent is not effective during any period when

the agent is not associated with a particular broker-dealer

registered under this act or a particular issuer. When an agent

begins or terminates a connection with a broker-dealer or issuer, or

begins or terminates those activities which make the person an

agent, the agent as well as the broker-dealer or issuer shall

promptly notify the Administrator.

(c) (1) It is unlawful for any person to transact business in

this state as an investment adviser unless registered under this act

or unless exempt from registration as provided in paragraph (2) of

this subsection.

(2) Subject to paragraph (3) of this subsection, a person shall

be exempt from registration as an investment adviser if:

(A) the person's only clients in this state are investment

companies as defined in and registered under the

Investment Company Act of 1940 or insurance companies;

(B) the person is licensed as an investment adviser under

the laws of another state, has no place of business

within this state, and the person's only clients in

this state are other investment advisers, brokerdealers, or financial or institutional investors,

whether acting for themselves or as trustees;

(C) the person has no place of business located within

this state and during any period of twelve (12)

consecutive months, has no more than five clients,

other than those clients specified in subparagraph (B)

of this paragraph, who are residents of this state;

(D) the person is registered under Section 203 of the

Investment Advisers Act of 1940 as an investment

adviser or is not registered under Section 203 of the

Investment Advisers Act of 1940 because that person is

excepted from the definition of an investment adviser

under Section 202(a)(11) of the Investment Advisers

Oklahoma Statutes - Title 71. Securities

Act of 1940; however, such exemption shall not apply

to such a person if such person fails or refuses to

pay the notice filing fee required by paragraph (5) of

subsection (a) of Section 412 of this title and such

failure or refusal to pay is not promptly remedied in

accordance with this title or an order or other

administrative action of the Administrator; or

(E) the person is a full-time employee of this state, any

county, municipality or school district of this state;

or any other political subdivision of this state; or

any agency or corporate or other instrumentality of

any such political subdivision; and such person's

activities as an investment adviser are required as

part of such person's employment with such entity and

limited to providing advice to such entity.

(3) The exemption from registration provided by subparagraph

(B) of paragraph (2) of this subsection shall not be available to

any person who acts as an investment adviser to this state, any

county, municipality or school district of this state, or any other

political subdivision of this state; any agency or corporate or

other instrumentality of any such entity; or any pension fund for

the benefit of employees of any such entity.

(d) (1) It is unlawful for any person to transact business in

this state as an investment adviser representative unless registered

under this act or unless such person is exempt from registration as

provided in paragraph (3) of this subsection. It is unlawful for

any person required to be registered as an investment adviser under

this act, or any person exempt from registration as an investment

adviser under this act, to employ, supervise, be represented by or

be associated with an investment adviser representative unless the

investment adviser representative is registered under this act or

unless the investment adviser representative is exempt from

registration as provided in paragraph (3) of this subsection.

(2) It is unlawful for an investment adviser representative of

an investment adviser exempt from registration under subparagraph

(D) of paragraph (2) of subsection (c) of this section to transact

business in this state as an investment adviser representative as

defined by the United States Securities and Exchange Commission in

Rule 203A-3 of the Investment Advisers Act of 1940, if such person

has a place of business located within this state unless registered

under this act or unless the person is exempt from registration as

provided in subparagraphs (B) or (C) of paragraph (3) of this

subsection.

(3) Subject to paragraph (4) of this subsection, a person shall

be exempt from registration as an investment adviser representative

if:

Oklahoma Statutes - Title 71. Securities

(A)

the person is employed by, supervised by, represents

or is associated with an investment adviser required

to be registered as an investment adviser under

Section 203 of the Investment Advisers Act of 1940, or

with an investment adviser who is not registered under

Section 203 of the Investment Advisers Act of 1940

because that person is excepted from the definition of

an investment adviser under Section 202(a)(11) of the

Investment Advisers Act of 1940 and such investment

adviser representative has no place of business

located within this state. However, such exemption

shall not apply to such a person if his or her

affiliated investment adviser fails or refuses to pay

the fifty-dollar-fee for investment adviser

representatives as required under subsection (a) of

Section 202.1 of this title and such failure or

refusal to pay is not promptly remedied in accordance

with this title or an order or other administrative

action of the Administrator;

(B) the person is licensed as an investment adviser

representative under the laws of another state, has no

place of business within this state, and the person's

only clients in this state are investment advisers,

broker-dealers, or financial or institutional

investors, whether acting for themselves or as

trustees; or

(C) the person has no place of business located within

this state and during any period of twelve (12)

consecutive months, has no more than five clients,

other than those clients specified in subparagraph (B)

of this paragraph, who are residents of this state.

(4) The exemption from registration provided by subparagraph

(B) of paragraph (3) of this subsection shall not be available to

any person who acts as an investment adviser representative to this

state, any county, municipality or school district of this state, or

any other political subdivision of this state; any agency or

corporate or other instrumentality of any such entity; or any

pension fund for the benefit of employees of any such entity.

(5) The registration of an investment adviser representative is

not effective during any period when the person is not associated

with a particular investment adviser registered or exempt from

registration under this act. When an investment adviser

representative begins or terminates a connection with an investment

adviser, or begins or terminates those activities which make the

person an investment adviser representative, the investment adviser

representative as well as the investment adviser shall promptly

notify the Administrator.

Oklahoma Statutes - Title 71. Securities

(e) Every registration as a broker-dealer, agent, investment

adviser or investment adviser representative and every exemption

from registration as an investment adviser representative under this

section expires on December 31 each year and may be renewed annually

upon written application, as specified by the Administrator by rule

or order, and payment of the fee set forth in Section 412 of this

title without furnishing any further information unless specifically

required by the Administrator. Application for renewals must be

made no later than December 31 in each year; otherwise, the

requirements for initial registration must be satisfied.

(f) For purposes of this section, "place of business" means:

(1) A place or office at which the investment adviser or

investment adviser representative regularly provides investment

advisory services, solicits, meets with, or otherwise communicates

with clients; and

(2) Any other location that is held out to the general public

as a location at which the investment adviser representative

provides investment advisory services, solicits, meets with, or

otherwise communicates with clients.

Added by Laws 1959, p. 330, § 201, eff. July 1, 1959. Amended by

Laws 1988, c. 108, § 8, eff. Nov. 1, 1988; Laws 1991, c. 79, § 1,

eff. Sept. 1, 1991; Laws 1995, c. 196, § 4, eff. July 1, 1995; Laws

1997, c. 279, § 3, eff. July 1, 1997; Laws 1998, c. 152, § 3, eff.

July 1, 1998; Laws 1998, c. 412, § 4, eff. July 1, 1998; Laws 2003,

c. 493, § 1, eff. Nov. 1, 2003.

NOTE: Laws 1998, c. 141, § 14 repealed by Laws 1998, c. 412, § 6,

eff. July 1, 1998.