Okla. Stat. tit. 68, § 68-2357.65A: Federally regulated investment company exemption

A. As used in this section:

1. "Federally regulated investment company" means a qualified

small business capital company as defined by Section 2357.61 of this

title and that is licensed by the United States Small Business

Administration or the United States Department of Agriculture and

which qualifies as one of the following types of entities:

a. a Small Business Investment Company, or

b. a Specialized Small Business Investment Company, or

c. a Rural Business Investment Company, or

d. a Community Development Entity as defined by Section

45D of the Internal Revenue Code of 1986, as amended;

and

2. "Qualified small business capital company" means an entity

meeting the requirements of Section 2357.61 of this title.

B. Federally regulated investment companies shall be exempt

from the reporting requirements of subsections C and G of Section

2357.64 of this title.

C. As a condition of the exemption authorized by this section,

the federally regulated investment company shall provide to the

Oklahoma Tax Commission not later than March 15 each year:

1. A copy of the federal license issued by the applicable

federal regulatory entity;

2. A copy of all reports and compliance documents required by

the federal regulators; and

3. A copy of the annual financial audit of the federally

regulated investment company.

D. A federally regulated investment company shall also prepare

an annual summary report that discloses:

1. All investments made in for-profit business entities during

the preceding calendar year;

2. The primary business address of each for-profit business

entity in which any investment was made;

3. A statement of the business activity of each of the for-

profit business entities described in paragraphs 1 and 2 of this

subsection;

4. The type of investment instrument used to make the

investment; and

5. A status report of all investments made by the federally

regulated investment company.

E. The federally regulated investment company shall transmit a

copy of the annual summary prescribed by subsection D of this

section to the committees or subcommittees of the Oklahoma House of

Representatives and the Oklahoma State Senate having primary

jurisdiction over the Small Business Capital Formation Incentive

Act, the State Treasurer, the State Auditor and Inspector, the

Director of the Office of Management and Enterprise Services and the

Oklahoma Tax Commission.

F. The report required by subsection D of this section shall be

prepared and submitted until all of the monies available to the

federally regulated investment fund have been fully invested, all of

the investments have been completed and the proceeds from the

investment have been disbursed to the equity investors.