Okla. Stat. tit. 71, § 71-1-404: Investment adviser representative registration

requirement and exemptions.

A. It is unlawful and shall be deemed a Class C2 felony offense

for an individual to transact business in this state as an

investment adviser representative unless the individual is

registered under this act as an investment adviser representative or

is exempt from registration as an investment adviser representative

under subsection B of this section.

B. The following individuals are exempt from the registration

requirement of subsection A of this section:

1. An individual who is employed by or associated with an

investment adviser that is exempt from registration under subsection

B of Section 1-403 of this title unless the individual has a place

of business in this state or is not a "supervised person" as that

term is defined in Section 202(a)(25) of the Investment Advisers Act

of 1940 (15 U.S.C. Section 80b-2(a)(25)); and

2. Any other individual exempted by rule adopted or order

issued under this act.

C. The registration of an investment adviser representative is

not effective while the investment adviser representative is not

employed by or associated with an investment adviser registered

under this act or a federal covered investment adviser that has made

or is required to make a notice filing under Section 1-405 of this

title.

D. An individual may transact business as an investment adviser

representative for more than one investment adviser or federal

covered investment adviser at a time unless a rule adopted or order

issued under this act prohibits or limits an individual from acting

as an investment adviser representative for more than one investment

adviser or federal covered investment adviser.

E. It is unlawful and shall be deemed a Class C2 felony offense

for an individual acting as an investment adviser representative,

directly or indirectly, to conduct business in this state on behalf

of an investment adviser or a federal covered investment adviser if

the registration of the individual as an investment adviser

representative is suspended or revoked; or the individual is barred

from employment or association with an investment adviser or a

federal covered investment adviser by an order under this act, the

Securities and Exchange Commission, or a self-regulatory

organization; or the individual is subject to an order of a court of

competent jurisdiction temporarily, preliminarily or permanently

enjoining such individual from conducting business in this state on

behalf of an investment adviser or a federal covered investment

adviser. Upon request from a federal covered investment adviser and

for good cause, the Administrator, by order issued, may waive, in

whole or in part, the application of the requirements of this

subsection to the federal covered investment adviser.

F. An investment adviser registered under this act, a federal

covered investment adviser that has filed a notice under Section 1-

405 of this title, or a broker-dealer registered under this act is

not required to employ or associate with an individual as an

investment adviser representative for the referral of investment

advisory clients so long as any compensation paid by such persons

for such referral is paid to an investment adviser registered under

this act, a federal covered investment adviser who has filed a

notice under Section 1-405 of this title, or a broker-dealer

registered under this act with which the individual is employed or

associated as an investment adviser representative.