{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.65a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.65A","heading":"Federally regulated investment company exemption","body":"A. As used in this section:\n\n1. \"Federally regulated investment company\" means a qualified\n\nsmall business capital company as defined by Section 2357.61 of this\n\ntitle and that is licensed by the United States Small Business\n\nAdministration or the United States Department of Agriculture and\n\nwhich qualifies as one of the following types of entities:\n\na. a Small Business Investment Company, or\n\nb. a Specialized Small Business Investment Company, or\n\nc. a Rural Business Investment Company, or\n\nd. a Community Development Entity as defined by Section\n\n45D of the Internal Revenue Code of 1986, as amended;\n\nand\n\n2. \"Qualified small business capital company\" means an entity\n\nmeeting the requirements of Section 2357.61 of this title.\n\nB. Federally regulated investment companies shall be exempt\n\nfrom the reporting requirements of subsections C and G of Section\n\n2357.64 of this title.\n\nC. As a condition of the exemption authorized by this section,\n\nthe federally regulated investment company shall provide to the\n\nOklahoma Tax Commission not later than March 15 each year:\n\n1. A copy of the federal license issued by the applicable\n\nfederal regulatory entity;\n\n2. A copy of all reports and compliance documents required by\n\nthe federal regulators; and\n\n3. A copy of the annual financial audit of the federally\n\nregulated investment company.\n\nD. A federally regulated investment company shall also prepare\n\nan annual summary report that discloses:\n\n1. All investments made in for-profit business entities during\n\nthe preceding calendar year;\n\n2. The primary business address of each for-profit business\n\nentity in which any investment was made;\n\n3. A statement of the business activity of each of the for-\n\nprofit business entities described in paragraphs 1 and 2 of this\n\nsubsection;\n\n4. The type of investment instrument used to make the\n\ninvestment; and\n\n5. A status report of all investments made by the federally\n\nregulated investment company.\n\nE. The federally regulated investment company shall transmit a\n\ncopy of the annual summary prescribed by subsection D of this\n\nsection to the committees or subcommittees of the Oklahoma House of\n\nRepresentatives and the Oklahoma State Senate having primary\n\njurisdiction over the Small Business Capital Formation Incentive\n\nAct, the State Treasurer, the State Auditor and Inspector, the\n\nDirector of the Office of Management and Enterprise Services and the\n\nOklahoma Tax Commission.\n\nF. The report required by subsection D of this section shall be\n\nprepared and submitted until all of the monies available to the\n\nfederally regulated investment fund have been fully invested, all of\n\nthe investments have been completed and the proceeds from the\n\ninvestment have been disbursed to the equity investors.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f691fa6d8034b53812d49ddc2c9269c56b906048301f0a34affb3d170754337c","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.65","next":"us-ok/okla.-stat.-tit.-68-68-2357.7"},"notice":"GroundRules: Original legal text. Not legal advice."}