{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-1-306","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-1-306","heading":"Denial, suspension, or revocation of effectiveness of","body":"registration statement.\n\nA. The Administrator may issue a stop order denying\n\neffectiveness to, or suspending or revoking the effectiveness of, a\n\nregistration statement if the Administrator finds that the order is\n\nin the public interest and that:\n\n1. The registration statement as of its effective date or\n\nbefore the effective date in the case of an order denying\n\neffectiveness, an amendment under subsection J of Section 1-305 of\n\nthis title as of its effective date, or a report under subsection I\n\nof Section 1-305 of this title, is incomplete in a material respect\n\nor contains a statement that, in the light of the circumstances\n\nunder which it was made, was false or misleading with respect to a\n\nmaterial fact;\n\n2. This act or a rule adopted or order issued under this act or\n\na condition imposed under this act has been willfully violated, in\n\nconnection with the offering, by the person filing the registration\n\nstatement; by the issuer, a partner, officer, or director of the\n\nissuer or a person having a similar status or performing a similar\n\nfunction, a promoter of the issuer, or a person directly or\n\nindirectly controlling or controlled by the issuer, but only if the\n\nperson filing the registration statement is directly or indirectly\n\ncontrolled by or acting for the issuer; or by an underwriter;\n\n3. The security registered or sought to be registered is the\n\nsubject of a permanent or temporary injunction of a court of\n\ncompetent jurisdiction or an administrative stop order or similar\n\norder issued under any federal, foreign, or state law other than\n\nthis act applicable to the offering, but the Administrator may not\n\ninstitute a proceeding against an effective registration statement\n\nunder this paragraph more than one (1) year after the date of the\n\norder or injunction on which it is based, and the Administrator may\n\nnot issue an order under this paragraph on the basis of an order or\n\ninjunction issued under the securities act of another state unless\n\nthe order or injunction was based on conduct that would constitute,\n\nas of the date of the order, a ground for a stop order under this\n\nsection;\n\n4. The issuer's enterprise or method of business includes or\n\nwould include activities that are unlawful where performed;\n\n5. With respect to a security sought to be registered under\n\nSection 1-303 of this title, there has been a failure to comply with\n\nthe undertaking required by paragraph 4 of subsection B of Section\n\n1-303 of this title;\n\n6. The applicant or registrant has not paid the filing fee, but\n\nthe Administrator shall void the order if the deficiency is\n\ncorrected; or\n\n7. The offering:\n\na. will work or tend to work a fraud upon purchasers or\n\nwould so operate, or\n\nb. has been or would be made or is being made with\n\nunreasonable amounts of underwriters' and sellers'\n\ndiscounts, commissions, or other compensation;\n\npromoters' profits or participation; or unreasonable\n\namounts or kinds of options, profits, compensation, or\n\nremuneration paid directly or indirectly to any\n\nofficer, director, employee, contractor or agent.\n\nB. To the extent practicable, the Administrator by rule adopted\n\nor order issued under this act shall publish standards that provide\n\nnotice of conduct that violates paragraph 7 of subsection A of this\n\nsection.\n\nC. The Administrator may not institute a stop order proceeding\n\nagainst an effective registration statement on the basis of conduct\n\nor a transaction known to the Administrator when the registration\n\nstatement became effective unless the proceeding is instituted\n\nwithin thirty (30) days after the registration statement became\n\neffective.\n\nD. The Administrator may summarily revoke, deny, postpone, or\n\nsuspend the effectiveness of a registration statement pending final\n\ndetermination of an administrative proceeding. Upon the issuance of\n\nthe order, the Administrator shall promptly notify each person\nement became effective unless the proceeding is instituted\n\nwithin thirty (30) days after the registration statement became\n\neffective.\n\nD. The Administrator may summarily revoke, deny, postpone, or\n\nsuspend the effectiveness of a registration statement pending final\n\ndetermination of an administrative proceeding. Upon the issuance of\n\nthe order, the Administrator shall promptly notify each person\n\nspecified in subsection E of this section that the order has been\n\nissued, the reasons for the revocation, denial, postponement, or\n\nsuspension, and that within fifteen (15) days after the receipt of a\n\nrequest in a record from the person the matter will be scheduled for\n\na hearing and such hearing shall be commenced within fifteen (15)\n\ndays of the matter being set for hearing. If a hearing is not\n\nrequested and none is ordered by the Administrator, within thirty\n\n(30) days after the date of service of the order, the order becomes\n\nfinal. If a hearing is requested or ordered, the Administrator,\n\nafter notice of and opportunity for hearing for each person subject\n\nto the order, may modify or vacate the order or extend the order\n\nuntil final determination.\n\nE. Unless the right to notice and hearing is waived, a stop\n\norder may not be issued under this section without:\n\n1. Appropriate notice to the applicant or registrant, the\n\nissuer, and the person on whose behalf the securities are to be or\n\nhave been offered;\n\n2. An opportunity for hearing; and\n\n3. Findings of fact and conclusions of law in a record in\n\naccordance with the Administrative Procedures Act.\n\nF. The Administrator may modify or vacate a stop order issued\n\nunder this section if the Administrator finds that the conditions\n\nthat caused its issuance have changed or that it is necessary or\n\nappropriate in the public interest or for the protection of\n\ninvestors.","path":["OK Code","Title 71"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os71.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"4f1f414050ed60e7f3c267f0448b59e0d914245dd9543e6ca72533766883d669","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-1-305","next":"us-ok/okla.-stat.-tit.-71-71-1-307"},"notice":"GroundRules: Original legal text. Not legal advice."}