{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-1-403","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-1-403","heading":"Investment adviser registration requirement and","body":"exemptions.\n\nA. It is unlawful and shall be deemed a Class C2 felony offense\n\nfor a person to transact business in this state as an investment\n\nadviser unless the person is registered under this act as an\n\ninvestment adviser or is exempt from registration as an investment\n\nadviser under subsection B of this section.\n\nB. The following persons are exempt from the registration\n\nrequirement of subsection A of this section:\n\n1. A federal covered investment adviser;\n\n2. A person without a place of business in this state that is\n\nregistered under the securities act of the state in which that\n\nperson has its principal place of business if its only clients in\n\nthis state are:\n\na. federal covered investment advisers, investment\n\nadvisers registered under this act, or broker-dealers\n\nregistered under this act,\n\nb. institutional investors,\n\nc. bona fide preexisting clients whose principal places\n\nof residence are not in this state if the investment\n\nadviser is registered under the securities act of the\n\nstate in which the clients maintain principal places\n\nof residence, or\n\nd. any other client exempted by rule adopted or order\n\nissued under this act;\n\n3. A person without a place of business in this state if the\n\nperson has had, during the preceding twelve (12) months, not more\n\nthan five clients that are residents of this state in addition to\n\nthose specified under paragraph 2 of this subsection; or\n\n4. Any other person exempted by rule adopted or order issued\n\nunder this act.\n\nC. It is unlawful and shall be deemed a Class C2 felony offense\n\nfor an investment adviser, directly or indirectly, to employ or\n\nassociate with an individual to engage in an activity related to\n\ninvestment advice in this state if the registration of the\n\nindividual is suspended or revoked under this act, or the individual\n\nis barred from employment or association with an investment adviser,\n\nfederal covered investment adviser, or broker-dealer by an order\n\nunder this act, the Securities and Exchange Commission, or a self-\n\nregulatory organization, unless the investment adviser did not know,\n\nand in the exercise of reasonable care could not have known, of the\n\nsuspension, revocation, or bar. Upon request from the investment\n\nadviser and for good cause, the Administrator, by order, may waive,\n\nin whole or in part, the application of the prohibitions of this\n\nsubsection to the investment adviser.\n\nD. It is unlawful and shall be deemed a Class C2 felony offense\n\nfor an investment adviser to employ or associate with an individual\n\nrequired to be registered under this act as an investment adviser\n\nrepresentative who transacts business in this state on behalf of the\n\ninvestment adviser unless the individual is registered under\n\nsubsection A of Section 1-404 of this title or is exempt from\n\nregistration under subsection B of Section 1-404 of this title.\n\nE. The exemption from registration provided by subparagraph b\n\nof paragraph 2 of subsection B of this section shall not be\n\navailable to any person who acts as an investment adviser to the\n\nstate, any county, municipality or school district of this state, or\n\nany other political subdivision of this state; any agency or\n\ncorporate or other instrumentality of any such entity; or any\n\npension fund for the benefit of employees of any such entity, unless\n\nregistered with the Securities and Exchange Commission and the\n\nMunicipal Securities Rulemaking Board.","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":"70099a6740e57fcd4666ea46fbd95f244ad794fe1f9a074149b3d440359fd296","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-1-402","next":"us-ok/okla.-stat.-tit.-71-71-1-404"},"notice":"GroundRules: Original legal text. Not legal advice."}