{"data":{"id":"us-ok/okla.-stat.-tit.-71-71-1-411","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 71, § 71-1-411","heading":"Denial, revocation, suspension, withdrawal, restriction,","body":"condition, or limitation of registration.\n\nA. If the Administrator finds that the order is in the public\n\ninterest and subsection D of this section authorizes the action, an\n\norder issued under this act may deny an application, or may\n\ncondition or limit registration:\n\n1. Of an applicant to be a broker-dealer, agent, investment\n\nadviser, or investment adviser representative; and\n\n2. If the applicant is a broker-dealer or investment adviser,\n\nany partner, officer, or director, any person having a similar\n\nstatus or performing similar functions, or any person directly or\n\nindirectly controlling the broker-dealer or investment adviser.\n\nB. If the Administrator finds that the order issued is in the\n\npublic interest and subsection D of this section authorizes the\n\naction an order issued under this act may revoke, suspend,\n\ncondition, or limit the registration of a registrant and if the\n\nregistrant is a broker-dealer or investment adviser, any partner,\n\nofficer, or director, any person having a similar status or\n\nperforming similar functions, or any person directly or indirectly\n\ncontrolling the broker-dealer or investment adviser. However, the\n\nAdministrator:\n\n1. May not institute a revocation or suspension proceeding\n\nunder this subsection based on an order issued by another state that\n\nis reported to the Administrator or designee later than one (1) year\n\nafter the date of the order on which it is based; and\n\n2. Under subparagraphs a and b of paragraph 5 of subsection D\n\nof this section may not issue an order on the basis of an order\n\nunder the state securities act of another state unless the other\n\norder was based on conduct for which subsection D of this section\n\nwould authorize the action had the conduct occurred in this state.\n\nC. If the Administrator finds that the order is in the public\n\ninterest and paragraphs 1 through 6, 8, 9, 10, 12 or 13 of\n\nsubsection D of this section authorizes the action, an order under\n\nthis act may censure, impose a bar, impose a civil penalty in an\n\namount not to exceed a maximum of Five Thousand Dollars ($5,000.00)\n\nfor a single violation or Two Hundred Fifty Thousand Dollars\n\n($250,000.00) for multiple violations on a registrant, and/or\n\nrecover the costs of the investigation from a registrant and if the\n\nregistrant is a broker-dealer or investment adviser, from any\n\npartner, officer, or director, any person having a similar function\n\nor any person directly or indirectly controlling the broker-dealer\n\nor investment adviser.\n\nD. A person may be disciplined under subsections A through C of\n\nthis section if the person:\n\n1. Has filed an application for registration in this state\n\nunder this act within the previous ten (10) years, which, as of the\n\neffective date of registration or as of any date after filing in the\n\ncase of an order denying effectiveness, was incomplete in any\n\nmaterial respect or contained a statement that, in light of the\n\ncircumstances under which it was made, was false or misleading with\n\nrespect to a material fact;\n\n2. Has willfully violated or willfully failed to comply with\n\nthis act or a rule adopted or order issued under this act within the\n\nprevious ten (10) years;\n\n3. Has been convicted of any felony or within the previous ten\ncomplete in any\n\nmaterial respect or contained a statement that, in light of the\n\ncircumstances under which it was made, was false or misleading with\n\nrespect to a material fact;\n\n2. Has willfully violated or willfully failed to comply with\n\nthis act or a rule adopted or order issued under this act within the\n\nprevious ten (10) years;\n\n3. Has been convicted of any felony or within the previous ten\n\n(10) years has been convicted of a misdemeanor involving a security,\n\na commodity futures or option contract, or an aspect of a business\n\ninvolving securities, commodities, investments, franchises,\n\ninsurance, banking, or finance;\n\n4. Is enjoined or restrained by a court of competent\n\njurisdiction in an action instituted by the Administrator under this\n\nact, a state, the Securities and Exchange Commission, or the United\n\nStates from engaging in or continuing an act, practice, or course of\n\nbusiness involving an aspect of a business involving securities,\n\ncommodities, investments, franchises, insurance, banking, or\n\nfinance;\n\n5. Is the subject of an order, issued after notice and\n\nopportunity for hearing by:\n\na. the securities, depository institution, insurance or\n\nother financial services regulator of a state, or by\n\nthe Securities and Exchange Commission or other\n\nfederal agency denying, revoking, barring, or\n\nsuspending registration as a broker-dealer, agent,\n\ninvestment adviser, federal covered investment\n\nadviser, or investment adviser representative,\n\nb. the securities regulator of a state or by the\n\nSecurities and Exchange Commission against a broker-\n\ndealer, agent, investment adviser, investment adviser\n\nrepresentative, or federal covered investment adviser,\n\nc. the Securities and Exchange Commission or by a self-\n\nregulatory organization suspending, barring, canceling\n\nor expelling the registrant from membership in a self-\n\nregulatory organization,\n\nd. a court adjudicating a United States Postal Service\n\nfraud,\n\ne. the insurance regulator of a state denying,\n\nsuspending, or revoking the registration of an\n\ninsurance agent, or\n\nf. a depository institution regulator suspending or\n\nbarring a person from the banking or depository\n\ninstitution business;\n\n6. Is the subject of an adjudication or determination, after\n\nnotice and opportunity for hearing, by the Securities and Exchange\n\nCommission, the Commodity Futures Trading Commission, the Federal\n\nTrade Commission, a federal depository institution regulator, or a\n\ndepository institution, insurance, or other financial services\n\nregulator of a state that the person willfully violated the\n\nSecurities Act of 1933, the Securities Exchange Act of 1934, the\n\nInvestment Advisers Act of 1940, the Investment Company Act of 1940,\n\nor the Commodity Exchange Act, the securities or commodities law of\n\na state, or a federal or state law under which a business involving\n\ninvestments, franchises, insurance, banking, or finance is\n\nregulated;\n\n7. Is insolvent, either because the person's liabilities exceed\n\nthe person's assets or because the person cannot meet the person's\n\nobligations as they mature, but the Administrator may not enter an\n\norder against an applicant or registrant under this paragraph\n\nwithout a finding of insolvency as to the applicant or registrant;\n\n8. Refuses to allow or otherwise impedes the Administrator from\n\nconducting an audit or inspection under subsection D of Section 1-\n\n410 of this title or refuses access to any registrant's office to\n\nconduct an audit or inspection under subsection D of Section 1-410\n\nof this title;\n\n9. Has failed to reasonably supervise an agent, investment\n\nadviser representative, or other individual, if the agent,\n\ninvestment adviser representative, or other individual was subject\n\nto the person's supervision and committed a violation of this act or\n\na rule adopted or order issued under this act within the previous\n\nten (10) years;\nection under subsection D of Section 1-410\n\nof this title;\n\n9. Has failed to reasonably supervise an agent, investment\n\nadviser representative, or other individual, if the agent,\n\ninvestment adviser representative, or other individual was subject\n\nto the person's supervision and committed a violation of this act or\n\na rule adopted or order issued under this act within the previous\n\nten (10) years;\n\n10. Has not paid the proper filing fee within thirty (30) days\n\nafter having been notified by the Administrator of a deficiency, but\n\nthe Administrator shall vacate an order under this paragraph when\n\nthe deficiency is corrected;\n\n11. After notice and opportunity for a hearing, has been found\n\nwithin the previous ten (10) years:\n\na. by a court of competent jurisdiction to have willfully\n\nviolated the laws of a foreign jurisdiction under\n\nwhich the business of securities, commodities,\n\ninvestment, franchises, insurance, banking or finance\n\nis regulated,\n\nb. to have been the subject of an order of a securities\n\nregulator of a foreign jurisdiction denying, revoking,\n\nor suspending the right to engage in the business of\n\nsecurities as a broker-dealer, agent, investment\n\nadviser, investment adviser representative or similar\n\nperson, or\n\nc. to have been suspended or expelled from membership by\n\nor participation in a securities exchange or\n\nsecurities association operating under the securities\n\nlaws of a foreign jurisdiction;\n\n12. Is the subject of a cease and desist order issued by the\n\nSecurities and Exchange Commission or issued under the securities,\n\ncommodities, investment, franchise, banking, finance or insurance\n\nlaws of a state;\n\n13. Has engaged in dishonest or unethical practices in the\n\nsecurities, commodities, investment, franchise, banking, finance or\n\ninsurance business within the previous ten (10) years; or\n\n14. Is not qualified on the basis of factors such as training,\n\nexperience, and knowledge of the securities business. However, in\n\nthe case of an application by an agent for a broker-dealer that is a\n\nmember of a self-regulatory organization or by an individual for\n\nregistration as an investment adviser representative, a denial order\n\nmay not be based on this paragraph if the individual has\n\nsuccessfully completed all examinations required by subsection E of\n\nthis section. The Administrator may require an applicant for\n\nregistration under Section 1-402 or 1-404 of this title who has not\n\nbeen registered in a state within the two (2) years preceding the\n\nfiling of an application in this state to successfully complete an\n\nexamination.\n\nE. A rule adopted or order issued under this act may require\n\nthat an examination, including an examination developed or approved\n\nby an organization of securities regulators, be successfully\n\ncompleted by a class of individuals or all individuals. An order\n\nissued under this act may waive, in whole or in part, an examination\n\nas to an individual and a rule adopted under this act may waive, in\n\nwhole or in part, an examination as to a class of individuals if the\n\nAdministrator determines that the examination is not necessary or\n\nappropriate in the public interest and for the protection of\n\ninvestors.\n\nF. The Administrator may summarily postpone an application or\n\nsummarily suspend a registration before final determination of an\n\nadministrative proceeding. Upon the issuance of the order, the\n\nAdministrator shall promptly notify each person subject to the order\n\nthat the order has been issued, the reasons for the action, and that\n\nwithin fifteen (15) days after the receipt of a request in a record\n\nfrom the person the matter will be scheduled for a hearing and such\n\nhearing shall be commenced within fifteen (15) days of the matter\n\nbeing set for hearing. If a hearing is not requested and none is\n\nordered by the Administrator, within thirty (30) days after the date\n\nof service of the order, the order becomes final by operation of\nn fifteen (15) days after the receipt of a request in a record\n\nfrom the person the matter will be scheduled for a hearing and such\n\nhearing shall be commenced within fifteen (15) days of the matter\n\nbeing set for hearing. If a hearing is not requested and none is\n\nordered by the Administrator, within thirty (30) days after the date\n\nof service of the order, the order becomes final by operation of\n\nlaw. If a hearing is requested or ordered, the Administrator, after\n\nnotice of and opportunity for hearing to each person subject to the\n\norder, may modify or vacate the order or extend the order until\n\nfinal determination.\n\nG. An order may not be issued under this section, except under\n\nsubsection F of this section, without:\n\n1. Appropriate notice to the applicant or registrant;\n\n2. Opportunity for hearing; and\n\n3. Findings of fact and conclusions of law in a record in\n\naccordance with the Administrative Procedures Act. If the person to\n\nwhom the notice is addressed does not request a hearing within\n\nthirty (30) days after the date of service of the notice, a final\n\norder as provided in subsection A, B or C of this section may be\n\nissued.\n\nH. A person who controls, directly or indirectly, a person not\n\nin compliance with this section may be disciplined by order of the\n\nAdministrator under subsections A through C of this section to the\n\nsame extent as the noncomplying person, unless the controlling\n\nperson did not know, and in the exercise of reasonable care could\n\nnot have known, of the existence of conduct that is the basis for\n\ndiscipline under this section.\n\nI. The Administrator may not institute a proceeding under\n\nsubsection A, B or C of this section based solely on material facts\n\nactually known by the Administrator unless an investigation or the\n\nproceeding is instituted within one (1) year after the Administrator\n\nactually knew the material facts.","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":"15b9fe247dbaca686166222bc92d475a4f876689dc78f6eb5fcf868e9bbab552","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-71-71-1-410","next":"us-ok/okla.-stat.-tit.-71-71-1-501"},"notice":"GroundRules: Original legal text. Not legal advice."}