July 27, 1989
TO: STATE SECURITIES MEMBERS NO. 27-89
RE: OKLAHOMA ADOPTS NEW REGISTRATION RULE
__________________________________________________________
The Oklahoma Department of Securities recently adopted Rule
R-305, Registrations in General, effective July 14, 1989 which
affects the renewal process. As a result of the rule change,
renewals must be made by qualification pursuant to Section 304 of
the Oklahoma Securities Act, although initial registration
statements still register by coordination pursuant to Section 303
of the Act. According to a staff member of the Department, a
renewal may now be filed on or before the expiration date of the
current registration. Previously, all renewals were required to
be on file ten days in advance of the expiration date.
As a reminder, the following documents are required for
renewal in Oklahoma:
. Form U-1 (which must reflect renewal pursuant to
Section 304 of the Act),
. Form U-2,
. Form U-2A,
. Copy of the most current prospectus, and
. The appropriate fee.
Previously filed documents, if accurate, may be incorporated by
reference.
You should also note that the Oklahoma Securities
Commission has adopted a policy of requiring rescission offers
for failure to renew on a timely basis.
Patricia Louie
Assistant General Counsel