March 11, 1991
TO: INVESTMENT ADVISERS COMMITTEE NO. 9-91
OKLAHOMA INVESTMENT ADVISER MEMBERS
OKLAHOMA INVESTMENT ADVISER ASSOCIATE MEMBERS
RE: OKLAHOMA PROPOSES REVISED INVESTMENT ADVISER REGULATION
__________________________________________________________
Attached are proposed rules of the Oklahoma Department of
Securities regarding registration and qualification of investment
advisers and their representatives.
Proposed regulation 660:10-7-3(d) contains a fee schedule
for investment advisers and investment adviser representatives.
The schedule allows for reduced registration and renewal fees for
firms and individuals who are already registered with the state
as a broker-dealer and broker-dealer agent, respectively.
Registration is effective on a calendar year basis and fees are
prorated based on the date of initial registration.
Proposed regulation 660:10-7-6 provides that natural
persons applying for registration as investment advisers or
investment adviser representatives must pass the Series 65 and
Series 6 examinations. These examinations must have been passed
by applicants for initial registration within 2 years of the date
of registration in the absence of continuous NASD registration
since examination. The proposal contains several permissive
waiver provisions which will be evaluated by the Securities
Division on a case-by-case basis. In particular, applicants who
have passed the Series 63 examination may request waiver of the
Series 65 examination. Also, applicants who have acquired
certifications such as CPA, JD, CFP or ChFA, or who have
successfully completed another NASD series examination, may
request waiver of the Series 6 examination requirement. Waiver
requests must be in writing.
The proposed regulations also address adviser bonding
requirements in Oklahoma.
Written comments on the proposals are due on March 25, 1991
and a hearing will be held on March 29, 1991. Therefore, please
call Amy B.R. Lancellotta at 202/955-3523 by Wednesday, March 20,
1991 with any comments you have on the proposed regulations.
We will keep you informed of further developments.
W. Richard Mason
Assistant Counsel
Attachment