June 28, 1991
TO: INVESTMENT ADVISER MEMBERS NO. 25-91
INVESTMENT ADVISER ASSOCIATE MEMBERS NO. 25-91
RE: OKLAHOMA REVISES ADVISER REGISTRATION STATUTE
__________________________________________________________
Effective September 1, 1991, the exemptions from
registration under the Oklahoma Securities Act (the "Act") will
no longer apply to any person who acts as an investment adviser
or investment adviser representative to the State of Oklahoma,
any county, municipality or school district of the state, or any
political subdivision; any agency or corporate or other
instrumentality of any such entity; or any pension fund for the
benefit of any employees of any such entity. However,
registration is not required of any full-time employee of the
state if the person's activities are required as part of such
person's employment.
The Act was also amended to provide that an investment
adviser representative's registration is not effective during any
period when he is not associated with a particular investment
adviser registered in Oklahoma. Both the adviser and the
representative are required to "promptly" notify the securities
administrator when a representative begins or terminates a
connection with an adviser.
A copy of the legislation revising the Act is attached. We
will keep you informed of related developments.
W. Richard Mason
Assistant Counsel - Pension
Attachment