Overview

Does maintaining a place of business in the state trigger a notice filing (regardless of number of clients)?

Yes
OKLA. STAT. ANN. tit. 71 § 1-405(B)(1)(2017)

Place of business  means:

  1. An office at which the broker-dealer, investment adviser, or federal covered investment adviser regularly provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients; or
  2. Any other location that is held out to the general public as a location at which the broker-dealer, investment adviser, or federal covered investment adviser provides brokerage or investment advice or solicits, meets with, or otherwise communicates with customers or clients.

OKLA. STAT. ANN. tit. 71 § 1-102(23)(2017)

What is the maximum number of clients adviser can have in the state without triggering a notice filing?

5
OKLA. STAT. ANN. tit. 71 § 1-405(B)(2)(2017)

What sorts of clients are not counted for purposes of determining whether to notice file?

  1. Federal covered investment advisers,
  2. investment advisers registered under Oklahoma law,
  3. broker-dealers registered in Oklahoma,
  4. institutional investors,
  5. bona fide preexisting clients whose principal places of residence are not in Oklahoma,
  6. other clients specified by rule adopted or order issued under Oklahoma law,
  7. depository institutions or international banking institutions,,
  8. insurance companies (including separate accounts),
  9. investment companies as defined in the Investment Company Act of 1940,
  10. broker-dealers registered under the Securities Exchange Act of 19'34 Act,
  11. employee pension, profit-sharing and benefits plans and (ii) plans established by a state or state entity if such plan has assets in excess of $10,000,000 or its investment decisions are made by an ERISA fiduciary, any investment adviser, a depository institution or an insurance company,
  12. trusts with assets in excess of $10,000,000 whose trustee is a depository institution and whose participants are exclusively employee benefit or state entity plans as described above,
  13. 501(c)(3)s, corporations, LLCs and partnerships with assets in excess of $10,000,000, federal covered advisers trading for their own accounts, any other non-natural person with assets in excess of $10,000,000 not organized for the purpose of evading this rule, and any other person specified by rule.
     

OKLA. STAT. ANN. tit. 71 § 1-102(13)(2017)
OKLA. STAT. ANN. tit. 71 § 1-405(B)(1)(2017)


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